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Economics - College of Business Administration Major Guide for 2010-2011

What is Economics - College of Business Administration

Economics is the study of how people choose to use resources. Economists study changes occurring in specific countries or individual sectors of an economy; some ask fundamental questions about the nature of economic decisions; some address proposals to change government policies.  The basic principles of economics explain the structure of markets and the impact of the aggregate economy on production, consumption, and trade.  The economics major provides an opportunity to apply the theoretical and analytical rigor of basic managerial and macroeconomic tools to contemporary issues in economics and business.

Career Opportunities in Economics - College of Business Administration

Graduates in economics are in demand in many sectors, including government, economic market research, banking and finance, insurance, health care, and teaching.  The undergraduate program also provides excellent training for graduate study in economics, business, public policy, and law.

Salary Trends in Economics - College of Business Administration

For 2007-2008, the average accepted salary for UT graduates with a major in economics was $42,142.  For additional salary information by occupation in the U.S. or for individual states, visit the Bureau of Labor Statistics’ National Compensation Survey website.

High School Preparation

High school students should follow a college preparatory curriculum and take their high school’s recommended courses in Math, English, and Foreign Language.  Appropriate electives include any business courses, as well as courses in computer software applications and written and oral communication.  The College of Business Administration further encourages all high school students to 1) explore international business issues and opportunities, 2) participate in student organizations and clubs, and 3) volunteer in their community.

How to Major in Economics - College of Business Administration

All students admitted into the College of Business Administration are admitted as pre-majors and must earn admission to a major prior to the completion of 75 hours of coursework.

To earn admission to the economics major, students must attain a minimum cumulative grade point average of 2.75 in the following coursework:

  • Mathematics 123-125 or 141-142 (6 or 8 hours);
  • Written Communication (3 hours from English 255 or 295);
  • Oral Communication (3 hours from Communication Studies 210 or 240);
  • Accounting 200 (3 hours);
  • Economics 201 (4 hours);
  • Statistics 201 (3 hours);
  • Business Administration 201 (4 hours)

Requirements for Economics - College of Business Administration

All majors in the College of Business Administration are required to take a total of 120 hours to graduate:  59 hours of general education courses, 14 hours of pre-business core courses, 23 hours of business core courses, and 24 hours of courses in the major. 18 of the 24 hours of major coursework must be taken in residence at the University of Tennessee.  A minimum grade of C must be earned in every course counted towards the major.  When students are admitted to a major in the college, they are required to have a laptop computer.

Special Programs, Co-ops, and Internships

Global Leadership Scholars
The Global Leadership Scholars (GLS) program offered by the College of Business Administration promotes the development of international and intercultural awareness, leadership, and personal and professional growth and responsibility.  Through honors classes, seminars in leadership training, international experiences, and extracurricular activities, GLS students work together and with honors faculty to develop the skills necessary to become future international business leaders.  Applications are accepted from first-year students in their second semester.

Internships
Students are encouraged to gain practical experience through an internship or other supervised economic experience with a firm, government agency, or other relevant organization.  Students may earn academic credit for their internships through enrollment in Economics 492.

Economics Club
The Economics Club is a resource for students interested in the field of economics.  The club meets regularly to discuss economic issues, host speakers, engage in community service, and provide review sessions for Economics 201 students.  Any student is welcome and encouraged to join.

Highlights of Economics - College of Business Administration

Students may choose a traditional option (24 hours of economics), a collateral option (complementary coursework in finance, mathematics, or statistics), or a dual concentration in international business.  Electives, as well as major coursework under the traditional option, consider topics such as business/industrial organization and public finance, as well as international, quantitative, monetary, regional/urban, environmental, labor, and health economics.  Students planning to pursue graduate study in economics should elect the quantitative economics and mathematics collateral option.

Ready for the World logoReady for the World

Seeking to instill a global perspective in all of its students, the College of Business Administration challenges undergraduates to develop the requisite knowledge and skills to prosper in today’s global business environment.  To help students meet that challenge, the college provides these critical tools:  an enhanced core curriculum that covers international business topics in all relevant courses; extraordinary programs for international study and internships; and a unique opportunity to delve into the principles of international business through a collateral or concentration in international business.

The college requires all students pursuing a collateral or dual concentration in international business to have an international educational experience.  Coursework in the international business collateral or dual concentration may be completed through a study abroad program.

Learn more about UT's Ready for the World initiative to help students gain the international and intercultural knowledge they need to succeed in today's world.

