Overview
Major Area of Specialization in Economics (People & Society or STEM)
The economics major brings students an understanding of economic theory and its application to a wide range of problems. The program provides excellent preparation for careers in business, government, and international agencies.
Miami Herbert Business School students who wish to pursue the Economics major area of specialization will choose between two tracks: Political Economy (P&S) or Quantitative Economics (STEM). In the Political Economy track, People and Society courses are predominant. In the Quantitative Economics track, Science, Technology, Engineering, and Mathematics courses are predominant.
Curriculum Requirements
In addition to satisfying the University General Education Requirements and Electives, students pursuing the BBA in Economics must complete the BBA Business Core and the specific coursework for one of the Economics major tracks as follows:
| Code | Title | Credit Hours |
|---|---|---|
| University General Education Requirements 1 | ||
| ENG 105 | English Composition I | 3 |
| ENG 106 | English Composition II | 3 |
| UMX 100 | The University of Miami Experience | 0 |
| Arts and Humanities Cognate Courses | 9 | |
| STEM or People and Society Cognate Courses (depends upon which Major track is selected) | 9 | |
| Electives 2 | 27 | |
| BBA Business Core Requirements 1 | ||
| ACC 211 | Principles of Financial Accounting | 3 |
| ACC 212 | Managerial Accounting | 3 |
| BSL 212 | Introduction to Business Law | 3 |
| BTE 210 | Fundamentals of Business Technology and Innovation | 3 |
| BUS 150 | Business Analytics | 3 |
| BUS 300 | Critical Thinking and Persuasion for Business 3 | 3 |
| ECO 211 | Principles of Microeconomics (Microeconomics) | 3 |
| ECO 212 | Principles of Macroeconomics (Macroeconomics) | 3 |
| FIN 302 | Fundamentals of Finance | 3 |
| MAS 110 | Quantitative Applications in Business (minimum grade of C- required) | 3 |
| or MTH 161 | Calculus I | |
| MAS 201 | Introduction to Business Statistics (minimum grade of C- required) | 3 |
| MAS 202 | Intermediate Business Statistics | 3 |
| MGT 100 | Managing for Success in the Global Environment | 3 |
| MGT 303 | Operations Management | 3 |
| MGT 304 | Organizational Behavior | 3 |
| MGT 401 | Strategic Management (must be taken in the final semester) | 3 |
| MKT 201 | Foundations of Marketing | 3 |
| or MKT 301 | Marketing Foundations | |
| Major Area of Specialization in Economics 4 | ||
| Choose either the Political Economy Track or the Quantitative Economics Track | 18 | |
| Political Economy Track Required Courses (People & Society) : | ||
| Principles of Microeconomics (taken as part of the Business Core) | ||
| Principles of Macroeconomics (taken as part of the Business Core) | ||
| Microeconomic Theory and Applications (ECO 302 may be taken instead if MTH 161 or equivalent is completed) | ||
| Macroeconomic Theory | ||
Major Choice Courses (P&S) - Select four courses (12 credit hours) from the following: 5 | ||
| Labor Economics (I) | ||
| Industrial Economics and Public Policy | ||
| Environmental Economics | ||
| Economics of Development | ||
| Latin America and the Global Economy | ||
| The Political Economy of Growth | ||
| Health Economics | ||
| Monetary Economics | ||
| Economic Growth | ||
| International Trade Theory | ||
| International Monetary Economics | ||
| Economic Analysis of Energy and Commodity Markets | ||
| Global Economics: Trade and Currencies | ||
| Special Topics in Economics (People and Society Topics) | ||
| History of Economic Thought | ||
