Department of Economics
Mission Statement
The Department of Economics is committed to students' intellectual development by fostering an understanding and appreciation of economic forms of explanation and their relationships to other social sciences. The Department of Economics also stresses the importance of economic explanation by promoting interdisciplinary perspectives. Economics faculty members are dedicated to sound and effective pedagogy, to scholarship of the highest quality and to outreach to the local and business community.
The department provides an intellectual foundation for the appreciation and understanding of economic theory and policy. This foundation is developed within a broader educational perspective that stresses the importance of imaginative thinking, free inquiry and the pursuit of life-long learning. In this way, the program prepares students with the economic literacy necessary to cope with the challenges inherent in a world of accelerating change.
Goals
- Help students develop analytical and critical thinking skills.
- Promote interdisciplinary and cross-disciplinary forms of instruction.
- Seek continuous improvement in the quality of classroom instruction.
- Serve the community through outreach services.
- Help students pursue careers and additional education.
- Analytical thinking capabilities highly valued by business, government and the nonprofit sector.
- Writing and research skills applicable to a wide variety of careers.
- Statistical and econometric skills used in business and finance.
- Preparation in critical thinking valued by graduate schools, including law, business, and arts and sciences.
- Analytical skills valued by employers for internships in business, government and consulting.
Co-curricular Activities and Organizations
- Economics Club (open membership)
- Omicron Delta Epsilon (national honor society in economics)
Admission Requirements
Students wishing to pursue either a B.A., B.S., or B.B.A. degree program in economics must be formally admitted to the program in order to enroll in the required core courses: ECON 331, ECON 332 and ECON 385. In order to be admitted as either a B.A. or B.S. candidate, the student must have at least three semesters remaining at JMU to complete the degree requirements. In order to be admitted as a B.B.A. candidate, the student must also meet all of the College of Business admission requirements (described in the College of Business section of the catalog).
To declare an economics major, students must submit the "Change or Declaration of Major" form and a copy of an unofficial transcript to the department head's office in Showker Hall, Room 434.
Degree and Major Requirements
Economics majors choose from a B.A., B.S. or B.B.A. degree. The B.A. and B.S. degrees are traditional liberal arts degrees that lead to a variety of career and graduate school options; the B.B.A. is designed to prepare students for careers in business.
The B.B.A. degree in economics requires a minimum of 120 credit hours of undergraduate work of which 60 credit hours must be taken outside the College of Business. The 60 credit hours of non-business courses may include all General Education program credits, up to nine hours in economics (including GECON 200) and three hours of COB 191. The remaining hours must be taken from any academic unit outside the College of Business. It is recommended that students carefully select non-business electives to effectively complement their economics and business education.
Bachelor of Arts in Economics
The minimum requirement for a B.A. degree in economics is 33 credit hours of economics, including 18 credit hours of core courses and 15 credit hours of electives. It is also necessary for the student to complete the foreign language and philosophy requirements for a B.A. degree as well as complete the General Education program.
Degree Requirements
| Required Courses | Credit Hours |
| General Education 1 | 41 |
| Foreign Language classes (intermediate level required) 2 | 0-14 |
| Philosophy course(s) (in addition to General Education courses) | 3 |
| Major requirements (listed below) and electives | 63-74 |
| 120 | |
1 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary.
2 The foreign language requirement may be satisfied by successful completion of the second semester of the intermediate level of the student's chosen language (typically 232), or by placing out of that language through the Department of Foreign Language, Literatures and Cultures' placement test.
Major Requirements
| Required Economics Courses | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 201. Principles of Economics (Micro) | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Economics electives (at least six credits must be at the 400 level, | 15 |
| not including ECON 488, ECON 490 or ECON 499) | |
| 33 | |
Students need to complete each of the courses ECON 331, ECON 332 and ECON 385 with a grade of "C" or better.
Recommended Schedule for B.A. in Economics Majors
First Two Years
During the first two years, students should complete most of the General Education program and the following required courses in economics:
- ECON 201. Principles of Economics (Micro)
- GECON 200. Introduction to Macroeconomics
Other required course work that should be completed during the first and second years includes:
- COB 191. Business and Economic Statistics
Choose one of the following:
Third and Fourth Years
B.A. economics majors should complete ECON 331, Intermediate Microeconomic Theory and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. While most majors will complete the 400-level requirements in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.
