Economics Major & Concentration Requirements
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Bachelor of Science in Business Administration
The Bachelor of Science in Business Administration Degree
In addition to the requirements for the B.S.B.A. degree outlined below, all Economics majors in the Business School must complete eight additional courses in economics.
Candidates for a B.S.B.A. must:
Satisfy the general degree requirements for graduation
Complete the following pre-business courses:
Complete the following core courses except as noted:
BUAD-393 Business Law
BUAD-394 Business Ethics
BUAD-497 Strategic Management *
FIN-360 Principles of Financial Management
MGMT-225 IT and Data Analytics
MGMT-330 Organizational Behavior
MGMT-340 Operations Management
MKT-320 Principles of Marketing
*The International Business concentration requires IBUS-411 in lieu of BUAD-497.
Participate in a full semester University of Richmond approved study abroad program or complete a course with an international business or international business economics focus. This international focus course also may satisfy a concentration or major requirement.
Eight economics core courses, including:
Note: A grade point average of at least C (2.00) is required in the major with no course grade below a C- (1.7) in an economics course required for the major. Majors are encouraged to take ECON-101 and ECON-102 and BUAD-202 during their first year, and ECON-271 and ECON-272 during their second year. A basic foundation in calculus (e.g., MATH-190, MATH-211, MATH-212, and MATH-235) is required for ECON-271.
Students may plan their course load to pursue a general major in economics or to study a specific area in economics. Students interested in pursuing a graduate degree in economics are encouraged to seek advice concerning the honors program in economics, the mathematical economics major, and/or taking MATH-235 Multivariate Calculus and MATH-245 Linear Algebra.
All students declaring a major or minor in the Robins School of Business must first pass an online Excel competency exam. Students will have three attempts to demonstrate competency with a grade of 80% or higher. This is not for a grade or academic credit.
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Bachelor of Arts
The Bachelor of Arts Degree
Note: A grade point average of C (2.00) is required in the major with no course grade below a C- (1.7) in an economics course required for the major.
11 units, including:
BUAD-202 Statistics for Business and Economics
ECON-101 Principles of Microeconomics
ECON-102 Principles of Macroeconomics
ECON-270 Introductory Econometrics
ECON-271 Microeconomic Theory
ECON-272 Macroeconomic Theory
Four units of economics electives (at least two of which must be at the 300 level)
ECON-480 Senior Capstone Seminar, or both ECON-490 Honors Seminar in Economics and ECON-491 Honors Thesis in Economics
Note:
Majors are encouraged to take ECON-101 and ECON-102 and BUAD-202 during their first year, and ECON-271 and ECON-272 during their second year. A basic foundation in calculus (e.g., MATH-190, MATH-211) is required for ECON-271.
Students may plan their course load to pursue a general major in economics or to study a specific area in economics. Students interested in pursuing a graduate degree in economics are encouraged to seek advice concerning the honors program in economics, the combined major in mathematical economics, and/or taking MATH-235 Multivariate Calculus and MATH-245 Linear Algebra.