Students may select a maximum of two courses (6 credit hours) of their major choice courses from the following STEM courses: 5 | ||
| Applied Econometrics | ||
| Game Theory in Economic Applications. | ||
| Industrial Organization | ||
| Special Topics in Economics (STEM Topics) | ||
| Mathematical Economics and Applications | ||
| Empirical Labor Economics | ||
| Topics in Mathematical Economics | ||
| Econometrics | ||
| Advanced Macroeconomic Theory | ||
| Advanced Microeconomic Theory | ||
| Quantitative Economics Track Required Courses (STEM) : 6 | ||
| Principles of Microeconomics (taken as part of the Business Core) | ||
| Principles of Macroeconomics (taken as part of the Business Core) | ||
| Microeconomic Theory (requires MTH 161 or equivalent as a pre-requisite) | ||
| Macroeconomic Theory | ||
Major Choice Courses (STEM) - Select four courses (12 credit hours) from the following: 5 | ||
| Applied Econometrics | ||
| Game Theory in Economic Applications. | ||
| Industrial Organization | ||
| Special Topics in Economics (STEM Topics) | ||
| Mathematical Economics and Applications | ||
| Empirical Labor Economics | ||
| Topics in Mathematical Economics | ||
| Econometrics | ||
| Advanced Macroeconomic Theory | ||
| Advanced Microeconomic Theory | ||
| Total Credit Hours | 120 | |
| 1 | NOTE: ENG 105 and ENG 106 , or their equivalents, must be completed prior to attaining junior year classification, per the University General Education Requirements. Additionally, all 100 and 200-level Business Core courses must be completed by the end of the fifth semester of college work or during the semester in which the student is completing 75 credit hours. |
| 2 | At least one course with an international focus must be completed within the degree requirements. The appropriateness of the course is determined by the academic advisor. |
| 3 | Students who do not earn at least a C- in ENG 106 must either repeat ENG 106 and earn at least a C- or complete ENG 230 with at least a C- before enrolling in BUS 300. |
| 4 | All specific coursework for the major in Economics must be completed with a grade of “C-” or higher. A minimum cumulative GPA of 2.0 is required for all specific coursework taken in the major area of specialization. All courses must be taken within the current pre-requisite structure. |
| 5 | Course pre-requisites vary by course. |
| 6 | MTH 161 or its equivalent and ECO 302 are required for Quantitative Economics. |
Sample Plans of Study
This Sample Plan of Study represents one possible version of a new freshman Business student’s 8-semester plan. The individual student's plan may vary depending upon the initial placement into English Composition and mathematics. Moreover, numerous plan variations are possible if a student enters the University with advanced college credits, wishes to participate in study abroad, chooses a special program option, or selects additional majors or minors.
Note that each major/minor at the University of Miami satisfies a particular "Area of Knowledge" within the general education requirements of the University. This means that it is possible to pursue two majors or a major and a minor within the Miami Herbert Business School and fulfill both the STEM and People and Society Areas of Knowledge; a separate cognate in these areas would not be required. The only remaining general education Area of Knowledge would be Arts and Humanities, which must be completed through a major, minor, or cognate outside of the Business School.
Students construct their individualized plans in collaboration with their assigned academic advisor.
