Economics
Major
The Economics Major for 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:
ACCT 201 Fundamentals of Financial Accounting
ACCT 202 Fundamentals of Managerial Accounting
BUAD 202 Statistics for Business and Economics
BUAD 205 Business Communication
ECON 101 Principles of Microeconomics
ECON 102 Principles of Macroeconomics
MATH 211 Calculus I
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 325 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:
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: 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, MATH 232, 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, MATH 245 Linear Algebra, and MATH 321 Real Analysis.
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.
Concentration
The Economics Concentration (for Business Administration and Accounting majors only)
Four courses, including:
Econ 271 Microeconomic Theory
Econ 270 Introductory Econometrics or Econ 272 Macroeconomic Theory
Two units of economics electives, at least one of which must be at the 300 level
Courses
ECON 101 Principles of Microeconomics
Units: 1
Fulfills General Education Requirement (FSSA)
Description
Provides 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
Description
The 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. Prerequisites
ECON 101.
ECON 105 Introduction to Global Economics
Units: 1
Description
Survey 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: .5
Description
Topics course in economics, providing students with insight into many applications of economics.Prerequisites
ECON 101.
ECON 200 The Economics of Money, Banking and Financial Markets
Units: 1
Description
Role and functions of money; operation of financial institutions; structure and influence of Federal Reserve System; effects of money and credit on economic activity.Prerequisites
ECON 101 and 102.
ECON 201 Games and Experiments in Economics
Units: 1
Description
Introduction 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.Prerequisites
ECON 101
ECON 210 The Economics of the European Union
Units: 1
Description
Seminar-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.Prerequisites
ECON 101 and 102.
ECON 211 Economic Development in Asia, Africa and Latin America
Units: 1
Description
Comparative analysis of economic growth, income and wealth distribution, trade and finance, population, agriculture, and industrialization in Latin America, Africa, and Asia.Prerequisites
ECON 101 and 102.
ECON 215 International Monetary Economics
Units: 1
Description
Provides an introduction to the fields of open-economy macroeconomics and international finance. The course 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.Prerequisites
ECON 101 and 102.
ECON 220 History of Economic Thought
Units: 1
Description
Survey 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.Prerequisites
ECON 101 and 102.
ECON 221 American Economic History
Units: 1
Description
Use 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.Prerequisites
ECON 101 and 102.
ECON 230 Environmental Economics
Units: 1
Description
Development 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.Prerequisites
ECON 101.
ECON 231 Law and Economics
Units: 1
Description
Application 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.Prerequisites
ECON 101.
ECON 233 Ethics and Economics
Units: 1
Description
Explores 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?Prerequisites
ECON 101.
ECON 234 Urban Economics
Units: 1
Description
Introduction to the field of urban and regional economics. Study of urban growth and decline, the monocentric city model, and urban challenges. Application and interpretation of computer-generated statistical output.Prerequisites
ECON 101 and 102.
ECON 242 Introduction to Computing Techniques for Economics and Business
Units: 1
Description
Basics of programming and application to solve economics/business problems. Topics include introductions to input/output, basic types and data structures, decision structures, repitition structures, functions, recursion, and parallel programming. Skills to solve economics/business problems that require extracting and analyzing data, building and solving basic models, and automating basic tasks. Students who have taken or have credit for CMSC 150/MATH 190 may not enroll for this class.Prerequisites
ECON 101, ECON 102, BUAD 202. ECON 102 and BUAD 202 may be taken concurrently.
ECON 260 Selected Economic Topics
Units: .5-1
Description
Major areas in economics, application of economic principles, and analysis of policy issues.Prerequisites
ECON 101 and 102.
ECON 269 Independent Study
Units: .5-1
Description
Specialized study or directed research in an area of economics.Prerequisites
A written outline worthy of academic credit and permission of department chair and the associate dean for undergraduate business programs.
ECON 270 Introductory Econometrics
Units: 1
Description
Techniques 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.Prerequisites
ECON 101 and 102; one of BUAD 202, MATH 329 or MATH 330; and one of MATH 190, MATH 211, MATH 212, MATH 232, or MATH 235, all four courses with a C- or better.
ECON 271 Microeconomic Theory
Units: 1
Description
Theory 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.Prerequisites
C- or better in ECON 101 & 102 & (MATH 190 or MATH 211 or MATH 212 or MATH 232 or MATH 235).
ECON 272 Macroeconomic Theory
Units: 1
Description
Theory 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.Prerequisites
C- or better in ECON 102 & ECON 271.
ECON 300 Industrial Organization and Public Policy
Units: 1
Description
Designed 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.Prerequisites
C- or better in ECON 271.
ECON 310 International Trade: Causes, Consequences, and Controversies
Units: 1
Description
Through 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. Economics 270 is recommended but not required before you take this course.Prerequisites
C- or better in ECON 271.
ECON 315 Advanced International Macroeconomics
Units: 1
Description
An 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.Prerequisites
C- or better in ECON 271 and 272.
ECON 330 Environmental and Resource Economic Theory
Units: 1
Description
A 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.Prerequisites
C- or better in ECON 271.
ECON 331 Labor Economics
Units: 1
Description
Economic 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.Prerequisites
C- or better in ECON 271.
ECON 332 Public Economics
Units: 1
Description
Economic 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). Economics 270 is recommended but not required before you take this course.Prerequisites
C- or better in ECON 271.
ECON 341 Mathematical Economics
Units: 1
Description
Examines various economic concepts by means of mathematical analysis.Prerequisites
C- or better in ECON 271 & (MATH 212 or 232) & MATH 245.
ECON 360 Selected Economic Topics
Units: .5-1
Description
Major areas in economics, application of economic principles, and analysis of policy issues.Prerequisites
A core course to be announced.
ECON 368 Global Vision: A Student-Managed ETF Portfolio
Units: .5
Description
Introduces 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. May be repeated; graded. The course will not count towards the Economics major.Prerequisites
One 200- or 300-level economics course with a grade of C- or better and permission of instructor.
ECON 369 Independent Study
Units: .5-1
Description
Specialized study or directed research in an area of economics.Prerequisites
ECON 271 or 272, a written outline worthy of advanced credit and permission of department chair and the associate dean for undergraduate business programs.
ECON 370 Advanced Econometrics
Units: 1
Description
Techniques 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.Prerequisites
C- or better in ECON 270.
ECON 372 Advanced Macroeconomics
Units: 1
Description
Examination 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. Selected Topics course that may be repeated with department permission (which is allowed if the course topics are different).
Prerequisites
C- or better in both ECON 270 & ECON 272
ECON 373 Forecasting and Time Series Analysis
Units: 1
Description
Empirical 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.Prerequisites
ECON 270 and ECON 272 with grades of C- or better.
ECON 480 Senior Capstone Seminar
Units: 1
Description
Utilizes 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.Prerequisites
C- or better in all three prerequisite courses: ECON 270 & 271 & 272, & senior standing.
ECON 490 Honors Seminar in Economics
Units: 1
Description
Honors seminar.Prerequisites
Departmental invitation.
ECON 491 Honors Thesis in Economics
Units: 1
Description
Capstone independent research project and honors paper. Note: Participation in the honors program fulfills the capstone requirement.Prerequisites
Departmental invitation.