# Bachelor of Arts in Economics

The Bachelor of Arts in Economics provides excellent preparation for graduate and professional school, including law school, and for rewarding careers in consulting, finance, and other private and public sector employment. Specific courses in microeconomic theory, macroeconomic theory, statistics, and mathematical modeling provide students with the tools to analyze and guide the decisions of business firms, consumers, and public-policymakers in a variety of market settings. Elective courses add breadth and depth to students' understanding of the basic tools of economic analysis by focusing on their application within specific subfields.

Economics focuses on providing an understanding of how individuals and societies manage their scarce resources—people must decide how much they work, what they buy, how much they save, and how they use their leisure time. Most societies use decentralized markets as the primary means of allocating resources, so economics gives students insight into how markets function in coordinating the activities of many diverse buyers and sellers. Economics also analyzes the trends and forces that affect the economy as a whole, including growth in average income, the portion of the labor force that cannot find work, and the rate at which prices are rising or falling.

Economics majors have the option of adding up to two (2) concentrations to the major, chosen from Financial and Monetary Economics, International and Development Economics, Economics of the Public Sector and Labor Markets, Strategic Interaction, and Advanced Computation/Econometrics Tools.

## Requirements

**Introduction to Microeconomics.**One (1) course:- ECON-B 251 Fundamentals of Economics for Business I
- ECON-E 201 Introduction to Microeconomics
- ECON-E 251 Fundamentals of Economics I
- ECON-S 201 Introduction to Microeconomics: Honors

# ECON-B 251 Fundamentals of Economics for Business I

- Credits
- 3
- Prerequisites
- None
- Description
- First course in a two-course sequence that introduces business students to essential economic concepts. Examines the economic notions of cost and gains from trade, determinants of economic growth, consumer and firm behavior in competitive and non-competitive environments, the effects of taxation, externalities, moral hazard and adverse selection, and basic game theory.
- Repeatability
- Credit given for only one of ECON-B 251 or ECON-E 251.

- Spring 2024CASE SHcourse

# ECON-E 201 Introduction to Microeconomics

- Credits
- 3
- Prerequisites
- None
- Description
- Scarcity, opportunity cost, competitive and non-competitive market pricing, and interdependence as an analytical core. Individual sections apply this core to a variety of current economic policy problems, such as poverty, pollution, excise taxes, rent controls, and farm subsidies.

- Spring 2024CASE SHcourse

# ECON-E 251 Fundamentals of Economics I

- Credits
- 3
- Prerequisites
- None
- Description
- First course in a two-course sequence that lays the foundations for a solid understanding of economics. Examines the economic notions of cost and gains from trade, determinants of economic growth, consumer and firm behavior in competitive and non-competitive environments, the effects of taxation, externalities, moral hazard and adverse selection, and public policy applications.
- Repeatability
- Credit given for only one of ECON-E 251 or ECON-B 251.

- Spring 2024CASE SHcourse

# ECON-S 201 Introduction to Microeconomics: Honors

- Credits
- 3
- Prerequisites
- Honors student
- Description
- Designed for students of superior ability. Covers same core materials as ECON-E 201 and substitutes for ECON-E 201 as a prerequisite for other courses.

- Spring 2024CASE SHcourse

**Introduction to Macroeconomics.**One (1) course:- ECON-B 252 Fundamentals of Economics for Business II
- ECON-E 202 Introduction to Macroeconomics
- ECON-E 252 Fundamentals of Economics II
- ECON-S 202 Introduction to Macroeconomics: Honors

# ECON-B 252 Fundamentals of Economics for Business II

- Credits
- 3
- Prerequisites
- ECON-B 251
- Description
- Continuation of Fundamental of Economics for Business I. After a review of the major types of markets, explores macroeconomic concepts, beginning with measurement and the National Income Accounts, and then moving to cycle fluctuations and performance of stock markets. Concludes with microeconomic and macroeconomic perspectives in two areas: labor markets and globalization will applications in business contexts.
- Repeatability
- Credit given for only one of ECON-B 252 or ECON-E 252.

