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Business program

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 101INTRODUCTION TO ACCOUNTING I 14
ACC 102INTRODUCTION TO ACCOUNTING II 14
BUS 101INTRODUCTION TO DRIEHAUS: BUSINESS FUNDAMENTALS AND THE ENTREPRENEURIAL MINDSET4
BUS 102BUSINESS ANALYTICS4
BUS 103BUSINESS FOR SOCIAL GOOD4
ECO 105PRINCIPLES OF MICROECONOMICS4
ECO 106PRINCIPLES OF MACROECONOMICS4
FIN 310INTRODUCTION TO FINANCE4
MAT 137BUSINESS STATISTICS4
MGT 300PRINCIPLES OF MANAGEMENT4
MGT 301PRINCIPLES OF OPERATIONS MANAGEMENT4
MKT 301PRINCIPLES OF MARKETING4
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 101BUS 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.

Plan of Study Grid
First Year ProgramHours
Chicago Quarter
LSP 110
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
1

PHL 248 / MGT 248 is required in PI or REL 228 / MGT 228 is required in RD.

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 250CAREER PREPARATION FOR ECONOMICS MAJORS2
ECO 304ANALYTICS FOR ECONOMICS4
ECO 305INTERMEDIATE MICROECONOMICS4
ECO 306INTERMEDIATE MACROECONOMICS4
ECO 315INTRODUCTION TO MONEY AND BANKING4
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.