Political Economy Track Plan of Study
| Freshman Year | ||
|---|---|---|
| Fall | Credit Hours | |
| ECO 211 | Principles of Microeconomics | 3 |
| ENG 105 | English Composition I | 3 |
| MAS 110 or MTH 161 | Quantitative Applications in Business or Calculus I | 3 |
| MGT 100 | Managing for Success in the Global Environment | 3 |
| MKT 201 | Foundations of Marketing | 3 |
| UMX 100 | The University of Miami Experience | 0 |
| Credit Hours | 15 | |
| Spring | ||
| BSL 212 | Introduction to Business Law | 3 |
| ECO 212 | Principles of Macroeconomics | 3 |
| ENG 106 | English Composition II | 3 |
| MAS 201 | Introduction to Business Statistics | 3 |
| Arts and Humanities Cognate Course | 3 | |
| Credit Hours | 15 | |
| Sophomore Year | ||
| Fall | ||
| ACC 211 | Principles of Financial Accounting | 3 |
| BUS 150 | Business Analytics | 3 |
| MAS 202 | Intermediate Business Statistics | 3 |
| MGT 304 | Organizational Behavior | 3 |
| Arts and Humanities Cognate Course | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| ACC 212 | Managerial Accounting | 3 |
| BTE 210 | Fundamentals of Business Technology and Innovation | 3 |
| BUS 300 | Critical Thinking and Persuasion for Business | 3 |
| ECO 300 or 302 | Microeconomic Theory and Applications or Microeconomic Theory | 3 |
| FIN 302 | Fundamentals of Finance | 3 |
| Credit Hours | 15 | |
| Junior Year | ||
| Fall | ||
| ECO 303 | Macroeconomic Theory | 3 |
| MGT 303 | Operations Management | 3 |
| Economics P&S Major Choice | 3 | |
| STEM Cognate Course | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| Economics P&S Major Choice | 3 | |
| Arts and Humanities Cognate Course | 3 | |
| STEM Cognate Course | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Senior Year | ||
| Fall | ||
| Economics P&S Major Choice | 3 | |
| STEM Cognate Course | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| MGT 401 | Strategic Management | 3 |
| Economics P&S Major Choice | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Total Credit Hours | 120 | |
Quantitative Economics Track Plan of Study
| Freshman Year | ||
|---|---|---|
| Fall | Credit Hours | |
| ECO 211 | Principles of Microeconomics | 3 |
| ENG 105 | English Composition I | 3 |
| MGT 100 | Managing for Success in the Global Environment | 3 |
| MKT 201 | Foundations of Marketing | 3 |
| MTH 161 | Calculus I | 4 |
| UMX 100 | The University of Miami Experience | 0 |
| Credit Hours | 16 | |
| Spring | ||
| BUS 150 | Business Analytics | 3 |
| ECO 212 | Principles of Macroeconomics | 3 |
| ENG 106 | English Composition II | 3 |
| MAS 201 | Introduction to Business Statistics | 3 |
| Arts and Humanities Cognate Course | 3 | |
| Credit Hours | 15 | |
| Sophomore Year | ||
| Fall | ||
| ACC 211 | Principles of Financial Accounting | 3 |
| BSL 212 | Introduction to Business Law | 3 |
| BTE 210 | Fundamentals of Business Technology and Innovation | 3 |
| MAS 202 | Intermediate Business Statistics | 3 |
| Arts and Humanities Cognate Course | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| ACC 212 | Managerial Accounting | 3 |
| BUS 300 | Critical Thinking and Persuasion for Business | 3 |
| ECO 302 | Microeconomic Theory | 3 |
| FIN 302 | Fundamentals of Finance | 3 |
| Arts and Humanities Cognate Course | 3 | |
| Credit Hours | 15 | |
| Junior Year | ||
| Fall | ||
| ECO 303 | Macroeconomic Theory | 3 |
| MGT 304 | Organizational Behavior | 3 |
| Economics STEM Major Choice | 3 | |
| People and Society Cognate Course | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| MGT 303 | Operations Management | 3 |
| Economics STEM Major Choice | 3 | |
| People and Society Cognate Course | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Senior Year | ||
| Fall | ||
| Economics STEM Major Choice | 3 | |
| People and Society Cognate Course | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Credit Hours | 15 | |
| Spring | ||
| MGT 401 | Strategic Management | 3 |
| Economics STEM Major Choice | 3 | |
| Elective | 3 | |
| Elective | 3 | |
| Elective | 2 | |
| Credit Hours | 14 | |
| Total Credit Hours | 120 | |
Mission
- To develop innovative ideas and principled leaders that transform global business and society.
Goals
The economics curriculum is designed to give business students an understanding of economic theory and its application to a wide range of problems.
Student Learning Outcomes
- BBA/BSBA graduates will be critical thinkers, able to select and apply appropriate models, tools, and techniques, and frameworks to enable them to render analytically sound business decisions.
- BBA/BSBA graduates will be able to identify, analyze and resolve ethical issues in business scenarios.
- BBA/BSBA graduates will demonstrate professional written communication skills.
