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Business Economics

Department of Economics

The Business Economics program has two major objectives. The first is to provide majors and minors with a solid foundation in economics and the critical thinking skills needed to make effective decisions.

The second objective is to promote and develop economic literacy throughout the Fogelman College of Business and Economics, the University of Memphis and the local and regional community.

Through the pursuit of these two major objectives, the Department of Economics and its faculty and staff dedicate themselves to the economic education of our students and our community. The learning objectives for the B.B.A. degree in Business Economics are found here.

Business Economics Major (B.B.A.)

A. University General Education Program (41 hours)

See Graduation from the University for the University General Education Program requirements. Note that MATH 1830, 1421,  or 1910 (Mathematics requirement) with a minimum grade of "C",  ECON 2010 and 2020 (Social/Behavioral Sciences requirement) are specified for the B.B.A. degree.

B. College and Degree (B.B.A.) Requirements (42 hours)

Lower Division Business Core Curriculum (12 hours)

No grade below ā€œCā€ and 2.25 GPA (2.5 for accounting majors) in ECON 2010, ECON 2020 and the following lower division courses

ACCT 2010 Fundamentals of Accounting I (3)

ACCT 2020 Fundamentals of Accounting II (3)

SCMS 2710 Business Anlystics-Statistics (3) or MATH 1530 Prob/Statistics/Non Calculus (3)

MIS 2749 Introduction to Business Microcomputer Applications (3)

Upper Division Business Core Curriculum (30 hours)

No grade below "C" and 2.25 GPA in the following courses:

ACCT 3130 Legal, Social, and Political Environment of Business (3)

FIR 3410 Financial Management (3)

MGMT 3110 Organization and Management (3)

MGMT 4710 Strategic Management (3) (Enrollment usually limited to graduating seniors)

MKTG 3010 Principles of Marketing (3)

MGMT 3510 Business Communication (3)

SCMS 3510 Operations Management (3)

SCMS 3711 Business Analytics - Tools (3)

MIS 3210 Critical Thinking in Project Management for Business (3)

Choose One:

ACCT 4625 International Accounting: IFRS vs US GAAP (3); MGMT 4810 International Management (3); MKTG 4530 International Marketing (3); ECON 4350 International Economics (3); FIR 4550 International Finance (3); MGMT 4510 International Business Communication and Negotiation (3); MIS 4310 Global Information Technology (3); ECON 4351 International Monetary Economics: Theory and Policy (3); one course from FIR 4110-4119 (3) when the topic pertains to international business and has been approved in advance by the department chair.

Transfer students are referred to the section Transfer Credit in the College of Business and Economics description.

C. The Major (24 hours)

No grade below "C" and a minimum 2.25 GPA in the major.

A minimum of 24 upper-division semester hours as follows:

1. For students choosing the Business Economics major with no concentration: ECON 3310, 3320, and six upper-division economics courses (18 hours) selected with the approval of the department advisor.

2. For students choosing the Business Economics major with a concentration in Financial Economics: ECON 3310, 3320, and three upper-division economics courses (9 hours) and three upper-division FIR courses (9 hours) selected with the approval of the department advisor.

D. Electives (13 hours)

Lower division or upper division courses to bring the total of hours earned to 120.

E. Honors Program

To be considered for the Honors Degree Program in Economics, the student must:

Maintain a minimum grade of "B" in honors sections of both ECON 2010 (Introduction to Macroeconomics) and ECON 2020 (Introduction to Microeconomics); and obtain the recommendation of a faculty member in the Department of Economics to the Department Honors Committee.