First Year
| Fall Semester | Credit Hours |
| ECON 201. Principles of Economics (Micro) | 3 |
| Choose one of the following: | 3-4 |
| MATH 205. Introductory Calculus I | |
| MATH 231. Calculus with Functions I | |
| MATH 235. Calculus I | |
| General Education courses, free electives and B.A. degree requirements | 9 |
| 15-16 | |
| Spring Semester | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| General Education courses, free electives and B.A. degree | |
| requirements | 11 |
| 14 | |
Second Year
| Fall Semester | Credit Hours |
| COB 191. Business and Economic Statistics | 3 |
| Choose one of the following: | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| General Education courses, economics elective, free electives and B.A. degree requirements | 9 |
| 15 | |
| Spring Semester | Credit Hours |
| Choose one from the following: | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| General Education courses, economics elective, free electives and special degree requirements | 9-12 |
| 15 | |
Third Year
| Fall Semester | Credit Hours |
| Choose one of the following (if not completed): | 0-3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| ECON 385. Econometrics | |
| Economics electives | 3-6 |
| General Education courses, free electives and B.A. degree requirements | 6-12 |
| 15 | |
| Spring Semester | Credit Hours |
| Choose one of the following (if not completed): | 0-3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| ECON 385. Econometrics | |
| Economics electives | 3-6 |
| General Education courses, free electives and B.A. degree requirements | 6-12 |
| 15 | |
Fourth Year
| Fall Semester | Credit Hours |
| Economics electives (400 level) | 3-6 |
| General Education courses, free electives and B.A. degree requirements | 9-12 |
| 15 | |
| Spring Semester | Credit Hours |
| Economics electives (400 level) | 3-6 |
| General Education courses, free electives and B.A. degree requirements | 9-12 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| 15-18 | |
Bachelor of Science in Economics
The minimum requirement for a B.S. degree in economics is 33 credit hours of economics including 18 credit hours of core courses and 15 credit hours of electives. It is also necessary for the student to complete the quantitative and scientific literacy requirements for a B.S. degree as well as complete the General Education program.
Degree Requirements
| Required courses | Credit Hours |
| General Education 1 | 41 |
| Quantitative requirement 2 | 3 |
| Scientific Literacy requirement 2 | 3-4 |
| Major requirements (listed below) and electives | 73-77 |
| 120 | |
1 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary.
2 In addition to course work taken to fulfill General Education requirement.
Major Requirements
| Required Economics Courses | Credit Hours |
| ECON 201. Principles of Economics (Micro) | 3 |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Economics electives (at least six credits must be at the 400 level, | 15 |
| not including ECON 488, ECON 490 or ECON 499) | |
| 33 | |
Students need to complete each of the courses ECON 331, ECON 332 and ECON 385 with a grade of "C" or better.
Recommended Schedule for B.S. in Economics Majors
First Two Years
During the first two years, students should complete most of the General Education program and the following required courses in economics:
- ECON 201. Principles of Economics (Micro)
- GECON 200. Introduction to Macroeconomics
Other required course work that should be completed during the freshman or sophomore years includes:
- COB 191. Business and Economic Statistics
Choose one of the following:
Third and Fourth Years
B.S. economics majors should complete ECON 331, Intermediate Microeconomic Theory, and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. While most majors will complete the 400 level requirement in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.
First Year
| Fall Semester | Credit Hours |
| ECON 201. Principles of Economics (Micro) | 3 |
| Choose one of the following: | 3-4 |
| MATH 205. Introductory Calculus I (three credits) | |
| MATH 231. Calculus with Functions I | |
| MATH 235. Calculus I (four credits) | |
| General Education courses, free electives and B.S. degree requirements | 9 |
| 15-16 | |
| Spring Semester | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| General Education courses, free electives and B.S. degree requirements | 11 |
| 14 | |
Second Year
| Fall Semester | Credit Hours |
| COB 191. Business and Economic Statistics | 3 |
| Choose one of the following: | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| General Education courses, free electives and B.S. degree requirements | 9 |
| 15 | |
| Spring Semester | Credit Hours |
| Choose one from the following: | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| General Education courses, economics electives, free electives | 9-12 |
| and special degree requirements | |
| 15 | |
Third Year
| Fall Semester | Credit Hours |
| Choose one of the following (if not completed): | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| ECON 385. Econometrics | 3 |
| Economics electives | 3-6 |
| General Education courses, free electives and B.S. degree requirements | 6-9 |
| 15 | |
| Spring Semester | Credit Hours |
| Choose one of the following (if not completed): | 0-3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| ECON 385. Econometrics | 3 |
| Economics electives | 3-6 |
| General Education courses, free electives and B.S. degree requirements | 0-9 |
| 15 | |
Fourth Year
| Fall Semester | Credit Hours |
| Economics electives (400 level) | 3-6 |
| General Education courses, free electives and B.S. degree requirements | 9-12 |
| 15 | |
| Spring Semester | Credit Hours |
| Economics electives (400 level) | 3-6 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| General Education courses, free electives and B.S. degree requirements | 9-12 |
| 15-18 | |
Bachelor of Business Administration in Economics
The minimum requirement for a B.B.A. degree in economics is 33 credit hours of economics including 18 credit hours of core courses and 15 credit hours of electives. B.B.A. students also complete the core business requirements as well as complete the General Education program.
