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Economics Minor

Effective Fall 2015

Exclusions:

Academic minor in Economics is not open to students with a major in the Department of Economics.

Advising

Students interested in a major or minor in Economics should consult an economics department advisor. Appointments are scheduled online at: www.lsa.umich.edu/econ/undergraduatestudy/departmentaladvising

Students are urged to consult with a department advisor each term before selecting courses for the following term.

Economics Undergraduate Office. The undergraduate office is located at 243 Lorch Hall, (734) 763-9242. The Student Services Assistant for the economics undergraduate program is available to answer questions about requirements for the major, course offerings, wait-list procedures, career/job information, economics networking program, and other matters concerning the undergraduate program.

Prerequisites

ECON 101 and 102 and MATH 115, each completed with grade at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses.

Requirements

Minimum Credits: 17

17 credits in ECON at the 300-level and above, distributed as follows:

  1. ECON 401: Intermediate Microeconomics and ECON 402: Intermediate Macroeconomics, each completed with a grade of at least C- [ECON 401 should be taken before ECON 402.]
  2. Nine additional credits in upper level (300 and 400 level) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.

    One (but only one) of ECON 452 and 454 may be counted toward this requirement. Neither ECON 451 nor 453 may be counted toward this requirement.

Other Department Policies

The Department of Economics does not give AP credit for ECON 101 or ECON 102. Whenever the department lists ECON 101 or ECON 102 as a prerequisite, the department does not accept AP credit as a substitute.

Students achieving a 4 or 5 on the AP Microeconomics exam receive 2 credits for ECON 101X, and students achieving a 4 or 5 on the AP Macroeconomics exam receive 2 credits for ECON 102X. As prerequisites for other courses in Economics and as prerequisites for the Economics major and minor, ECON 101X does not substitute for ECON 101, and ECON 102X does not substitute for ECON 102. Students receiving 2 credits for ECON 101X may take ECON 101 and receive 4 credits for ECON 101. Students who receive 2 credits for ECON 102X may take ECON 102 and receive 4 credits for ECON 102. Thus, anyone who intends to concentrate in economics, to minor in economics, or to take electives in economics at the 300 or 400 level should enroll in ECON 101 and/or ECON 102.

Students intending to apply to the BBA program should consult carefully the requirements of the Business School. As of this writing, the Business School does not accept ECON 101X as a substitute for ECON 101, and it does not accept ECON 102X as a substitute for ECON 102.

Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major or minor. Students with credit for MATH 120 may satisfy the mathematics prerequisite for the Economics major by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses.

Residency

Ann Arbor campus requirement

To count toward the minor, any course not taken on the Ann Arbor campus of the University should be approved in advance by an Economics Department Advisor.

ECON 401 and 402 must be taken on the Ann Arbor campus of the University.

To count toward the minor, at least three credits of 400-level electives with ECON 401 or ECON 402 as a prerequisite must be taken on the Ann Arbor campus of the University.

Economics Minor (Fall 2010-Summer 2015)

Effective Fall 2010-Summer 2015

Academic minor in Economics is not open to students with a major in the Department of Economics.

Students wishing to pursue a minor in Economics must develop a specific plan for its completion in consultation with one of the Department's designated advisors.

A minor in economics provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students concentrating in one of the other social sciences are often interested in economic issues and the study of economics provides them with tools useful for analyzing the economic aspects of issues in these other disciplines. The analytic skills and knowledge of economic institutions developed in the pursuit of the minor in economics will be useful to students in all disciplines who will be contributing to business and public policy decisions. Students completing the minor in economics develop analytical skills through exploring the paradigms of microeconomics and macroeconomics at the intermediate level and increase their understanding of economics institutions and of application of economic principles.

Schedule an appointment with an economics minor advisor to declare an economics minor.  Students must complete the prerequisites to the minor  before declaring and must have a GPA of at least 2.0 in the minor.

Prerequisites to the Minor

ECON 101 and 102 and MATH 115, each completed with grade at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses

Academic Minor Program

17 credits in ECON at the 300-level and above, distributed as follows:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-,
  2. Nine additional credits in upper level (300 and 400 level) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.

Ann Arbor campus requirement: Any courses to be taken for the minor outside the Ann Arbor campus of the University should be approved in advance by an economics department advisor. At least 11 credits in the minor plan, including ECON 401, ECON 402, and the 3 credits in upper-level economics elective with the ECON 401 or ECON 402 prerequisite, must be taken at the Ann Arbor campus. ECON 401 should be taken before ECON 402.