Economics

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Programs in the Department of Economics emphasize the application of economic reasoning to public policy development and to private decision-making. The curriculum in economics includes courses that focus on the understanding of both American economic institutions and international economic institutions. The faculty of the Department of Economics brings a broad set of experiences and perspectives that provide students with diverse learning opportunities. At the undergraduate level, the program strives to develop in students the analytic skills that will prepare them to succeed in a variety of career or advanced educational settings.

The Bachelor of Arts in Economics

The Bachelor of Arts in Economics is a liberal arts program that trains students in economic analysis and the functioning of economic institutions. The program emphasizes public economic policy, both domestic and international. The major offers students valuable preparation for a variety of career paths. Students may design their programs of study:

for immediate entry upon graduation into business, government, or other employment;
for graduate education leading to a business administration or law degree;
for graduate work in economics or related disciplines.

Students are encouraged to work closely with their advisors on matters of career preparation.

Program Requirements:

1. Economics Core Courses

ECO 120 - Principles of Microeconomics Credits: 3
ECO 121 - Principles of Macroeconomics Credits: 3
Note: Of ECO and INT courses taken at the 100 level, only ECO 120 and ECO 121 may be counted toward the Bachelor of Arts in Economics program requirements. (All other 100-level ECO and INT courses may be counted toward the 120 credits required for the baccalaureate degree.) ECO 410 Introduction to Economics Analysis for MBA students may not be used as a substitute for ECO 120 and ECO 121 in meeting the Economics program requirement.
ECO 420 - Intermediate Microeconomics Credits: 3
ECO 421 - Intermediate Macroeconomics Credits: 3
Note: ECO 420 and ECO 421 should be taken early in the student’s program of study. A minimum grade of C- is required in both ECO 420 and ECO 421.

2. Twenty-one (21) additional credit hours in ECO courses.

A minimum of nine (9) credits must be at the 400 level. ECO 480, Introduction to Mathematical Economics and ECO 485, Introduction to Economic Statistics and Econometrics, are strongly recommended for students considering graduate study in economics. Students may take REP 471 as one of the economics electives.

3. Mathematics Requirement.

One of the following:

MAT 114 - Calculus for Business and Economics Credits: 3
MAT 115 - Applied Mathematics for Business and Economics Credits: 3
MAT 121 - Applied Algebra and Trigonometry Credits: 3
MAT 122 - Pre-Calculus Credits: 4
MAT 126 - Calculus I Credits: 4
MAT 151 - Calculus for the Life Sciences Credits: 4
Students considering graduate work in economics at the M.A. level are urged to take MAT 126 Calculus I. Students considering graduate work in economics at the Ph.D. level should consider taking MAT 126 Calculus I and MAT 127 Calculus II as well as MAT 262 Linear Algebra.

4. Statistics Requirement.

One of the following:

MAT 215 - Introduction to Statistics for Business and Economics Credits: 3
MAT 232 - Principles of Statistical Inference Credits: 3
MAT 434 - Introduction to Statistics Credits: 4

5. Recommended:

BUA 201 - Principles of Financial Accounting Credits: 3
COS 101 - Introduction to PC Hardware and Windows Credits: 1
COS 102 - Introduction to the Internet and the World Wide Web Credits: 1
COS 103 - Introduction to Spreadsheets Credits: 1

6. A minimum GPA of 2.0 is required in ECO courses.

Residence Requirement:

Economics majors must complete a minimum of 18 credits of economics credits at the University of Maine.