- Spring 2024CASE SHcourse

# ECON-E 202 Introduction to Macroeconomics

- Credits
- 3
- Prerequisites
- ECON-E 201 or ECON-S 201
- Description
- Measuring and explaining aggregate economic performance, money, monetary policy, and fiscal policy as an analytical core. Individual sections apply this core to a variety of current economic policy problems, such as inflation, unemployment, and economic growth.

- Spring 2024CASE SHcourse

# ECON-E 252 Fundamentals of Economics II

- Credits
- 3
- Prerequisites
- ECON-E 251 or ECON-B 251
- Description
- Continuation of Fundamental of Economics I. After a review of the major types of markets, explores macroeconomic concepts, beginning with measurement and the National Income Accounts, and then moving to cycle fluctuations and performance of stock markets. Concludes with microeconomic and macroeconomic perspectives in two areas: labor markets and globalization.
- Repeatability
- Credit given for only one of ECON-E 252 or ECON-B 252.

- Spring 2024CASE SHcourse

# ECON-S 202 Introduction to Macroeconomics: Honors

- Credits
- 3
- Prerequisites
- ECON-S 201 or ECON-E 201; Honors student
- Description
- Designed for students of superior ability. Covers same core material as ECON-E 202 and substitutes for ECON-E 202 as a prerequisite for other courses.

- Spring 2024CASE SHcourse

**Finite Mathematics.**One (1) course:- MATH-M 118 Finite Mathematics
- MATH-S 118 Honors Finite Mathematics

# MATH-M 118 Finite Mathematics

- Credits
- 3
- Prerequisites
- None
- Notes
- R: To be successful, students will demonstrate mastery of two years of high school algebra as indicated by an appropriate ALEKS score or completion of MATH-M 014, MATH-M 018, or MATH-J 111
- Description
- Sets, counting, basic probability, including random variables and expected values. Linear systems, matrices, linear programming, and applications.
- Repeatability
- Credit given for only one of MATH-A 118, MATH-M 118, MATH-S 118, MATH-V 118; or MATH-D 116 and MATH-D 117.

- Spring 2024CASE MMcourse

- Spring 2024CASE NMcourse

# MATH-S 118 Honors Finite Mathematics

- Credits
- 3
- Prerequisites
- Hutton Honors College membership
- Notes
- R: To be successful students will demonstrate mastery of two years of high school algebra as indicated by an appropriate ALEKS score or completion of MATH-M 014, MATH-M 018, or MATH-J 111
- Description
- Designed for students of outstanding ability in mathematics. Covers all material of MATH-M 118 and additional topics from statistics and game theory. Computers may be used in this course, but no previous experience is assumed.

- Spring 2024CASE MMcourse

- Spring 2024CASE NMcourse

**Calculus.**One (1) course:- MATH-M 119 Brief Survey of Calculus I
- MATH-M 211 Calculus I

# MATH-M 119 Brief Survey of Calculus I

- Credits
- 3
- Prerequisites
- None
- Notes
- R: To be successful, students will demonstrate mastery of two years of high school algebra, one year of high school geometry, and pre-calculus as indicated by an appropriate ALEKS score or completion of MATH-M 025 or MATH-M 027
- Description
- Introduction to calculus. Primarily for students from business and the social sciences.
- Repeatability
- Credit given for only one of MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211.

- Spring 2024CASE MMcourse

- Spring 2024CASE NMcourse

# MATH-M 211 Calculus I

- Credits
- 4
- Prerequisites
- None
- Notes
- R: To be successful, students will demonstrate mastery of two years of high school algebra, one year of high school geometry, and pre-calculus, and trigonometry as indicated by an appropriate ALEKS score or completion of MATH-M 027
- Description
- Limits, continuity, derivatives, definite and indefinite integrals, applications.
- Repeatability
- A student may receive credit for only one of the following: MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211.

