Aug 04, 2020  
Loyola Marymount University Bulletin 2014-2015 
    
Loyola Marymount University Bulletin 2014-2015 [ARCHIVED CATALOG]

Economics, B.A.


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

Objectives


The study of economics illuminates both the limitations and successes of different systems of the production, distribution, and consumption of material wealth. Because of the economy’s importance to the human condition, economic knowledge is useful to many other fields, such as political science, sociology, anthropology, law, and history. It, thus, is as central to a liberal arts education as it is to the 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 goal of the program is to provide the student with the best preparation for employment in business, government, or secondary education, or for continuation to graduate studies in business, law, or economics, leading to careers in management, banking, finance, law, government, or academia.

Economics Student Learning Outcomes


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

  1. Recognize the role of economic and other incentives in shaping human behavior in real-world situations.
  2. Understand the principles of microeconomics: constrained optimization, production, distribution, consumption, markets, uncertainty and risk.
  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 basic 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 (6-9 semester hours):


Note:

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

Mathematics requirements (0-8 semester hours):


The mathematics requirement for economics may be satisfied with one of two plans, Plan A or Plan B. We strongly recommend Plan A for our majors.

Plan A:

Note:

A grade of at least C (2.0) is required in MATH 131 . We also strongly recommend MATH 132 , especially for students pursuing a Bachelor of Science degree.

Plan B:

Note:

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

Note:


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

Upper Division Requirements (24 semester hours):


Eight upper division economics courses. A grade of at least C- must be obtained in every upper division course in the major, and the average grade in upper division economics courses must be at least C (2.0). Three theory courses are required: ECON 310 , ECON 320 , and ECON 410 . These courses should be taken by the junior year, although well-prepared students can take them in their sophomore year. Five additional upper division economics courses are required, of which at least two (6 semester hours) must be at the 400 or 500 level. No more than 30 semester hours of upper division economics may count toward the degree requirement of 120 hours. Upper division economics courses must be taken in the LMU Economics Department, except by prior permission of the Chairperson.

Bachelor of Arts (B.A. Economics) with an International Emphasis


At least eight upper division economics courses are needed for the B.A. degree in Economics with an International emphasis, although students can take up to ten. A grade of at least C- must be obtained in every upper division course in the major, and the average grade in upper division economics courses must be at least C (2.0). Six of these courses are required: ECON 310 , ECON 320 , ECON 370 , ECON 372 , ECON 410 , and ECON 474 . ECON 310  and ECON 320  should be taken in the sophomore or junior year, and ECON 370 , ECON 372 , ECON 410 , and ECON 474  should be taken in the junior or senior year. Two additional upper division economics courses are required, of which at least one (3 semester hours) must be at the 400 level. Upper division economics courses must be taken in the LMU Economics Department, except by prior permission of the Chairperson. The B.A. degree with an International emphasis is suitable for students who intend to pursue careers in international agencies of government, NGO, and private corporations doing business in the international arena.

Business and Economics Double Major Requirements


Students with majors in business may also pursue a 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 as part of their economics electives.

Assessment Tests


All Economics majors are required to take two tests of learning, one at the end of their freshman year, and another at the end of their senior year. These tests do not determine any grade, but they are required for graduation.

Test of Introductory Economics


During the Spring semester, all Economics majors who have taken ECON 105 , ECON 110 , or ECON 120  during that academic year are required to take a test of learning of introductory economics.

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 490 . 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 15 semester hours (5 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 most 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: 15 semester hours

Spring Semester


Total: 15/16 semester hours

Sophomore Year


Fall Semester


Total: 15/16 semester hours

Spring Semester


  • University Core 3 semester hours
  • University Core 3 semester hours
  • Elective 3 semester hours
  • Elective 3 semester hours
  •  

  • Elective 3 semester hours or
  • MATH 234 Calculus III 4 semester hours
Total: 15/16 semester hours

Junior Year


Fall Semester


Total: 15 semester hours

Spring Semester


Total: 15 semester hours

Senior Year


Fall Semester


  • ECON Upper Division 3 semester hours
  •  

  • ECON Upper Division 3 semester hours or
  • ECON 530 Mathematics for Economics 3 semester hours (B.S.)
  •  

  • University Core 3 semester hours
  • Upper Division Elective 3 semester hours
  • Upper Division Elective 3 semester hours
Total: 15 semester hours

Spring Semester


Total: 15 semester hours

Note:


Students may take no more than ten upper division courses in Economics.

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