Degree Requirements
| Required Courses | Credit Hours |
| B.B.A. core courses 1 | 45-46 |
| Economics major requirements (minus overlapping B.B.A. requirements) | 27 |
| General Education courses 2 | 42-45 |
| Non-business electives | 4-8 |
| 120 | |
1 Up to seven credit hours of core requirements in economics and calculus may also be taken for General Education credit. Students who take the General Education packages and courses recommended by the College of Business will have only 38 credit hours of additional B.B.A. core requirements.
2 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary.
Major Requirements
| Required Economics Courses | Credit Hours |
| ECON 201. Principles of Economics (Micro) | 3 |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Economics electives (at least six credits must be at the 400 level, | 15 |
| not including ECON 488, ECON 490 or ECON 499) | |
| 33 | |
Students need to complete each of the required courses ECON 331, ECON 332 and ECON 385 with a grade of "C" or better.
Recommended Schedule for B.B.A. in Economics Majors
First Two Years
Students planning to receive a B.B.A. in economics must complete the 29-30 hour, lower-division B.B.A. core curriculum prior to enrolling in upper-division core courses, normally taken in the first semester of the junior year. It is expected that the lower-division core curriculum will be completed during the first two years of study along with all, or most, of the university General Education curriculum. Failing to complete all lower-division core requirements on time will delay admission to the degree program and enrollment in upper-division core and major courses.
Third and Fourth Years
Economics majors pursuing a B.B.A. degree will follow the course schedule below to complete the final two years of their program. It is possible to deviate from this program but care must be taken to ensure that all course prerequisites are met.
Third Year
| Fall Semester | Credit Hours |
| COB 300A. Integrated Functional Systems: Management | 3 |
| COB 300B. Integrated Functional Systems: Finance | 3 |
| COB 300C. Integrated Functional Systems: Operations | 3 |
| COB 300D. Integrated Functional Systems: Marketing | 3 |
| Choose one of the following (if not completed): | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| 15 | |
| Spring Semester | Credit Hours |
| Choose one of the following (if not completed): | 3 |
| ECON 331. Intermediate Microeconomic Theory | |
| ECON 332. Intermediate Macroeconomic Theory | |
| Economics electives | 6 |
| General Education or non-business electives | 6 |
| 15 | |
Fourth Year
| Fall Semester | Credit Hours |
| ECON 385. Econometrics | 3 |
| Economics elective | 3 |
| Economics elective (400 level) | 3 |
| General Education or non-business electives | 6 |
| 15 | |
| Spring Semester | Credit Hours |
| COB 487. Strategic Management | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Economics elective | 3 |
| General Education and non-business electives | 6 |
| 15 | |
Concentration in Environmental and Natural Resource Economics
| Required courses | Credit Hours |
| ECON 201. Principles of Economics (Micro) | 3 |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 305. Environmental Economics | 3 |
| ECON 340. Natural Resource Economics | 3 |
| ECON 385. Econometrics | 3 |
| One 200- or 300-level economics elective | 3 |
| One 400-level economics elective | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| ECON 490. Special Studies in Economics | 3 |
| 33 | |
In addition, students must choose Option A or Option B.
| Option A | Credit Hours |
| (for students with specific interests in forests, fisheries and wildlife) | 8 |
| BIO 114. Organisms (4 credits) | |
| BIO 124. Ecology and Evolution (4 credits) | |
| 41 | |
| Option B | Credit Hours |
| (for students with a more general interest in both environmental | 9-10 |
| and natural resource issues) | |
| GEOG 210. Physical Geography and Lab (4 credits) | |
| GEOG 325. Environmental Ethics (3 credits) | |
| Choose one of the following: (2-3 credits) | |
| GEOG 310B. Environmental Impact – Vegetation/Wildlife | |
| GEOL 310C. Environmental Impact – Hydrosphere (water) | |
| 42-43 | |
Concentration in Financial Economics
The minimum requirement for a B.A., B.S. or B.B.A. degree in economics with a concentration in financial economics is 27 credit hours of required economics courses and 12 credit hours of required finance courses (in addition to the other requirements for these degrees described on the previous pages).