- Spring 2024CASE MMcourse

- Spring 2024CASE NMcourse

**Intermediate Microeconomic Theory.**One (1) course:- ECON-E 321 Intermediate Microeconomic Theory
- ECON-S 321 Intermediate Microeconomic Theory: Honors

# ECON-E 321 Intermediate Microeconomic Theory

- Credits
- 3
- Prerequisites
- ECON-B 251 or ECON-E 251; and MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211
- Description
- Develops economic models of both consumer and firm behavior, including non-strategic and strategic interactions. Models of market structure and behavior focus on price and output determination and include circumstances in which markets may succeed or fail to deliver socially beneficial outcomes.
- Repeatability
- Credit given for only one of ECON-E 321 or ECON-S 321.

- Spring 2024CASE SHcourse

# ECON-S 321 Intermediate Microeconomic Theory: Honors

- Credits
- 3
- Prerequisites
- ECON-B 251 or ECON-E 251; and MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211
- Description
- Designed for students of superior ability. Covers same core material as ECON-E 321.
- Repeatability
- Credit given for only one of ECON-E 321 or ECON-S 321.

- Spring 2024CASE SHcourse

**Intermediate Macroeconomic Theory.**One (1) course:- ECON-E 322 Intermediate Macroeconomic Theory
- ECON-S 322 Intermediate Macroeconomic Theory: Honors

# ECON-E 322 Intermediate Macroeconomic Theory

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252; and ECON-E 321 or ECON-S 321
- Description
- National income accounting; theory of income, employment, and price level. Countercyclical and other public policy measures.

- Spring 2024CASE SHcourse

# ECON-S 322 Intermediate Macroeconomic Theory: Honors

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252 and ECON-E 321 or ECON-S 321; Hutton Honors student
- Description
- Designed for students of superior ability. Covers same core material as ECON-E 322 and substitutes for ECON-E 322 as a prerequisite for other courses.
- Repeatability
- Credit given for only one of ECON-S 322 or ECON-E 322.

- Spring 2024CASE SHcourse

**Statistics.**One (1) course:- ECON-E 370 Statistical Analysis for Business and Economics
- ECON-S 370 Statistical Analysis for Business and Economics: Honors

# ECON-E 370 Statistical Analysis for Business and Economics

- Credits
- 3
- Prerequisites
- MATH-M 118, MATH-S 118, or MATH-V 118
- Notes
- R: ECON-E 252 or ECON-B 252 and MATH-M 119
- Description
- Lectures emphasize the use of basic probability concepts and statistical theory in the estimation and testing of single parameter and multivariate relationships. In computer labs, using Microsoft Excel, each student calculates descriptive statistics, probabilities, and least squares regression coefficients in situations based on current business and economic events.
- Repeatability
- Credit given for only one of ANTH-A 306, CJUS-K 300, ECON-E 370, ECON-S 370, MATH-K 300, MATH-K 310, POLS-Y 395, PSY-K 300, PSY-K 310, SOC-S 371, SPEA-K 300, SPH-Q 381, STAT-K 310, STAT-S 300, STAT-S 301, or STAT-S 303.

- Spring 2024CASE NMcourse

# ECON-S 370 Statistical Analysis for Business and Economics: Honors

- Credits
- 3
- Prerequisites
- MATH-M 118, MATH-S 118, or MATH-V 118; and Hutton Honors student
- Notes
- R: MATH-M 119 and ECON-E 252 or ECON-B 252
- Description
- Honors course. Designed for students of superior ability. Covers same core material as ECON-E 370.
- Repeatability
- Credit given for only one of ANTH-A 306, CJUS-K 300, ECON-E 370, ECON-S 370, MATH-K 300, MATH-K 310, POLS-Y 395, PSY-K 300, PSY-K 310, SOC-S 371, SPEA-K 300, SPH-Q 381, STAT-K 310, STAT-S 300, STAT-S 301, or STAT-S 303.

