Business Economics

The Business Economics major is an opportunity to gain a diverse business education, while taking a close look at what makes the economy move. Broad in scope, economics explains how people, businesses, governments, and organizations allocate limited resources to meet their goals. Understanding economics can also help you develop solutions for many social problems, such as unemployment, inflation, poverty, climate change, and access to healthcare.

As a Business Economics major, you’ll develop the critical thinking, quantitative reasoning, and communication skills that employers want, allowing you to enter many different fields, such as banking, insurance, management, and government.

The Business Economics Major is offered by the Economics Department in the College of Arts and Sciences.

Business Economics Major Requirements

Learn more about this major

Business Economics Major Requirements

The Business Economics major consists of a minimum of 24 credits, which include four (4) required courses and two (2) elective courses. Students may begin the major after completing the following prerequisite courses: EC 101, EC 102, and statistics.

The BSBA in Business Economics requires completion of a minimum of 24 credit hours (6 classes) in Business Economics. A cumulative grade point average of at least 2.0 in the Business Economics major and a cumulative grade point average of 2.0 overall must be maintained to graduate.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables, such as aggregate income, the inflation rate, and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures, monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing, about the choice of product quality, the type of production process used, the mix of inputs employed, the suitability of mergers and acquisitions, the management of risk, and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics, puts them into context using numerous case studies, and applies them to significant real business situations.

Prerequisites:

STATS-250 or STATS-240 or MATH-255 or permission of instructor

Credits:

4.00

Description:

This course begins with a brief review of statistical methods, including probability theory, estimation, and hypothesis testing. This background is used in the construction, estimation, and testing of econometric models. The consequences of a misspecified model, where the assumptions of a classical regression model are violated, are studied and the appropriate remedial measures are suggested. Other topics include dummy variables, binary choice models, and autoregressive models. Emphasis is on applied aspects of econometric modeling. There is extensive use of statistical software for data analyses. Normally offered every year.

Prerequisites:

EC-450 or STATS-350 and Senior Standing; Or permission of Undergraduate Director.

Credits:

4.00

Description:

This is a required course for all students majoring in economics, to be taken in the spring semester of their senior year. Students are required to develop an economic thesis project in consultation with the professor for the course and to present it to the class.

Elective Courses (2 courses, 8 credits)

Choose two (2) Economic Elective courses at 200-level or higher.

Accelerated Degrees

If you’re earning an undergraduate business degree at Suffolk or another U.S. institution, you may qualify to earn both your Bachelor’s and Master’s degrees in just 5 years.

Learning Goals & Objectives

Learning goals and objectives reflect the educational outcomes achieved by students through the completion of this program. These transferable skills prepare Suffolk students for success in the workplace, in graduate school, and in their local and global communities.

Learning Goals
Learning Objectives
Students will... Upon completion of the program, each student should be able to...
Understand key business economic concepts and institutions and use this knowledge to explain business economic events, solve problems, and recommend and defend business economic policies.
  • Develop a knowledge base of business economic concepts and institutions.
  • Solve problems using business economic analysis.
  • Assess business economic policies.
  • Develop an understanding of the global economy.
Develop skills in using quantitative methods to solve business economic problems and analyze business economic issues.
  • Retrieve, interpret, and manipulate business economic data.
  • Conduct research projects that involve analyzing issues that use business economic data.
Communicate clearly both orally and in writing.
  • Present the results of their business economic studies in writing.
  • Orally present the results of their business economic studies.

Business Economics Minor Requirements

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Business Economics Minor Requirements

Students may minor in Business Economics after they have completed three (3) prerequisite courses, which are already required within the BSBA core.

Complete these BSBA prerequisite courses:

Prerequisites:

Non CAS majors need to have completed at least 15 credits.

Credits:

3.00

Description:

This course introduces students to foundational principles of microeconomic theory, with an emphasis on applications of concepts to management decision-making in specific industry and market settings. It describes and analyzes the interaction of supply and demand and the behavior of the prices of goods, services. It explains the determinations of costs, output, strategic pricing, and governance by firms under conditions of perfect and imperfect competition in a global economy. In addition, it describes the supply demand for factors of production and the impact of taxes and government regulation and intervention on firms and consumers.

Prerequisites:

Non-CAS majors need to have completed at least 15 credits

Credits:

3.00

Description:

This course examines the workings of the national and the global economy. It will describe the determination of Gross Domestic Product, the problems of unemployment, inflation, and the determination of economic growth. It will also describe and analyze the determination of the country's exchange rate, the balance of payments, and international borrowing and lending. A particular focus will be on understanding economic fluctuations (booms, busts, and recessions) in the domestic economy and its effects on other economies. It will analyze the role of the government and the effects of government spending and taxation on the economy. Furthermore, it will describe and analyze the determination of the quantity of money and interest rates in the economy and the role of the country's central bank. It examines the basis and pattern of international trade and the effects of a country's trade policy on the economy.

Prerequisites:

MATH 128 or higher. REMINDER: STATS 250 is a required prerequisite MKT 220, FIN 200 and ISOM 201(prerequisite for ISOM 319)

Credits:

4.00

Description:

Application of statistical analysis to real-world business and economic problems. Topics include data presentation, descriptive statistics including measures of location and dispersion, introduction to probability, discrete and continuous random variables, probability distributions including binomial and normal distributions, sampling and sampling distributions, statistical inference including estimation and hypothesis testing, simple and multiple regression analysis. The use of computers is emphasized throughout the course. Normally offered each semester.

Choose one of the following:

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables, such as aggregate income, the inflation rate, and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures, monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing, about the choice of product quality, the type of production process used, the mix of inputs employed, the suitability of mergers and acquisitions, the management of risk, and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics, puts them into context using numerous case studies, and applies them to significant real business situations.

Choose any other two (2) economics courses of which at least one is at the 400-level.

Accelerated Degrees

If you're earning an undergraduate business degree at Suffolk or another U.S. institution, you may qualify to earn both your Bachelor's and Master's degrees in just 5 years.