# Bachelor of Science in Economics and Quantitative Methods

The Bachelor of Science in Economics and Quantitative Methods provides students with fundamental analytical and computational skills rooted in modern economic theory, modeling and statistical methods. Students will learn how to apply these skills in practice using advanced quantitative tools. In addition to learning core economic theory in microeconomics and macroeconomics, students develop essential applied econometrics skills using industry-standard computing tools and data analysis software.

## Requirements

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

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-S 251 Fundamentals of Economics for Business I: Honors

- Credits
- 3
- Prerequisites
- Must be a Hutton Honors student
- Description
- First in a two-course sequence that introduces honors business students to essential economic concepts. Examines economic notions of cost and gains from trade, determinants of economic growth, consumer and firm behavior in competitive and non-competitive environments, effects of taxation, externalities, moral hazard and adverse selection, and basic game theory.
- Repeatability
- Credit given for only one of ECON-S 251, ECON-B 251, or ECON-E 251.

**Fundamentals of Economics II.**One (1) course:- ECON-B 252 Fundamentals of Economics for Business II
- ECON-E 252 Fundamentals of Economics II

# 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.

- Fall 2024CASE SHcourseSummer 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.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

**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.

- Fall 2024CASE SHcourseSummer 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.

- Fall 2024CASE SHcourseSummer 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.

- Fall 2024CASE SHcourseSummer 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.

- Fall 2024CASE SHcourseSummer 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.

- Fall 2024CASE NMcourseSummer 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.

- Fall 2024CASE NMcourseSummer 2024CASE NMcourse

**Econometrics.**One (1) course:- ECON-E 371 Introduction to Applied Econometrics
- 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-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.

**Data Analytics and Computation.**Two (2) courses:- ECON-E 401 Machine Learning for Economic Data
- ECON-E 402 Computational Methods In Macroeconomics
- ECON-E 471 Econometric Theory and Practice I
- ECON-E 472 Econometric Theory and Practice II

# ECON-E 401 Machine Learning for Economic Data

- Credits
- 3
- Prerequisites
- ECON-E 321 or ECON-S 321; and ECON-E 371 or ECON-S 371
- Description
- What is machine learning and how can we use it to help us explore economic data? This course develops exploratory data analysis skills and provides training in a variety of machine learning techniques used to analyze economic data while using the R programming language.

# ECON-E 402 Computational Methods In Macroeconomics

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252; and ECON-E 321 or ECON-S 321
- Description
- Macroeconomic data are increasingly available and used by economists and data scientists to help decision-makers. This course provides opportunities to develop tools to explore macroeconomic data, build and simulate macroeconomic models, perform experiments, and solve dynamic models using numeric methods. Also provides experience in the Python programming language.

# 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-E 472 Econometric Theory and Practice II

- Credits
- 3
- Prerequisites
- ECON-E 471
- 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
- Emphasizes extensions of the classical linear-regression model such as: limited dependent variables, instrumental variables, stationary and nonstationary data, fixed-effect and random-effect models, multiple-equation models, censored regression, and sample selection.

**Advanced Electives.**Three (3) courses:- Additional course from the Data Analytics and Computation list
- Any ECON-E 320–329 except
*ECON-E 320; ECON-E 321; ECON-E 322* - Any ECON-E 330–339
- Any ECON-E 340–349
- Any ECON-E 350–359
- Any ECON-E 360–369
- Any ECON-E 370–379 except
*ECON-E 370; ECON-E 371* - Any ECON-E 380–389
- Any ECON-E 390–399 except
*ECON-E 392* - Any ECON-E 400–499 except
*ECON-E 471; ECON-E 472*

**Free Electives.**One (1) course:- Additional course from the Advanced Electives list
- ECON-E 303 Survey of International Economics
- ECON-E 305 Money and Banking
- ECON-E 308 Survey of Public Finance
- ECON-E 309 Topics in Economics
- ECON-E 317 Economic Growth and Development
- ECON-E 318 Topics in International Economics
- ECON-E 320 Models and Methods of Economic Analysis

# ECON-E 303 Survey of International Economics

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252
- Description
- Basis for and effects of international trade, commercial policy and effects of trade restrictions, balance of payments and exchange rate adjustment, international monetary systems, and fixed versus flexible exchange rates.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-E 305 Money and Banking

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252
- Description
- Monetary and banking system of the U.S. The supply and control of money. The impact of money on the U.S. economy. Topics in the application of Federal Reserve monetary policy. Analytical treatment of the Federal Reserve system and the commercial banking industry.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-E 308 Survey of Public Finance

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252
- Description
- Major elements of taxation and public expenditures.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-E 309 Topics in Economics

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252
- Description
- Study of a topic area in economics. Topics will vary. Intended primarily for those wanting exposure to economics beyond the introductory level.
- Repeatability
- May be repeated with different topics for a maximum of 9 credit hours.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-E 317 Economic Growth and Development

- Credits
- 3
- Prerequisites
- ECON-E 252 or ECON-B 252
- Description
- Explores income differences across countries, income growth rates over time, and other measures of standard of living. Empirical and theoretical methods, as well as microeconomic and macroeconomic perspectives, are used to address questions, such as why are some countries so rich, while other countries are so poor?