- Spring 2024CASE NMcourse

**Econometrics.**One (1) course:- ECON-E 371 Introduction to Applied Econometrics
- ECON-E 471 Econometric Theory and Practice I
- ECON-S 371 Introduction to Applied Econometrics: Honors

# ECON-E 371 Introduction to Applied Econometrics

- Credits
- 3
- Prerequisites
- ECON-E 251 or ECON-B 251; and ECON-E 370 or ECON-S 370; and MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211
- Description
- An introduction to the theory and application of least-squares regression in empirical economics. Review of bivariate and multivariate regression models, hypothesis testing, and confidence intervals. Special topics include model specification, multicollinearity, heteroscedasticity, dummy variables, interactions, and various sources of estimation bias. Students will learn to work with both cross-sectional and time-series datasets, and analyze the data using an econometrics software package.
- Repeatability
- Credit given for only one of ECON-E 371 or ECON-S 371.

# ECON-E 471 Econometric Theory and Practice I

- Credits
- 3
- Prerequisites
- ECON-E 370, ECON-S 370, or MATH-M 365; and MATH-M 301, MATH-M 303, or MATH-S 303; and MATH-M 311 or MATH-S 311
- Notes
- Only 9 credit hours from ECON-E 371, ECON-S 371, ECON-E 471, and ECON-E 472 may be counted toward a major in economics
- Description
- Emphasis is on the classical linear regression model and its applications. Special topics include finite and asymptotic properties of least squares, hypothesis testing, model specification, dummy variables, proxies, multicollinearity and heteroscedasticity.

# ECON-S 371 Introduction to Applied Econometrics: Honors

- Credits
- 3
- Prerequisites
- ECON-E 251 or ECON-B 251; and ECON-E 370 or ECON-S 370; and MATH-J 113, MATH-M 119, MATH-V 119, MATH-M 211, or MATH-S 211; and Hutton Honors Student
- Description
- Designed for students of superior ability. Covers same core material as ECON-E 371 and substitutes for ECON-E 371 as a prerequisite for other courses.
- Repeatability
- Credit given for only one of ECON-S 371 or ECON-E 371.

**Advanced Elective.**One (1) additional course at the 300–499 level, excluding ECON-E 496 and ECON-X 373.**Concentration or Additional Advanced Courses.**One (1) of the following options, taking all courses in residence on the Bloomington campus:- An Economics Concentration (see requirements below)
- Three (3) courses (beyond those completed for requirements above) above ECON-E 322, excluding ECON-E 496 and ECON-X 373.

**Major GPA, Hours, and Minimum Grade Requirements.**- At least 18 credit hours in the major must be completed in courses taken through the Indiana University Bloomington campus or an IU-administered or IU co-sponsored Overseas Study program.
- At least 18 credit hours in the major must be completed at the 300–499 level.
- Except for the GPA requirement, a grade of C- or higher is required for a course to count toward a requirement in the major.
- A GPA of at least 2.000 for all courses taken in the major—including those where a grade lower than C- is earned—is required.
- Exceptions to major requirements may be made with the approval of the department's Director of Undergraduate Studies, subject to final approval by the College of Arts and Sciences.

The Bachelor of Arts degree requires at least 120 credit hours, to include the following:

**College of Arts and Sciences Credit Hours.**At least 100 credit hours must come from College of Arts and Sciences disciplines.**Upper Division Courses.**At least 42 credit hours (of the 120) must be at the 300–499 level.**College Residency.**Following completion of the 60th credit hour toward degree, at least 36 credit hours of College of Arts and Sciences coursework must be completed through the Indiana University Bloomington campus or an IU-administered or IU co-sponsored Overseas Study program.**College GPA.**A cumulative grade point average (GPA) of at least 2.000 is required for all courses taken at Indiana University.**CASE Requirements.**The following College of Arts and Sciences Education (CASE) requirements must be completed:- CASE Foundations
- CASE Breadth of Inquiry
- CASE Culture Studies
- CASE Critical Approaches: 1 course
- CASE Foreign Language: Proficiency in a single foreign language through the second semester of the second year of college-level coursework
- CASE Intensive Writing: 1 course
- CASE Public Oral Communication: 1 course

**Major.**Completion of the major as outlined in the Major Requirements section above.

Most students must also successfully complete the Indiana University Bloomington General Education program.