| Required Courses | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 201. Principles of Economics (Micro) | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 372. International Finance | 3 |
| ECON 385. Econometrics | 3 |
| ECON 430. Monetary Theory and Policy | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Economics elective (400 level, not including ECON 490, ECON 499) | 3 |
| FIN 301. Principles of Finance (only if not completing COB 300) | 3 |
| FIN 360. Analytical Methods in Finance | 3 |
| FIN 371. Intermediate Financial Management | 3 |
| FIN 380. Elemental and Derivative Securities Analysis | 3 |
| 36-39 | |
Concentration in International Economics
Students who elect a major in economics (B.S., B.A. or B.B.A.) with a concentration in international economics are required to complete the following courses:
| Required International Economics Courses | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 201. Principles of Economics (Micro) | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 370. International Trade | 3 |
| ECON/FIN 372. International Finance | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Choose two of the following: | 6 |
| ECON 301. Economies in Transition | |
| ECON 312. Comparative Economic Systems | |
| ECON 365. Economic Development | |
| Two 400-level economics electives | 6 |
| 36 | |
In addition, students completing this course of study must have a genuine international experience (such as an internship or semester abroad) and must complete a foreign language through the civilization course, including all of the prerequisites for that course.
Concentration in Political Economy
Students who elect a major in economics with a concentration in political economy are required to complete the following courses.
| Required Political Economics Courses | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 201. Principles of Economics (Micro) | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Choose four of the following: | 12 |
| ECON 312. Comparative Economic Systems | |
| ECON 326. Public Finance | |
| ECON 327. Game Theory | |
| ECON 405. Political Economy | |
| ECON 426. Theory of Public Choice | |
| Two 400-level economics electives | |
| (which can include ECON 405 and/or ECON 426) | 6 |
| 30-33 | |
Concentration in Socioeconomics
Students who elect a major in economics with a concentration in socioeconomics are required to complete the following courses.
| Required Socioeconomics Courses | Credit Hours |
| GECON 200. Introduction to Macroeconomics | 3 |
| ECON 201. Principles of Economics (Micro) | 3 |
| ECON 331. Intermediate Microeconomic Theory | 3 |
| ECON 332. Intermediate Macroeconomic Theory | 3 |
| ECON 385. Econometrics | 3 |
| ECON 488. Senior Capstone Seminar in Economics | 3 |
| Two 400-level economics electives | 6 |
| 24 | |
| Economics Electives | Credit Hours |
| Choose four of the following: | 12 |
| ECON 301. Economies in Transition | |
| ECON 306. The Economics of Women and The Family | |
| ECON 307. The Economics of Aging | |
| ECON 340. Economics of Natural Resources | |
| ECON 360. Labor Economics | |
| ECON 365. Economic Development | |
| ECON 382. Urban Economics | |
| ECON 460. Human Resources | |
| Choose four of the following: | 12 |
| GANTH 195. Cultural Anthropology | |
| SOCI 336. Race and Ethnicity | |
| SOCI/SOWK 348. Introduction to Developing Societies | |
| SOCI 337. Sociology of Gender | |
| SOCI 339. Sociology of Women | |
| SOCI 344. Work and Society | |
| SOCI 345. Sociology of Occupations and Professions | |
| SOCI 346. Leisure in Contemporary Society | |
| SOCI 358. Sociology of Consumption | |
| HIST 320. Women in U.S. History | |
| HIST 428. American Workers in the Industrial Age, 1877-1948 | |
| HIST 466. The Family, 1400-1800 | |
| 33-36 | |
Economics Minor
The minimum requirement for a minor in economics is 18 credit hours in economics, including ECON 201, Principles of Economics (Micro); GECON 200, Introduction to Macroeconomics, and at least six credit hours of either 300 or 400 level economics courses. Students may not receive credit towards the minor in economics for both ECON 270 and ECON 370.
Preparation for Graduate Study in Economics
While not formal requirements, students intending to pursue graduate work in economics are encouraged to select as many of the following courses as possible:
| Courses | Credit Hours |
| ECON 431. Advanced Microeconomic Theory | 3 |
| Choose one of the following: | 3 |
| ECON 430. Monetary Policy | |
| ECON 432. Advanced Macroeconomics | |
| ECON 484. Mathematical Economics | 3 |
| MATH 235-236-237. Analytic Geometry and Calculus I-II-III | 12 |
| MATH 238. Linear Algebra with Differential Equations | 4 |
| MATH 318. Introduction to Probability Theory and Statistics | 4 |
| MATH 336. Elementary Differential Equations | 3 |
| PHIL 250. Introductory Logic | 3 |
Credit by Examination
Credit in ECON 201, Principles of Economics (Micro) will be granted to students who achieve a grade of 4 or 5 on the Advanced Placement Test in Microeconomics administered by the Educational Testing Service. Credit in GECON 200, Introduction to Macroeconomics, will be granted to students who achieve a grade of 4 or 5 on the Advanced Placement Test in Macroeconomics.