- Concentration
Economics
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ECON 101 Principles of Microeconomics
Units: 1
Fulfills General Education Requirement (FSSA)
DescriptionProvides students with the analytical perspective to think critically about the market system and social objectives it may serve. Topics include supply and demand, market structure, production, market failure (e.g., pollution), and benefits and costs of government intervention. -
ECON 102 Principles of Macroeconomics
Units: 1
DescriptionThe study of national income determination within a global economy. Topics include inflation, unemployment, GDP determination, money supply, balance of payments, currency markets and role of fiscal and monetary policies.Prerequisite
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ECON 105 Introduction to Global Economics
Units: 1
DescriptionSurvey of international economic issues for nonmajors. The U.S.'s role in the global economy is covered analytically, historically, and institutionally, with special attention given to balance of payments analysis, exchange rate determination, gains from trade, trade policy, the IMF, GATT, and other topics. Note: This course has no prerequisites and fulfills no prerequisites for other economics or business courses. Cannot be used as an elective toward the arts and sciences or business school economics major or toward the business administration major. Students with majors in the School of Business may not register for ECON 105. -
ECON 120 Conversations in Economics
Units: 0.5
DescriptionTopics course in economics, providing students with insight into many applications of economics.Prerequisite
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ECON 170 Statistical Analysis for Business and Economics (Accelerated Version)
Units: 1
DescriptionTheory, methodology, and applications of statistics to contemporary business and economics problems. Includes descriptive statistics, probability theory, probability distributions, one- and two-population statistical inference, analysis of variance, correlation, and regression. Covers the same topics as BUAD 202, but in more mathematical depth. May use this course as the BUAD 202 pre-requisite for any course in the Business School. Students with a course in high-school level statistics and/or stronger mathematical foundations should consider this course in place of BUAD 202. May not take both Econ 170 and BUAD 202 for credit.Prerequisite
MATH-190 or MATH-211 or MATH-212 or MATH-235 with a grade of C- or better
- ECON 200 The Economics of Money, Banking, and Financial Markets
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ECON 201 Games and Experiments in Economics
Units: 1
DescriptionIntroduction to game theory. Based on a scientific metaphor that many interactions that we do not usually think of as games such as market competition, collusion, auctions, elections, bargaining can be treated and analyzed as games. Study of how to recognize and model strategic situations, how and when their actions will affect the decisions of others, and how to gain advantage in strategic situations.Prerequisite
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ECON 210 The Economics of the European Union
Units: 1
DescriptionSeminar-style economics class on economic foundations underlying the past, present and future of the European Union. Combines lecture material on the economics of regional integration with reading-, writing-, and discussion-intensive activities meant to illuminate the past 70 years of European integration and raise important questions for its future.Prerequisite
- ECON 211 Economic Development in Asia, Africa, and Latin America
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ECON 215 International Monetary Economics
Units: 1
DescriptionIntroduction to the fields of open-economy macroeconomics and international finance. Builds upon the closed-economy models of previous courses and extends them by considering the impacts of domestic and foreign policies on key variables such as interest rates, output, current accounts, and exchange rates. Additional topics covered include national income accounting, government intervention, and the history of international monetary systems.Prerequisite
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ECON 220 History of Economic Thought
Units: 1
DescriptionSurvey of the development of economic analysis with emphasis on early mercantilist writers, Adam Smith and the evolution of the Classical School, the Neoclassical revolution, Marxian economics and socialism, Keynesian economics, Austrian economics, and new classical economics.Prerequisite
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ECON 221 American Economic History
Units: 1
DescriptionUse of economic theory and methods to study American history with special emphasis on economic growth. Topics include Native American development up to the arrival of Europeans, transportation revolutions, slavery, agriculture and monetary controversies in the late 19th century, health and nutrition, immigration, technological change, the Great Depression and New Deal, and civil rights.Prerequisite
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ECON 230 Environmental Economics
Units: 1
DescriptionDevelopment and application of economic principles to understand and evaluate causes and solutions to environmental problems such as pollution and conservation. Topics include economics of biodiversity protection, climate change, natural resource damage assessment, measurement of environmental values, and alternative strategies for pollution control. Same as Environmental Studies 230.Prerequisite
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ECON 231 Law and Economics
Units: 1
DescriptionApplication of economic analysis to the field of law. Using goals of efficiency and wealth maximization, shows how economic theory can unify property law, contract law, tort law, and criminal law, as well as offering new insights to traditional legal questions.Prerequisite
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ECON 233 Ethics and Economics
Units: 1
DescriptionExplores ethical considerations that arise in economic analyses. In positive economics, how are choices informed by considerations of duty or virtue (in addition to utility)? In normative economics, how do concepts of welfare and efficiency derive from ethical theories, and how have these changed over time? What competing ethical theories add to our understanding of public policy issues? Preparation for a complex world when economic analysis is viewed as complementary to a critical-thinking process about ethical frameworks. Addresses additional questions such as: What is the moral philosophy behind capitalism? What are the moral limits to markets? Do businesses create and rely upon moral capital?Prerequisite
- ECON 234 Urban Economics
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ECON 235 Gender Economics
Units: 1
DescriptionThis course will examine economic theories and empirical evidence relating to the role of gender in the economy, with a focus on women in the workforce, family formation (marriage and children), and current issues. In taking this course, students will learn to apply economic research methods to the study of gender and to engage with cutting-edge economic research. Students will also develop communication skills via multiple in-class presentations and writing assignments.Prerequisites
ECON 101.
