Economics is both a social science discipline and a framework for analyzing production, consumption, and distribution decisions. The goal of the undergraduate curriculum is to offer students the theoretical background necessary to understand business and policy issues, as well as the quantitative and analytical skills necessary to evaluate these issues independently. The Economics Department offers courses that explore topics such as unemployment, inflation, production and distribution, economic growth, environmental issues, poverty, urban and regional development, international trade, labor issues, economic history, and international economic relations. Courses emphasize the need for accurate knowledge of business institutions and economic phenomena, for theories capable of explaining these phenomena, for estimating relationships among economic variables, and for testing explanations.
| Program Requirements | Quarter Hours |
|---|---|
| Business Core Requirements | 60 |
| Liberal Studies Requirements | 72 |
| Major Requirements | 34 |
| Open Electives | 26 |
| Total hours required | 192 |
Learning Outcomes
Core Outcomes
- Use analytical and reflective skills in decision making.
- Communicate effectively both orally and in writing.
- Recognize legal and ethical issues confronting them.
- Contribute to the performance of a group within a business setting.
- Know the differences among global economies, institutions, business practices and cultures.
- Acquire knowledge of the functional areas of business and the interrelationships among the functional areas within a business.
Program Specific Outcomes
Students will be able to:
- Define economic concepts needed to analyze issues in the business and popular press.
- Identify the function of key economic institutions, such as the Federal Reserve System.
- Employ an economic theory or model to analyze the impact of changes in economic variables.
- Assess the potential impact of government interventions on individuals, markets, and/or the macroeconomy.
- Apply economic concepts/models in a variety of fields within economics (e.g., Labor Economics, Health Economics, Urban Economics, International Economics, Development Economics, History of Economic Thought, etc.).
College Core Requirements
Business Core Requirements
All undergraduate students in the Driehaus College of Business complete foundational courses in the areas of accountancy, economics, finance, management, and marketing. The core curriculum also includes courses that emphasize the increasingly quantitative and technological nature of business, the importance of the entrepreneurial mindset, and how students can use their business education to address important social challenges.
Course Requirements
For a student to complete the Bachelor of Science in Business, the following Business Core courses totaling at least 60.0 hours are required:
| Course | Title | Quarter Hours |
|---|---|---|
| Business Core Courses | ||
| ACC 101 | INTRODUCTION TO ACCOUNTING I 1 | 4 |
| ACC 102 | INTRODUCTION TO ACCOUNTING II 1 | 4 |
| BUS 101 | INTRODUCTION TO DRIEHAUS: BUSINESS FUNDAMENTALS AND THE ENTREPRENEURIAL MINDSET | 4 |
| BUS 102 | BUSINESS ANALYTICS | 4 |
| BUS 103 | BUSINESS FOR SOCIAL GOOD | 4 |
| ECO 105 | PRINCIPLES OF MICROECONOMICS | 4 |
| ECO 106 | PRINCIPLES OF MACROECONOMICS | 4 |
| FIN 310 | INTRODUCTION TO FINANCE | 4 |
| MAT 137 | BUSINESS STATISTICS | 4 |
| MGT 300 | PRINCIPLES OF MANAGEMENT | 4 |
| MGT 301 | PRINCIPLES OF OPERATIONS MANAGEMENT | 4 |
| MKT 301 | PRINCIPLES OF MARKETING | 4 |
| Business Technology 2 | ||
| Select one of the following: | 4 | |
| BUSINESS TECHNOLOGY | ||
| INTRODUCTION TO COMPUTER SCIENCE I | ||
| SYSTEMS ANALYSIS AND DESIGN | ||
| Business Communication 3 | ||
| Select one of the following: | 4 | |
| EFFECTIVE BUSINESS COMMUNICATION | ||
| BUSINESS AND PROFESSIONAL COMMUNICATION | ||
| Global Business Perspective 4 | ||
| Select one of the following: | 4 | |
| EUROPEAN ECONOMIC HISTORY | ||
| RADICAL RESPONSES TO CAPITALISM | ||
| TOPICS IN GLOBAL ECONOMIES | ||
| UNDERSTANDING CHINA'S ECONOMY | ||
| ECONOMICS OF LOW-INCOME COUNTRIES | ||
| INTERNATIONAL TRADE | ||
| INTERNATIONAL MONETARY ECONOMICS | ||
| ECONOMICS OF THE EUROPEAN UNION | ||
| INTERNATIONAL FINANCE | ||
| GLOBAL IPOs & VENTURE CAPITAL | ||
| INTERNATIONAL BUSINESS SEMINAR | ||
| GLOBAL HUMAN RESOURCE MANAGEMENT | ||
| INTERNATIONAL BUSINESS | ||
| MARKETING ACROSS CULTURES: A CULTURAL PERSPECTIVE ON MULTICULTURAL MARKETS | ||
| MARKETING IN A GLOBAL ENVIRONMENT | ||
| INTERNATIONAL MARKETING | ||
| WORK IN A GLOBALIZED WORLD | ||
A course taken as part of a term-long study abroad program | ||
- 1
Strobel students take specially designated sections of all required ACC classes, including ACC 101 and ACC 102 (excluding ACC 250, ACC 300, ACC 301).
