Why add an economics minor to your business major?
Because economic analysis can be applied to problems and issues throughout the entire economy, an economics minor provides students with greater versatility for dealing with unexpected challenges. Most people will change jobs many times during their working careers, so those with a good understanding of economics may enjoy options that others lack.
The economics department awards at least two minor scholarships every year.
If you are planning to pursue an MBA, many universities require students to complete intermediate-level microeconomics and macroeconomics courses. Students who take ECO 365 (Intermediate Microeconomics) and ECO 385 (Intermediate Macroeconomics) may have fulfilled that requirement.
The economics minor adds a social science perspective to the business major’s outlook. Economics as a social science analyzes such issues as:
- Unemployment and inflation
- Economic growth, poverty and the distribution of income
- Decision making by firms with varying degrees of market power
- The social benefits and costs of government regulations
- The problems of underdeveloped countries
- Globalization, international trade and the international monetary system
It’s easy to add an economics minor
The College of Business (COB) requires its majors to take a minimum of two economics courses. One other required COB course applies toward an economics minor, while two more economics courses count toward COB’s globalization requirements. That totals 15 credit hours. Since an economics minor requires only 18 total hours, you may be closer to earning one than you realize. See below for more details.
It is recommended that all business majors complete at least 50 percent of their courses outside of COB; use that opportunity to earn an economics minor and give your career a boost.
Finally, you should be aware that it is not that difficult to do a double major in business and economics. With a little advance planning this can be done without increasing either the total credit hours or the time needed to graduate. See an advisor in the economics department for details.
Requirements for the economics minor
- ECO 155: Principles of Macroeconomics
- ECO 165: Principles of Microeconomics
- Twelve (12) additional hours of economics classes or nine (9) hours of economics classes plus an acceptable statistics course (which includes QBA 237).
Here’s why it’s so easy for COB majors to earn an economics minor
For all College of Business majors
- In order to be admitted to COB, students must complete ECO 155, ECO 165 and QBA 237, so completion of an economics minor requires just 9 additional credit hours.
- COB’s globalization requirement can be satisfied by taking two out of the following three economics courses: ECO 346 (International Economic Development), ECO 456 (Comparative Economic Systems) and ECO 565 (International Economics). This leaves just 3 additional credit hours to earn a minor in economics.
For finance majors
- ECO 365 (Intermediate Microeconomics) and ECO 385 (Intermediate Macroeconomics) are among the recommended electives.
- ECO 450 (Urban and Regional Economics) can be applied towards a real estate minor and the real estate option for a finance major.
- Economics courses help finance majors better understand present value, efficient markets, firm valuation and interest rate determination.
For management majors
- Management majors with a human resources management option can apply ECO 310 (Labor Economics) to their degree.
- Economics courses help management majors better understand optimal firm size, location decisions, profit maximization and antitrust policy.
For business education minors
- ECO 155 counts towards a business education minor.