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ECON 242 Data Analysis & Computing for Economics & Business
Units: 1
DescriptionIntroduction to data analysis and programming in economics/business. Students will learn general-purpose programming techniques and how to use computing tools for data preparation and analysis, along with their application to economic/business problems.Prerequisites
ECON 101 or Permission of Instructor.
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ECON 249 Topics in Applied Quantitative Economics
Units: 0.5
DescriptionShort modules/workshops on topics in applied quantitative economics. - ECON 259 Special Topics in Economics
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ECON 269 Independent Study
Units: 0.5-1
DescriptionSpecialized study or directed research in an area of economics. Students are expected to produce a final academic product to be completed during the semester for which he/she is registered for the course. Independent studies may not duplicate available course offerings and content and do not count as one of the required economics electives in the economics major, mathematical economics major, or economics minor unless written permission is obtained from the Economics department chair in advance.A written outline worthy of academic credit and permission of the economics department chair and (for business students) the Associate Dean for Undergraduate Business Programs.
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ECON 270 Introductory Econometrics
Units: 1
DescriptionTechniques for rigorously testing economic theory and preparation for basic empirical work in economics. Topics will include basic data analysis, a review of comparisons of means, regression analysis (including estimation, functional form, dummy variables, inference, assumptions, violations of assumptions, corrections for violations). Students will be provided with the opportunity to use actual economic data to test economic theories.Prerequisite
ECON-101, ECON-102; one of BUAD-202, ECON-170, DSST-189, MATH-329, MATH-330; one of MATH-190, MATH-211, MATH-212, MATH-235. All four courses must have an earned grade of C- or better.
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ECON 271 Microeconomic Theory
Units: 1
DescriptionTheory of price determination in both output and input markets; in-depth analysis of behavior of individual consumers, firms, and industries under various market structures; theories of exchange and distribution.Prerequisite
ECON-101, ECON-102, and one of MATH-190, MATH-211, MATH-212, MATH-235, each with a grade of C- or better
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ECON 272 Macroeconomic Theory
Units: 1
DescriptionTheory of national income determination; short/medium-run monetary and fiscal policy issues are examined using Keynesian and New Classical models; long-run analysis focuses on recent extensions of the neoclassical growth model.Prerequisite
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ECON 300 Industrial Organization and Public Policy
Units: 1
DescriptionDesigned to identify features of industries with various degrees of competition. Issues to be explored include: identifying dominant firm, tight or loose oligopoly, competitive, and monopoly industries; product vs. geographic markets; technological innovations; collusion, product differentiation; mergers; advertising; efficiency; price discrimination; etc. In addition, antitrust policies will be reviewed as they pertain to these issues.Prerequisite
ECON-271 with a grade of C- or better
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ECON 310 International Trade: Causes, Consequences, and Controversies
Units: 1
DescriptionThrough both theoretical and empirical approaches, students will study international trade in goods and services and develop a framework for analysis of trade policy issues. Major themes include the causes and patterns of trade, the gains from trade and their distribution, the consequences of trade policies such as tariffs and voluntary export restraints, and the institutions of the world trading system including regional trade agreements. The course also considers many of the current issues related to trade such as dumping, trade-related intellectual property rights, trade and the environment, and the decisions of multinational firms.Prerequisite
ECON-271 with a grade of C- or better
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ECON 315 International Macroeconomics
Units: 1
DescriptionAn advanced course in international finance and macroeconomics focusing on the factors that determine countries' capital flows and trade balances. The course will introduce several models of intertemporal welfare maximization to help students think about optimal consumption and investment decisions across time as well as the influence of fiscal policy in an open economy setting. Economics 272 is recommended but not required before you take this course.Prerequisite
ECON-271 with a grade of C- or better
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ECON 330 Environmental and Resource Economic Theory
Units: 1
DescriptionA rigorous treatment of environmental and resource issues, with particular emphasis on problem of designing appropriate institutions and regulations. Topics include public goods, emission fees and tradable permits, nonmarket valuation, depletion of nonrenewable natural resources, and management of renewable natural resources. Economics 270 is recommended but not required before taking this course. (Same as Environmental Studies 330.)Prerequisite
ECON-271 with a grade of C- or better