Once accepted to the Honors Degree Program in Economics, the student must:

Maintain an average GPA of 3.25 in all economics courses to continue in the program; Have a minimum GPA of 3.5 in all economics courses at graduation; Enroll in ECON 3310 (Microeconomic Theory) and ECON 3320 (Macroeconomic Theory) with an honors contract. Those contracts will be discussed with and approved by the faculty member teaching each course; and write an honors thesis. This begins with finding a faculty advisor for the thesis project, discussing a thesis topic, then writing the thesis. The honors thesis typically takes one semester to complete, although work on it can begin early. When working on the honors thesis, the student will enroll in a section of ECON 4996 (Honors Thesis in Economics) for up to one semester. The completed thesis will be graded by the faculty advisor.

Upon successfully completing all these requirements, the student will be recognized at the commencement ceremony by having their degree conferred "With Honors in Economics." Moreover the student's diploma and the record at the University of Memphis will reflect this accomplishment.

Business Economics Minor

For students whose major is in another college of the University: 18 semester hours in economics courses, including ECON 2010, 2020, and 12 additional upper division hours in courses as approved by the department chair.

For students whose major is in another department in The Fogelman College of Business and Economics: Either ECON 3310 or ECON 3320 plus nine additional upper division hours in economics approved by the department chair.

Accelerated B.B.A./M.A. Program in Economics

This program allows outstanding undergraduates to begin the coursework for the Master of Arts in Economics during their senior year. Students are encouraged to begin planning to enter the Accelerated B.B.A./M.A. program early in their undergraduate career, in consultation with their advisor in the Department of Economics.

Working with the undergraduate and graduate academic coordinators, undergraduates selected into this program begin a carefully tailored course of study which will allow them to complete their B.B.A. degree while they also begin the coursework toward their M.A.

To apply, students must have a minimum 3.25 grade point average, and must submit two reference letters and a copy of their transcript to the Economics department. Each applicant will complete an interview with the graduate academic coordinator in economics.

Students must also apply to the Graduate School for the accelerated B.B.A./M.A. program, which allows them to take graduate courses in economics. To continue in the program past the B.B.A., students must apply for full admission into the Graduate School and into the Economics department's M.A. program.

Only in ABM programs, up to 9 hours of graduate course work may be applied to both the undergraduate and graduate programs. However, any graduate coursework will not apply to undergraduate GPA.

Typical 4-Year Business Economics Sequence:

Freshman Year

ENGL 1010 3 ENGL 1020 3
ECON 2010 3 Elective 3
Humanities/Fine Arts* 3 ECON 2020 3
Elective 1-3 MIS 2749 3
MATH 1710 (if needed) 3 MATH 1830, 1421, or 1910 3
Semester Totals 13-15 hrs   15 hrs

Sophomore Year

ACCT 2010 3 ACCT 2020 3
ENGL 2201 or 2202 3 Natural Science* 4
COMM 2381 3 History* 3
Natural Science* 4 Humanities/Fine Arts* 3
SCMS 2710 or MATH 1530 3 Elective 3
Semester Totals 16 hrs   16 hrs

Junior Year

ECON 3310 3 ECON 3320 3
ACCT 3130 3 ECON elective 3
SCMS 3711 3 FIR 3410 3
ECON elective 3 MGMT 3510 3
MIS 3210 3 MGMT 3110 3
Semester Totals 15 hrs   15 hrs

Senior Year

ECON elective 3 ECON elective 3
ECON elective 3 ECON elective 3
Elective 3 Intl Business elective 3
SCMS 3510 3 MGMT 4710 3
MKTG 3010 3 History* 3
Semester Totals 15 hrs   15 hrs
Total Hours: 120-122

Total Hours Required for Graduation: 120

*Must satisfy University General Education Program Requirement

Economics Major: Financial Economics Concentration

Typical 4 Year Sequence

Freshman Year

ENGL 1010 3 ENGL 1020 3
ECON 2010 3 Elective 3
Humanities/Fine Arts* 3 ECON 2020 3
Elective 1-3 MIS 2749 3
MATH 1710 (if needed) 3 MATH 1830 (MATH 1710) 3
Semester Totals 13-15 hrs   15 hrs

