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    Loyola Marymount University
   
 
  Sep 25, 2017
 
 
    
Loyola Marymount University Bulletin 2017-2018

Economics, B.A.


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This degree is suitable for pre-law students or those interested in careers in business; education; urban planning; and federal, state, and local government.

Objectives


Economics focuses on optimal choices and the incentives and constraints that determine decision making for individuals, firms, and institutions. Since unlimited wants generally have to be met by limited means, the study of economics provides a careful analysis and thorough understanding of the processes with which wealth is produced, distributed, and consumed. The economy’s importance to all societies and the human condition and the methodological approach of modeling decision making, make economic knowledge useful to many other fields, such as political science, sociology, anthropology, biology, engineering, law, and history. It, thus, is an important field of study and as central to a liberal arts education as it is to a business program.

The study of economics involves (1) the development of theories of economic behavior and their application to new problems; (2) the use of statistics and other evidence to test or add content to existing theories; (3) the development of perspective on economic institutions, economic history, and the development of economic philosophy. Students are encouraged to engage in independent research on all of these levels.

The Economics Department aims first to prepare our students both with the technical skills required to think deeply about important issues of scarcity in our world and to educate the whole person in accordance with the University mission. Upon completing the major, our students will be able to demonstrate a solid understanding of how incentives shape human behavior, in particular, but not only in the core economics fields of microeconomics, and macroeconomics. In addition, our students will acquire technical skills, particularly in statistics, to complement critical thinking abilities more broadly. They will also have the skills to solve theoretical and real-world problems and be fully prepared for both advanced graduate study and challenging careers.

Economics Student Learning Outcomes


After finishing the Economics major, students should be able to:

  1. See the role of economic and other incentives in shaping human behavior in real-world situations.
  2. Understand the principles of microeconomics: uncertainty and risk, constrained optimization, production, distribution, consumption, and markets.
  3. Understand the principles of macroeconomics: economic growth, unemployment, inflation, money, interest rates, balance of payments, and exchange rates.
  4. Comprehend the structure, development, and impact of economic institutions.
  5. Appreciate the ethical concerns that should underlie economic policy: efficiency, fairness, equity, and individual freedom.
  6. Separate the normative from the positive content in economics propositions and research, including separating arguments based on special pleading from those aimed at serving the interests of humanity.
  7. Use statistics in order to analyze and understand a problem.
  8. Possess the mathematical skills needed to understand economic problems.
  9. Create or design a model in order to understand an economic problem.
  10. Generate or gather real-world data concerning economic issues.
  11. Write effectively about economics and communicate to readers clearly and fluently.
  12. Orally communicate economic ideas well, presenting theories and evidence clearly.

Major Requirements:


Students may pursue either a Bachelor of Arts (B.A.) or Bachelor of Science (B.S.) degree. The specific requirements of these degrees are explained below.

Economics majors are required to take one social science course from outside the major. The course may be a lower or upper level course in Geography, Political Science, Sociology, Urban Studies, or any course that satisfies the Understanding Human Behavior requirement of the University Core.

Lower Division Requirements:


Economics requirements (8-12 semester hours):


Note:

A grade of at least B- (2.7) is required in each of these courses.

Mathematics requirements (0-7 semester hours):


Note:

A grade of at least B- (2.7) is required in MATH 112 , and a grade of at least C (2.0) is required in MATH 131 .

Note:


Students are strongly encouraged to take additional mathematics courses beyond these basic requirements in consultation with their economics advisor.

Upper Division Requirements (28 semester hours):


Seven upper division economics courses. The average grade in upper division economics courses must be at least C (2.0). Three courses are required: ECON 3100 , ECON 3200 , and ECON 3300 . A grade of at least C- )1.7) must be obtained in these three required courses. These three courses should be taken before or during the junior year. Four additional upper division economics courses are required, of which at least two (8 semester hours) must be at the 4000 level. A grade of at least D (1.0) must be obtained in these additional four required and any other additional upper division economics courses. Upper division economics courses must be taken in the LMU Economics Department, except by prior permission of the Chairperson. BCLA students are allowed to take two upper division courses beyond the major requirements, so students pursuing a B.A. degree in Economics can take up to 40 semester hours of upper division ECON courses (9 courses total from the 3000-, 4000-, or 5000-level).

Business and Economics Double Major Requirements


Students with majors in business may also pursue a second major in economics by fulfilling the requirements of the B.A. or B.S. track described above. With prior permission of the Department, double majors in Business and Economics may select two upper division Business Administration courses to count as upper division economics electives in the major. Thus, Business and Economics B.A. double majors are only required to take 20 semester hours of upper division Economics courses (including 12 semester hours of required courses). Business and Economics B.S. double majors are only required to take 24 semester hours of upper division Economics courses (including 20 semester hours of required courses).

Assessment Tests


All Economics majors are required to take two assessment exams, one on introductory concepts and one during the semester in which they are graduating. These tests do not determine any grade, but they are both required for graduation.

Test of Introductory Economics


All Economics majors are required to take a test of introductory concepts.

Comprehensive Test of Economics


All Economics majors who will have completed 100 hours or more by the end of the Spring semester are required to enroll in ECON 4900 . This is a zero-semester-hour course, required for graduation, which includes a comprehensive test of economics, a senior exit interview, and possible additional Department evaluation.

Economics Model Four-Year Plan


The normal course load is 16 semester hours (4 classes). By following the model below, a student will complete all lower division core requirements by the end of the sophomore year as well as all major prerequisites. Note that core areas are suggested to provide a distribution of various disciplines every semester. Please be flexible implementing these suggestions, given your own interests and course availability. In four years, this plan meets all common graduation requirements.

Freshman Year


Fall Semester


Total: 13-16 semester hours

Spring Semester


Total: 12-16 semester hours

Sophomore Year


Fall Semester


Total: 14-16 semester hours

Spring Semester


Total: 14-16 semester hours

Junior Year


Fall Semester


  • ECON 4000-level Upper Division 4 semester hours
  •  

  • ECON Upper Division 4 semester hours or
  • ECON 5300 Mathematics for Economics 4 semester hours (B.S.)
  •  

  • University Core 3-4 semester hours
  • Upper Division Elective 3-4 semester hours
Total: 14-16 semester hours

Spring Semester


  • ECON 4000-level Upper Division 4 semester hours
  •  

  • ECON Upper Division 4 semester hours or
  • ECON 5320 Advanced Econometrics 4 semester hours (B.S.)
  •  

  • University Core 3-4 semester hours
  • Upper Division Elective 3-4 semester hours
Total: 14-16 semester hours

Senior Year


Fall Semester


  • ECON 4000-level Upper Division 4 semester hours
  •  

  • ECON Upper Division 4 semester hours or
  • ECON 5300 Mathematics for Economics 4 semester hours (B.S.)
  •  

  • University Core 3-4 semester hours
  • Upper Division Elective 3-4 semester hours
Total: 14-16 semester hours

Spring Semester


Total: 13-16 semester hours

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