Minor in Economics

Students on Summer 2024, Fall 2024, or Spring 2025 requirements ECONMIN

Requirements

The minor requires at least 18 credit hours, including the requirements listed below.

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.
- Summer 2025CASE MMcourse
  
  Spring 2025CASE MMcourse
  
  Fall 2024CASE MMcourse
- Summer 2025CASE NMcourse
  
  Spring 2025CASE NMcourse
  
  Fall 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.
- Summer 2025CASE MMcourse
  
  Spring 2025CASE MMcourse
  
  Fall 2024CASE MMcourse
- Summer 2025CASE NMcourse
  
  Spring 2025CASE NMcourse
  
  Fall 2024CASE NMcourse
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.
- Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
- Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
- Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
- Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
- Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 2024CASE SHcourse
Elective Requirements.
1. Advanced Elective. Three (3) credit hours:
  - ECON-E 327 Game Theory
  - ECON-E 331 International Trade
  - ECON-E 332 International Monetary Economics
  - ECON-E 337 Economic Development
  - ECON-E 341 Economics of Labor Market
  - ECON-E 344 Health Economics
  - ECON-E 351 Law and Economics
  - ECON-E 361 Public Finance: Government Spending
  - ECON-E 362 Public Finance: Taxation
  - ECON-E 364 Environment and Resource Economics
  - ECON-E 371 Introduction to Applied Econometrics
  - ECON-E 385 Economics of Industry
  - ECON-E 386 Soviet-Type Economies in Transition
  - ECON-E 390 Undergraduate Seminar in Economics
  - ECON-E 392 Seminar in Computational Methods and Econometrics
  - ECON-E 401 Machine Learning for Economic Data
  - ECON-E 402 Computational Methods In Macroeconomics
  - ECON-E 425 Financial Economics
  - ECON-E 427 Seminar in Experimental Economics
  - ECON-E 471 Econometric Theory and Practice I
  - ECON-E 472 Econometric Theory and Practice II
  - ECON-E 490 Advanced Undergraduate Seminar in Economics
  - ECON-E 411
  - ECON-S 371 Introduction to Applied Econometrics: Honors
  - ECON-X 398 Independent Research in Economics
  ECON-E 327 Game Theory
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Mathematical analysis of strategic interaction. Noncooperative games played once or repeatedly, with perfect or imperfect information. Necessary condition for a solution (equilibrium) as well as sufficient conditions (refinements). Cooperative games, such as bargaining and market games. Numerous applications, including experimental games.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 2024CASE SHcourse
  ECON-E 331 International Trade
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Only 6 credit hours from ECON-E 303, ECON-E 331, and ECON-E 332 may be counted toward a major in economics
  Description
  Theories of trade pattern, positive and normative aspects of trade and trade-related policies in competitive and non-competitive markets; effects of trade liberalization and economic integration; trade policies by developed and developing nations; international factor movements.
  
  ECON-E 332 International Monetary Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Only 6 credit hours from ECON-E 303, ECON-E 331, and ECON-E 332 may be counted toward a major in economics
  Description
  Theory of exchange rate and balance of payments adjustment, macroeconomic policy in open economies, history and comparison of international monetary systems, and proposals for reform.
  Repeatability
  Credit given for only one of ECON-E 332 and ECON-E 433.
  
  ECON-E 337 Economic Development
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Characteristics of economically underdeveloped countries. Obstacles to sustained growth; planning and other policies for stimulating growth; examination of development problems and experience in particular countries.
  
  ECON-E 341 Economics of Labor Market
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  R: ECON-E 370 or ECON-S 370
  Description
  Analysis of the functioning of labor markets with theoretical, empirical, and policy applications in determination of employment and wages in the U.S. economy.
  
  ECON-E 344 Health Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  R: ECON-E 370 or ECON-S 370
  Description
  Systematic introduction to health economics and economics of health care, emphasis on basic economic concepts such as supply and demand, production of health, information economics, choice under uncertainty, health insurance markets, Medicare and Medicaid, managed care, government intervention and regulation. Survey course with some topics in some depth.
  
  ECON-E 351 Law and Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Devoted to economic analysis of law, focusing on the economic efficiency of common law. Main components of the course are property law, contracts, and torts; some aspects of criminal law are also covered. Discussion is based mostly on examples, both invented and taken from actual cases.
  
  ECON-E 361 Public Finance: Government Spending
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Only 6 credit hours from ECON-E 308, ECON-E 361, and ECON-E 362 may be counted toward a major in economics
  Description
  Theory of public goods and externalities. Cost-benefit analysis. Public choice theory. Analysis of specific expenditure, transfer, and regulatory programs.
  
  ECON-E 362 Public Finance: Taxation
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Only 6 credit hours from ECON-E 308, ECON-E 361, and ECON-E 362 may be counted toward a major in economics
  Description
  U.S. tax structure, income redistribution effects, and efficiency in resource allocation. Use of welfare theory and microeconomic models to evaluate particular issues.
  ECON-E 364 Environment and Resource Economics
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Basic theory of common property resources applied to environment and resource conservation problems. Topics include economic efficiency, equity, measurement problems, and policy formulation.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 2024CASE SHcourse
  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 385 Economics of Industry
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Empirical analysis of market structure and behavior. Location, technology, economies of scale, vertical integration, conglomerates, barriers to entry, and competitive practices. Economic assessment of product performance and environmental impact.
  