Sample Curriculum

Traditional Option
Freshman Year Credit Hours
Written Communication: English 101, 102   6
Quantitative Reasoning: Math 123-125 or 141-142 6 or 8
Cultures and Civilizations: Intermediate Foreign Language   6
Natural Sciences   6 - 8
Social Sciences   3
Oral Communication: Communication Studies 210 or 240   3
Sophomore Year Credit Hours
Accounting 200    3
Social Sciences: Economics 201    4
Written Communication: English 255 or 295   3
Statistics 201    3
Business Administration 201   4
Arts and Humanities   6
Non-US History   3
Electives 3
Junior Year Credit Hours
Business Administration 331-332   4
Business Administration 341-342   4
Ethics: Philosophy 243, 244, or 443   3
Finance 301   3
Economics 312   3
Economics 313   3
Business Administration 353   3
Business Administration 361   3
Economics Major Coursework   3
Senior Year Credit Hours
Economics Major Coursework   3
Business Law 301   3
Economics Electives (Four economics courses, with at least two at the 400-level) 12
Management 402   3
Electives 7-11
GRAND TOTAL 120

Economics Major Coursework Options (choose one area of focus)
International Economics – ECON 322; ECON 421
Industrial Organization – ECON 331; ECON 435
Public Economics – ECON 371; ECON 472
Quantitative Economics – ECON 381, ECON 482
Money/Macroeconomics – ECON 351; ECON 413
Regional/Urban Economics – ECON 361; FIN 485 (Accounting 301 prerequisite)
Environmental Economics – ECON 362; ECON 463
Labor Economics – ECON 441; MGT 472
Health Economics – ECON 436; Public Health 300

Collateral Option
Freshman Year Credit Hours
Written Communication: English 101, 102 6
Quantitative Reasoning: Math 123-125 or 141-142   6 or 8
Cultures and Civilizations: Intermediate Foreign Language   6
Natural Sciences   6 - 8
Social Sciences   3
Oral Communication: Communication Studies 210 or 240   3
Sophomore Year Credit Hours
Accounting 200    3
Social Sciences: Economics 201    4
Written Communication: English 255 or 295 3
Statistics 201    3
Business Administration 201   4
Arts and Humanities   6
Non-US History   3
Electives 3
Junior Year Credit Hours
Business Administration 331-332   4
Business Administration 341-342   4
Ethics: Philosophy 243, 244, or 443   3
Finance 301   3
Economics 312   3
Economics 313   3
Business Administration 353   3
Business Administration 361   3
Collateral 6
Senior Year Credit Hours
Business Law 301 3
Collateral 6
Economics Electives (Two Economics courses at the 400-level) 6
Management 402   3
Electives 7-11
GRAND TOTAL 120

Economics Collateral Options
Industrial Organization and Finance – ECON 331; ECON 435; FIN 425 (Accounting 301 prerequisite); FIN 455
Quantitative Economics and Math – ECON 381; ECON 482; MATH 241 (Math 142 prerequisite); MATH 251
Quantitative Economics and Statistics – ECON 381; ECON 482; STAT 472 (Statistics 320 prerequisite);  STAT 475 (Statistics 320 prerequisite)
Money/Macroeconomics and Finance – ECON 351; ECON 413; FIN 425 (Accounting 301 prerequisite);  FIN 435 (Accounting 301 prerequisite)

Dual Concentration with International Business
Freshman Year Credit Hours
Written Communication: English 101, 102   6
Quantitative Reasoning: Math 123-125 or 141-142 6 or 8
Cultures and Civilizations: Intermediate Foreign Language   6
Natural Sciences   6 - 8
Social Sciences   3
Oral Communication: Communication Studies 210 or 240   3
Sophomore Year Credit Hours
Accounting 200    3
Social Sciences: Economics 201    4
Written Communication: English 255 or 295   3
Statistics 201    3
Business Administration 201 4
Arts and Humanities   6
Non-US History   3
Electives 3
Junior Year Credit Hours
Business Administration 331-332   4
Business Administration 341-342   4
Ethics: Philosophy 243, 244, or 443   3
Finance 301   3
Economics 312   3
Economics 313   3
Business Administration 353   3
Business Administration 361   3
Business Law 301   3
International Business 489   0
Senior Year Credit Hours
*International Business    12
Economics Electives (Two additional Economics courses, with at least one at the 400-level) 6
Management 402   3
Electives 7-11
GRAND TOTAL 120

*Any four courses chosen from: International Business 409, 419, 429, 439, 449, 459, or 469

For More Information

College of Business Administration
Undergraduate Programs
342 Haslam Business Building
Knoxville, TN 37996
Phone: (865) 974-5096
Fax: (865) 974-6106
Email:  busad@tennessee.edu

 

Note

The information on this page should be considered general information only. For more specific information on this and other programs refer to the UT catalog or contact the department and/or college directly.