- 2
Actuarial Science and Economic Data Analytics majors must take CSC 241.
MIS majors must take MIS 360.
- 3
MKT majors and Sales minors must take MKT 276.
- 4
A course taken for Global Business Perspective that is in a student's major or minor field must be completed with a minimum grade of C- .
Business Core Timeline
- BUS 101, BUS 102 and BUS 103 are intended to be completed by students during their first year of enrollment in the college.
- Business core requirements may be prerequisites to other courses.
- Planning is essential to a student’s graduation timeline.
- Academic advisors work with students to co-create customized degree completion plans and assist with balancing course load.
Business Ethics
All undergraduate students in the Driehaus College of Business complete a course in Business Ethics. It is recommended students take MGT 248 or PHL 248 in Philosophical Inquiry or MGT 228 or REL 228 in Religious Dimensions in the Liberal Studies Program (or University Honors Program) Requirements.
Second Majors and Minors
The addition of a second major or minor may affect the Business Core classes required for a student. Meet with an academic advisor to confirm requirements.
Business Technology requirement for all business majors (except Management Information Systems majors)
- Business Technology requirement may be replaced by CSC 243.
Math requirement for all business majors (except Actuarial Science majors)
Global Business Perspective
If an ECO course is shared between Global Business Perspective and the Economics major, additional hours of Open Elective credit are required.
Grade Minimum Requirements for Economics Major
A minimum grade of C- is required for the following: ACC 101, ACC 102, BUS 101, BUS 102, BUS 103, BUS 202, ECO 105, ECO 106, MAT 137, and any ECO course used for Global Business Perspective.
Liberal Studies Requirements
Honors program requirements can be found in the individual Colleges & Schools section of the University Catalog. Select the appropriate college or school, followed by Undergraduate Academics and scroll down.
| First Year Program | Hours | |
|---|---|---|
| Chicago Quarter | ||
| LSP 110 or LSP 111 | DISCOVER CHICAGO or EXPLORE CHICAGO | 4 |
| Focal Point | ||
| LSP 112 | FOCAL POINT SEMINAR | 4 |
| Writing | ||
| WRD 103 | COMPOSITION AND RHETORIC I 1 | 4 |
| WRD 104 | COMPOSITION AND RHETORIC II 1 | 4 |
| Quantitative Reasoning | ||
| Not Required | ||
| Sophomore Year | ||
| Race, Power, and Resistance | ||
| LSP 200 | SEMINAR ON RACE, POWER, AND RESISTANCE | 4 |
| Junior Year | ||
| Experiential Learning | ||
| Required | 4 | |
| Senior Year | ||
| Capstone | ||
| BUS 392 | SENIOR SEMINAR 1 | 4 |
- 1
Students must earn C- or better in this course.
Learning Domains
Arts and Literature (AL)
- 3 AL Courses Required
Historical Inquiry (HI)
- 2 HI Courses Required
Math and Computing (MC)
-
Not Required
Philosophical Inquiry (PI)
- 2 PI Courses Required1
Religious Dimensions (RD)
- 2 RD Courses Required1
Scientific Inquiry (SI)
- 1 Lab Course Required
Social, Cultural, and Behavioral Inquiry (SCBI)
- 1 SCBI Course Required
Notes
Specified required courses within Liberal Studies may have grade minimums (e.g. C- or better). Please consult your advisor or your college and major requirements.
Courses offered in the student's primary major cannot be taken to fulfill LSP Domain requirements. If students double major, LSP Domain courses may double count for both LSP credit and the second major. Students who choose to take an experiential learning course offered by the major may count it either as a general elective or the Experiential Learning requirement.
In meeting learning domain requirements, no more than one course that is outside the student’s major and is cross-listed with a course within the student’s major, can be applied to count for LSP domain credit. This policy does not apply to those who are pursuing a double major or earning BFA or BM degrees.