  ECON-E 386 Soviet-Type Economies in Transition
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Description
  Economic institutions, resource allocation mechanisms, incentives and decision-making in a Soviet-type economy; economics of transition to a market-oriented system. Particular attention is paid to price liberalization, development of the financial system, privatization of state-owned assets, opening to the world economy, and the role of private sector.
  Repeatability
  Credit given for only one of ECON-E 386 or ECON-E 497.
  
  ECON-E 390 Undergraduate Seminar in Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Additional prerequisites may be required depending on the seminar topic
  Description
  Intensive study of a topic area in economics. Topics will vary.
  Repeatability
  May be repeated with a different topic for a maximum of 9 credit hours.
  
  ECON-E 392 Seminar in Computational Methods and Econometrics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321; Additional prerequisites may be required depending on the seminar topic
  Description
  Intensive study of a topic area in computational methods or econometrics. Topics will vary.
  Repeatability
  May be repeated with a different topic for a maximum of 9 credit hours.
  
  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 425 Financial Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321; and ECON-E 370 or ECON-S 370
  Description
  Theory and empirical evidence relevant to understanding the functioning of modern financial-asset markets. Course topics may vary substantially by instructor. Some examples include: present value, analysis of risk and return, asset pricing, modern portfolio theory, equilibrium in asset markets, arbitrage pricing theory, the capital asset pricing model, the efficient markets hypothesis, price bubbles and crashes, futures markets, derivative securities and option pricing models.
  
  ECON-E 427 Seminar in Experimental Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 and ECON-E 370 or consent of instructor
  Notes
  R: ECON-E 327
  Description
  Focuses on the use of laboratory experimental methods in applied microeconomics. Specific application areas will include the analysis of resource allocation mechanisms for both private and public goods and individual choice under uncertainty using both human and nonhuman subjects.
  
  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.
  
  ECON-E 490 Advanced Undergraduate Seminar in Economics
  
  Credits
  3
  Prerequisites
  ECON-E 321 or ECON-S 321
  Notes
  Additional prerequisites may be required depending on the seminar topic
  Description
  Advanced intensive study of a topic area in economics. Topics will vary.
  Repeatability
  May be repeated with different topics for a maximum of 9 credit hours.
  
  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.
  
  ECON-X 398 Independent Research in Economics
  
  Credits
  1–3 credit hours
  Prerequisites
  ECON-E 322 or ECON-S 322; and ECON-E 370 or ECON-S 370; Economics majors or interdepartmental major (ECON/POLS or ECON/MATH); minimum 3.000 economics GPA.
  Notes
  Additional prerequisites may be required by the faculty mentor. A maximum of 3 credit hours in ECON-X 398 and ECON-E 391 may count toward the major in economics
  Description
  Independent readings and research by special arrangement with an economics faculty mentor and the director of undergraduate studies. A research paper or other substantial writing assignments are usually required.
  Repeatability
  Credit given for a maximum of 6 credit hours in ECON-X 398 and ECON-E 391.
2. Free Elective. Three (3) credit hours:
  - 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 320
  - ECON-E 322 Intermediate Macroeconomic Theory
  - ECON-E 370 Statistical Analysis for Business and Economics
  - ECON-S 370 Statistical Analysis for Business and Economics: Honors
  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.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 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.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 2024CASE SHcourse
  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.
  Summer 2025CASE SHcourse
  
  Spring 2025CASE SHcourse
  
  Fall 2024CASE SHcourse
  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.
  Summer 2025CASE NMcourse
  
  Spring 2025CASE NMcourse
  
  Fall 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.
  Summer 2025CASE NMcourse
  
  Spring 2025CASE NMcourse
  
  Fall 2024CASE NMcourse
Minor GPA, Hours, and Minimum Grade Requirements.
1. Minor GPA. A GPA of at least 2.000 for all courses taken in the minor—including those where a grade lower than C- is earned—is required.
2. Minor 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 minor.
3. Minor Upper Division Credit Hours. At least 9 credit hours in the minor must be completed at the 300–499 level.
4. Minor Residency. At least 9 credit hours in the minor must be completed in courses taken through the Indiana University Bloomington campus or an IU-administered or IU co-sponsored Overseas Study program.

Minor 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 minor requirements:

ECON-E 115 Everyday Economics
ECON-E 175 Economics for Educators
ECON-E 496 Foreign Study in Economics
ECON-X 373 Internship in Economics

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)
Bachelor of Science in Economics and Quantitative Methods (ECONQMBS)
Interdepartmental Minor in Economics and Political Science (ECONPOLMIN)
Interdepartmental Minor in Political Science and Economics (POLSECNMIN)
[Name unavailable] (INTECONMIN)

Exceptions to and substitutions for minor requirements may be made with the approval of the unit's Director of Undergraduate Studies, subject to final approval by the College of Arts and Sciences.

Minor in Economics

Requirements

Minor hours and GPA

Minor Area Courses

Exclusions

Restrictions on combining this minor with other academic programs

Minor requirement exceptions and substitutions