# ECON-E 318 Topics in International Economics

- Credits
- 3
- Prerequisites
- ECON-E 303 and ECON-E 317
- Description
- Advanced topics in international economics based on microeconomic principles. Topics vary, but may include international trade institutions; trade negotiations; foreign direct investment; effects of trade on consumers, labor, and capital; the effects of trade on productivity, growth and welfare; intellectual property rights, financial integration, and analysis of particular trade agreements such as NAFTA.

# ECON-E 320 Models and Methods of Economic Analysis

- 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
- Preparation in the mathematical tools and analytical methods utilized in the economic decision-making models developed in ECON-E 321. Designed as an optional transitional class for students who did not complete ECON-E 321 prerequisites at IU or for students who want additional preparation for ECON-E 321.

**Addenda Requirements*.****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.

- Fall 2024CASE MMcourseSummer 2024CASE MMcourse

- Fall 2024CASE NMcourseSummer 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.

- Fall 2024CASE MMcourseSummer 2024CASE MMcourse

- Fall 2024CASE NMcourseSummer 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.

- Fall 2024CASE MMcourseSummer 2024CASE MMcourse

- Fall 2024CASE NMcourseSummer 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.

- Fall 2024CASE MMcourseSummer 2024CASE MMcourse

- Fall 2024CASE NMcourseSummer 2024CASE NMcourse

**Major GPA, Hours, and Minimum Grade Requirements.****Major GPA.**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.**Major Minimum Grade.**Except for the GPA requirement, a grade of C- or higher is required for a course to count toward a requirement in the major.**Major Upper Division Credit Hours.**At least 18 credit hours in the major must be completed at the 300–499 level.**Major Residency.**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.

##### Major Area Courses

Unless otherwise noted below, the following courses are considered in the academic program and will count toward academic program requirements as appropriate:

- Any course at the 100–499 level with the
`ECON`

subject area prefix—as well as any other subject areas that are deemed functionally equivalent - Any course contained on the course lists for the academic program requirements at the time the course is taken—as well as any other courses that are deemed functionally equivalent—except for those listed only under Addenda Requirements
- Any course directed to a non-Addenda requirement through an approved exception

##### Exclusions

The following courses cannot be applied toward major requirements:

- ECON-E 115 Everyday Economics
- ECON-E 203 Introduction to International Economics
- ECON-X 373 Internship in Economics

# ECON-E 115 Everyday Economics

- Credits
- 3
- Prerequisites
- None
- Notes
- Cannot be counted toward a major, interdepartmental major, or minor in economics
- Description
- Establishes the foundation necessary to achieve economic literacy by providing an introduction to economic concepts and institutions encountered in daily life: credit markets, inflation, interest rates, taxes, retirement savings, insurance, and the fundamental economic principles underlying these markets.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-E 203 Introduction to International Economics

- Credits
- 3
- Prerequisites
- ECON-B 251 or ECON-E 251
- Description
- Basic introduction to global economy with an emphasis on fundamentals of international trade: why and how nations trade; the cost and benefits of free trade; the basis for and implications of trade restrictions; international migration and capital flows; international economic institutions and agreements; foreign exchange.

- Fall 2024CASE SHcourseSummer 2024CASE SHcourse

# ECON-X 373 Internship in Economics

- Credits
- 1–3 credit hours
- Prerequisites
- Consent of department
- Notes
- Does not count toward a major or minor in economics
- Description
- Supervised work experience in an academic or business environment, including as a teaching assistant for undergraduate classes. Performance evaluation by a faculty mentor.
- Repeatability
- May be repeated for a maximum of 3 credit hours in ECON-X 373 and ECON-Y 398.
- Grading
- S/F grading.

##### Restrictions

The following restrictions apply to the minimum credit hours required in the major:

- No more than 3 credit hours may count toward the major:
- ECON-E 499 Honors Thesis

- No more than 3 credit hours of the following may count toward the major:
- ECON-X 398 Independent Research in Economics

- No more than 6 combined credit hours of the following may be counted toward major:
- ECON-E 303 Survey of International Economics
- ECON-E 331 International Trade
- ECON-E 332 International Monetary Economics

- No more than 6 combined credit hours of the following may be counted toward major:
- ECON-E 308 Survey of Public Finance
- ECON-E 361 Public Finance: Government Spending
- ECON-E 362 Public Finance: Taxation

This program of study cannot be combined with the following:

- Bachelor of Arts in Economics (ECONBA)
- Bachelor of Arts in Economics and Mathematics (ECONMATHBA)
- Bachelor of Arts in Economics and Political Science (ECONPOLSBA)
- Bachelor of Arts in Mathematics and Economics (MATHECONBA)
- Bachelor of Arts in Political Science and Economics (POLSECONBA)
- Interdepartmental Minor in Economics and Political Science (ECONPOLMIN)
- Interdepartmental Minor in Political Science and Economics (POLSECNMIN)
- Minor in Economics (ECONMIN)
- [Name unavailable] (INTECONMIN)

The Bacehlor of Science 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 36 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 College grade point average (GPA) of at least 2.000 is required.**CASE Requirements.**The following College of Arts and Sciences Education (CASE) requirements must be completed:- CASE Foundations
- CASE Breadth of Inquiry
- CASE Culture Studies
- Diversity in the United States: 1 course
- Global Civilizations and Cultures: Not required

- CASE Critical Approaches: 1 course
- CASE Foreign Language: Proficiency in a single foreign language through the first 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.