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ECON 331 Labor Economics
Units: 1
DescriptionEconomic analysis of labor markets including labor supply, investment in human capital, labor demand, and wage determination. Policy issues include labor unions, discrimination, and analysis of government programs affecting labor markets.Prerequisite
ECON-271 with a grade of C- or better
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ECON 332 Public Economics
Units: 1
DescriptionEconomic analysis of government spending and taxation with particular emphasis on current public policy issues (e.g., social security, health care and fundamental income tax reform).Prerequisite
ECON-271 with a grade of C- or better
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ECON 341 Mathematical Economics
Units: 1
DescriptionExamines various economic concepts by means of mathematical analysis.Prerequisite
ECON-271, MATH-212, MATH-245, and one of CMSC-150 or zdKplsD27XsRBuD3g7pd, all with grades of C- or better
- ECON 360 Selected Topics
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ECON 368 Global Vision: A Student-Managed ETF Portfolio
Units: 0.5
DescriptionIntroduces students to the role of pure economic analysis in the construction of investment portfolios. The asset class and sector allocations of the portfolio flow from on-going assessment of domestic and international economic conditions. The portfolio choices are implemented using Exchange Traded Funds (ETFs). This investment vehicle eliminates the need for the technical training necessary for evaluating individual securities. The portfolio recommended by the class is implemented through the financial support of the university. The formal output of the semester is well suited to student participation at existing undergraduate research conferences and competitions.Prerequisite
One 200- or 300-level economics course with a grade of C- or better and permission of instructor
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ECON 369 Independent Study
Units: 0.5-1
DescriptionSpecialized study or directed research in an area of economics. Students are expected to produce a final academic product to be completed during the semester for which he/she is registered for the course. Typically, independent studies may not duplicate available course offerings and content. Independent studies do not count as one of the required economics electives in the economics major, mathematical economics major, or economics minor unless written permission is obtained from the Economics department chair in advance.Prerequisite
ECON-271 or ECON-272, a written outline worthy of advanced credit, and permission of the economics department chair and, for business students, the Associate Dean for Undergraduate Business Programs
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ECON 370 Advanced Econometrics
Units: 1
DescriptionTechniques for rigorously testing economic theory. Reinforces and extends the econometric techniques developed in Economics 270. Topics include a review of the classical linear regression model as well as model extensions including dummy and limited dependent variables, panel data estimation, instrumental variables, simultaneous equation systems, time-series analysis, and forecasting.Prerequisite
ECON-270 with a grade of C- or better
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ECON 372 Advanced Macroeconomics
Units: 1
DescriptionExamination of selected topics in macroeconomics beyond the basic theory level covered in Economics 272. Topics may include forecasting, time-series econometrics, growth theory, analysis of dynamic, stochastic general-equilibrium models, and open-economy macroeconomics.Prerequisite
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ECON 373 Forecasting and Time Series Analysis
Units: 1
DescriptionEmpirical course in macroeconomic forecasting and time-series analysis. Topics include macroeconomic data, effective graphing techniques, ARIMA modeling, VAR modeling, how to evaluate forecasts, smoothing models, and the impact of forecasting on policymaking.Prerequisite
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ECON 406 Summer Undergraduate Research
Units: 0
DescriptionDocumentation of the work of students who receive summer fellowships to conduct research [or produce a creative arts project] in the summer. The work must take place over a minimum of 8 weeks, the student must engage in the project full-time (at least 40 hours per week) during this period, and the student must be the recipient of a fellowship through the university. Graded S/U. -
ECON 480 Senior Capstone Seminar
Units: 1
DescriptionUtilizes theoretical and applied economic models from previous economics courses. Semester assignments guide students in learning how to use and interpret data and to create forecasts, conducting in-depth empirical research on a current issue of relevance, reviewing economic theory that is useful for understanding how the economy works, evaluating ethical issues confronting economists, and understanding the international interdependence of the world economy.Prerequisite
ECON-270, ECON-271, and ECON-272, each with a grade of C- or better, and senior standing
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ECON 490 Honors Seminar in Economics
Units: 1
DescriptionHonors seminar.Departmental invitation
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ECON 491 Honors Thesis in Economics
Units: 1
DescriptionCapstone independent research project and honors paper. Note: Participation in the honors program fulfills the capstone requirement.Departmental invitation