Major Requirements
Course Requirements
In addition to ECO 105 and ECO 106, a student majoring in Economics is required to complete the following courses totaling 34.0 hours:
| Course | Title | Quarter Hours |
|---|---|---|
| Required Courses | ||
| ECO 250 | CAREER PREPARATION FOR ECONOMICS MAJORS | 2 |
| ECO 304 | ANALYTICS FOR ECONOMICS | 4 |
| ECO 305 | INTERMEDIATE MICROECONOMICS | 4 |
| ECO 306 | INTERMEDIATE MACROECONOMICS | 4 |
| ECO 315 | INTRODUCTION TO MONEY AND BANKING | 4 |
| Electives | ||
| Select four of the following: | 16 | |
| MANAGERIAL DECISION MAKING | ||
| BUSINESS STRATEGY | ||
| URBAN ECONOMICS | ||
| THE CHICAGO ECONOMY | ||
| MARKET STRUCTURE AND REGULATION OF BUSINESS | ||
| ECONOMICS OF THE PUBLIC SECTOR | ||
| EUROPEAN ECONOMIC HISTORY | ||
| AMERICAN ECONOMIC HISTORY | ||
| LABOR ECONOMICS AND ORGANIZATION | ||
| ECONOMICS AND GENDER | ||
| ECONOMICS OF RELIGION | ||
| LAW & ECONOMICS | ||
| FINANCIAL MARKET REGULATION | ||
| THE ECONOMICS OF POVERTY | ||
| HEALTH ECONOMICS | ||
| RADICAL RESPONSES TO CAPITALISM | ||
| TOPICS IN GLOBAL ECONOMIES | ||
| UNDERSTANDING CHINA'S ECONOMY | ||
| SUSTAINABLE STRATEGIES FOR ENERGY AND THE ENVIRONMENT | ||
| EXPLORING ECONOMICS & STATISTICS THROUGH SPORTS | ||
| DEVELOPMENT OF ECONOMIC THOUGHT | ||
| BEHAVIORAL ECONOMICS | ||
| DEVELOPMENT ECONOMICS | ||
| ECONOMICS OF LOW-INCOME COUNTRIES | ||
| INTERNATIONAL TRADE | ||
| INTERNATIONAL MONETARY ECONOMICS | ||
| ECONOMICS OF THE EUROPEAN UNION | ||
| TIME SERIES ANALYSIS | ||
| GAME THEORY | ||
| MATHEMATICAL ECONOMICS | ||
| GLOBAL ECONOMIC HISTORY (multiple topics may be used ) | ||
| INDEPENDENT STUDY | ||
ECO 101 is intended for non-Driehaus students and cannot be counted toward a major or minor in economics.
ECO 393 may not be used towards the major.
ECO 395 may not be taken by students in the Driehaus College of Business.
Career Management Course
Students are required to complete the Career Course (250) associated with the major. Students who double major may choose the Career Course (250) associated with either major provided that hours for graduation are satisfied. Students should take the Career Course as soon as possible.
Global Business Perspective
If an ECO course is shared between Global Business Perspective and the Economics major, additional hours of Open Elective credit are required. Any ECO course must be passed with C- or higher.
Open Electives
Open elective credit (26.0 hours) is needed to meet the minimum graduation requirement of 192 hours.
Combined Bachelor’s + Master’s Program Participants
Students admitted to the Economics Combined Bachelor’s + Master’s program may apply up to three approved graduate course(s) towards undergraduate Economics major electives.
Graduation Requirements
All Economics (ECO) courses and any courses used toward the Economics major must be completed with a minimum grade of C- and with a combined GPA of 2.000 or higher.
Focus Areas for Economics Majors/Minors
The Economics major requires students to complete principles of micro- and macroeconomics, intermediate micro- and macroeconomic theory, business analytics, and statistics. While the program does not require students to select a particular concentration for their studies, students may want to focus the selection of their economics electives to match their academic and future career interests. The department recommends the following Focus Areas as an advising tool for students to use in their course selection. In addition to the courses listed below, the department offers Special Topics courses [ECO 398] that may be relevant to one or more of the Focus Areas.