Sophomore Year

ACCT 2010 3 ACCT 2020 3
ENGL 2201 or 2202 (ENGL 1010,1020) 3 Natural Science with lab* 4
COMM 2381 3 History* 3
Natural Science with lab* 4 Humanities/Fine Arts* 3
SCMS 2710 (MATH 1830) or MATH 1530 3 Elective 3
Semester Totals 16 hrs   16 hrs

Junior Year

ECON 3310 (ECON 2020) 3 ECON 3320 (ECON 2010) 3
ACCT 3130 3 ECON elective 3
SCMS 3711 (SCMS 2710 or MATH 1530) 3 History 3
MIS 3210 (LD business core completed) 3 MGMT 3510 (MIS 2749) 3
FIR 3410 (ACCT 2010,ECON 2020, SCMS 2710 or MATH 1530) 3 MGMT 3110 3
Semester Totals 15 hrs   15 hrs

Senior Year

ECON elective 3 ECON elective 3
Finance elective 3 Finance elective 3
Finance elective 3 Intl Business elective 3
SCMS 3510 (SCMS 2710 or MATH 1530) 3 MGMT 4710 (MGMT 3110, 3510 graduation senior) 3
MKTG 3010 3 Elective 3
Semester Totals 15 hrs   15 hrs

ECON 2010 - Intro to Macroeconomics (3)
(2110). Nature and functions of the national economy in a global context. Includes consumption and investment behavior, national income and product determination, fiscal and monetary policy, and international trade. [G]

ECON 2020 - Intro to Microeconomics (3)
(2120). Operation of the market economy at the individual and firm level; supply and demand analysis, consumer behavior, behavior of firms in both competitive and monopoly environments, income distribution theory, and effects of government intervention in the market economy. [G]

ECON 3123 - Economics of Sport (3)
Tools and concepts of microeconomics to the sport world; individual, team and league behavior with the context of economic theory; player salaries, profit maximization, stadium financing, college athletics. PREREQUISITE: ECON 2010.

ECON 3210 - Labor Economics (3)
Introduction to institutional aspects of American labor force and its organization wage and employment theory, economic role of collective bargaining, and basic ingredients of public policy toward labor organization. PREREQUISITE: ECON 2020.

ECON 3310 - Microeconomic Theory (3)
Intermediate approach to price theory; stress on market mechanism as device for resource allocation; attention to uses of basic microeconomic concepts in analysis of economic problems and in formulation of policy. PREREQUISITE: ECON 2020.

ECON 3320 - Macroeconomic Theory (3)
Intermediate approach to social income accounting and to functional relationships between important aggregate economic variables as well as to forecasting and social policy implications. PREREQUISITE: ECON 2010.

ECON 3610 - Money and Banking (3)
Monetary and banking history of leading countries with special emphasis on theory of money and banking in United States, deposit and earnings operations of individual banks, interbank and central bank relations. PREREQUISITE: ECON 2010.

ECON 4112 - Organizational Econ (3)
Analysis of markets and organizations, competitive advantage, production and cost, consumer and market demand, strategic management decision-making, decision rights, incentives and rewards, and structure of performance systems. PREREQUISITE: ECON 2020.

ECON 4120 - Economic Forecasting (3)
Current economic thinking on problems of recession and inflation as background to economic forecasting; methodologies of forecasting analyzed with examples of each. PREREQUISITE: SCMS 3711, or equivalent.

ECON 4210 - Public Economics (3)
Govenment taxation and spending programs and effect on markets; production and provision of public goods; externalities, Medicare, Medicaid, Social Security; behavior in output and input markets; theory of optimal taxation. PREREQUISITE: ECON 2020 with a grade of "C" or better.

ECON 4220 - Urban/Regional Economics (3)
Examines issues relevant to cities, including the reasons why cities exist, how economic activity is organized within cities; transportation, poverty, crime, development, public finance. PREREQUISITE: ECON 2020.