| Focus Area | Description | Occupations |
|---|---|---|
| Business Strategy | For students interested in understanding how market competition and government regulation affects the behavior of business. | Pricing/ Revenue Analyst; Business Development Analyst; Consulting (litigation-related); Risk Analyst |
| International Economics | For students interested in understanding how international markets work, how businesses handle international operations, and how countries develop trade and development policies. | International Trade Analyst; International Business Development; Trade Compliance Analyst |
| Data Analytics | For students interested in enhancing their data analytical skills beyond the basic statistic requirement. This FA is a good complement to all other FAs as data analytics is used in many types of occupations. | Consulting; Data Analyst; Research Analyst |
| Economic Policy and Market Analysis | For students interested in government policy and its effect on the economy. | Economics Analyst (federal, state, and local government agencies); Policy Analyst; Legislative Liaison |
| Health Economics | For students interested in policy and analysis of healthcare delivery and insurance markets. | Healthcare Analyst; Business Consulting; Healthcare Actuary |
| Macroeconomic Policy Analysis | For students interested in developing knowledge of how macroeconomic indicators are used in business decisions and policy making. | Federal Reserve Bank Research Analyst; Business Development Analyst; Financial Market Analyst; Bureau of Economic Analysis Economist |
Relevant Coursework
For students participating in the Economics Honors Track, we have indicated [1] which courses in can be used to satisfy the Advance Elective requirement [courses carrying a prerequisite of ECO 304, ECO 305, or ECO 306].
Business Strategy
| Course | Title | Quarter Hours |
|---|---|---|
| MANAGERIAL DECISION MAKING | ||
| BUSINESS STRATEGY | ||
| MARKET STRUCTURE AND REGULATION OF BUSINESS 1 | ||
| SUSTAINABLE STRATEGIES FOR ENERGY AND THE ENVIRONMENT | ||
| GAME THEORY 1 |
- 1
Advanced Elective.
International Economics
| Course | Title | Quarter Hours |
|---|---|---|
| EUROPEAN ECONOMIC HISTORY | ||
| RADICAL RESPONSES TO CAPITALISM | ||
| TOPICS IN GLOBAL ECONOMIES | ||
| UNDERSTANDING CHINA'S ECONOMY | ||
| DEVELOPMENT OF ECONOMIC THOUGHT 1 | ||
| ECONOMICS OF LOW-INCOME COUNTRIES | ||
| INTERNATIONAL TRADE | ||
| INTERNATIONAL MONETARY ECONOMICS | ||
| Students may want to add a language to this Focus Area. | ||
- 1
Advanced Elective.
Data Analytics
| Course | Title | Quarter Hours |
|---|---|---|
| ANALYTICS FOR ECONOMICS | ||
| EXPLORING ECONOMICS & STATISTICS THROUGH SPORTS | ||
| TIME SERIES ANALYSIS 1 | ||
| ECONOMIC ANALYTICS USING SAS & R ( for Economic Honors and BSB-EDA students only) |
- 1
Advanced Elective.
Economic Policy and Market Analysis
| Course | Title | Quarter Hours |
|---|---|---|
| URBAN ECONOMICS | ||
| THE CHICAGO ECONOMY | ||
| ECONOMICS OF THE PUBLIC SECTOR 1 | ||
| AMERICAN ECONOMIC HISTORY | ||
| LABOR ECONOMICS AND ORGANIZATION | ||
| LAW & ECONOMICS | ||
| BEHAVIORAL ECONOMICS 1 |
- 1
Advanced Elective.
Health Economics
| Course | Title | Quarter Hours |
|---|---|---|
| HEALTH ECONOMICS | ||
| SPECIAL TOPICS (TOPICS IN HEALTH ECONOMICS and/or THE BUSINESS OF HEALTH) |
Macroeconomic Policy Analysis
| Course | Title | Quarter Hours |
|---|---|---|
| INTRODUCTION TO MONEY AND BANKING | ||
| FINANCIAL MARKET REGULATION | ||
| INTERNATIONAL MONETARY ECONOMICS | ||
| TIME SERIES ANALYSIS 1 | ||
| SPECIAL TOPICS (MODERN ANALYSIS OF ECONOMIC INDICATORS AND TRENDS) | ||
| CURRENT ECONOMIC ISSUES (FED CHALLENGE 2 hours; not applicable to major/minor) |
- 1
Advanced Elective
Preparation for PhD in Economics
- A Ph.D. in Economics is needed for academic and research-based employment in think tanks and government agencies.
- Recommended course ECO 304
- Courses from any of the FA would be appropriate especially advanced electives1.
- Regular calculus sequence (MAT 150/MAT 151/MAT 152) rather than the business calculus sequence (MAT 135/MAT 136)
- Note: students may want to consider the combined bachelor's/master's program to take graduate economics course in their senior year
- 1
Advanced Elective.