ECON 4230 - Economics of Ecology (3)
Examines the market system of resource allocation in the larger context of the natural world and ecological system. PREREQUISITE: ECON 2020.

ECON 4240 - Economics of Vice (3)
Applications of economic theory and analysis of topics such as crime, dating, sex, drugs, addiction, and music; evaluation of current and potential policies related to these issues. PREREQUISITE: ECON 2020.

ECON 4250 - Econ Poverty/Discrimination (3)
Measurement, causes, and consequencies of poverty; various policy solutions to poverty; examination of numerous forms of discrimination and how they affect market outcomes. PREREQUISITE: ECON 2020.

ECON 4340 - Comparative Economic Systems (3)
Factors contributing to differential performance of economic systems, including property rights, information flow, incentive structure, management-labor relations, government policies on technology and competitiveness; emerging trends of system convergence and corporate globalization. PREREQUISITE: ECON 2020.

ECON 4350 - International Econ (3)
Historical approach to theory of international trade; consideration given to Classical, Neo-Classical and Modern approach to trade theory with emphasis on policy implications of the analysis. PREREQUISITE: ECON 2020 or equivalent.

ECON 4351 - Intrntl Monetary Theory/Pol (3)
Open economy macroeconomics; examination of payments among nations, foreign exchange markets, determinants of exchange rate policies; national income and foreign exchange, internal and external balance and international factor movements. PREREQUISITE: ECON 2010.

ECON 4512 - Behavioral Economics (3)
Reconciling the standard economic models with key psychological observations in order to predict and understand phenomena such as loss aversion, trust, reciprocity, present bias, procrastination and self-control. PREREQUISITE: ECON 2010, or permission of instructor.

ECON 4550 - Game Theory/Strategic Analysis (3)
Study of strategic behavior when parties have opposed, mixed, or similar interest; sequential and simultaneous move games, pure mixed strategies, various equilibrium concepts, and repeated games. PREREQUISITE: ECON 2020.

ECON 4560 - Contemporary Econ Thought (3)
Topics relevant to modern economics from an interdisciplinary perspective; exploration of the role of psychology, sociology, and political science in economic theory and policy. Students will be introduced to behavioral economics, behavioral finance, bounded rationality, satisficing, and decision making under uncertainty. PREREQUISITE: ECON 2010 and ECON 2020.

ECON 4561 - Economics of Financial Crisis (3)
Causes that precipitated the financial crisis of 2008 and the ensuing Great Recession; historical precedent for the crisis.

ECON 4740 - Health Care Economics (3)
Unique nature of health care as economic good, health care market and its participants including patients, physicians, and hospitals, and financing and delivery of personal health care in United States and other countries.

ECON 4810 - Quant Economics Analysis (3)
Introduction to application of mathematical tools in business and economics; review of matrix algebra, differential and integral calculus; optimization with and without constraints; comparative statistics.

ECON 4820 - Econometrics (3)
Introduction to statistical procedures used to estimate and test quantitative economic theories, using microcomputer software for regression analysis. PREREQUISITE: SCMS 2710 or MATH 1530 or equivalent as approved by instructor.

ECON 4910 - Problems in Economics (1-3)
Students investigate issues surrounding selected economic problems and develop reports of that investigation. May be repeated to maximum of 3 hours credit. PREREQUISITE: upper division standing and approval of department chair.

ECON 4911 - Internship in Economics (1-6)
Internship in business organization to gain on-the-job experience. Project to be approved and supervised by departmental faculty. Credit allowed only after acceptance of report. PREREQUISITE: 2.75 overall GPA and completed 15 hours in Upper Division core.

ECON 4996 - Honors Thesis in Economics (3)
Independent research open only to students enrolled in Economics Honors Program. Honors thesis supervised by three-faculty committee selected by student and approved by Economics Honors Committee. PREREQUISITE: permission of Economics Honors Committee.