The Department of Economics offers two bachelor's degree tracks. The BS Economics degree program focuses on quantitative skills required to address social problems and public policy evaluation in Economics. Students will gain both theoretical and empirical skills to identify, analyze, and understand these issues. The BS Economics degree is a STEM-designated program that focuses on quantitative skills required to address social problems and public policy evaluation in Economics.
The required courses offer rigorous training in quantitative data analytical skills, but the large selection in elective courses allow students flexibility in designing a curriculum to meet individual concentration. Many graduates of BS Economics degree programs go on to obtain advanced degrees in economics, law, public policy, or political science. Some students build upon their experiential learning experiences to pursue careers in the private sector, politics, government or non-profit organizations.
Undergraduate students may also pursue a joint major or a BA/MS EQE option.
The BS in Economics tracks require students to earn a total of 120 university credits and maintain a minimum 2.5 GPA in their economics classes, as well as an overall 2.0 GPA and the 59 required economics credits requirement set out in the following table. Students are encouraged to review their Academic Advising Report frequently to monitor their progress. Please note: Transfer students must also maintain a minimum 2.0 GPA after entering UB, and their final overall GPA, including past courses, must equal or exceed 2.0.
Economics majors are encouraged to pursue courses in related fields, such as English, political science, advanced mathematics and/or other social sciences. The Department of Economics recommends that students take every available opportunity to explore the paths that interest them.
Courses | Credits | |
---|---|---|
Math Requirement | MTH 121, MTH 131, OR MTH 141 | 4 |
Required Courses | ECO 181 Introduction to Macroeconomics ECO 182 Introduction to Microeconomics ECO 380 Economic Statistics and Data Analysis ECO 405 Microeconomic Theory 1 ECO 406 Microeconomic Theory 2 ECO 407 Macroeconomic Theory ECO 426 Financial Economics ECO 443 Labor Economics ECO 451 Mathematics for Economists ECO 461 Econ. Forecasting and Fluctuations ECO 467 Economics and Game Theory ECO 469 Industrial Organization ECO 480 Econometrics 1 ECO 481 Econometrics 2 | 44 |
Economics Upper-Level Elective Requirements | Five additional 400-level Economics courses selected from:
ECO 411 Health Economics ECO 412 Environmental Economics ECO 416 Economic Development ECO 421 Urban Economics ECO 434 International Finance ECO 435 International Economics ECO 440 Economics of Education ECO 455 Information and Internet Economics ECO 464 Public Economics ECO 468 Economics of Sports ECO 485 Big Data and Machine Learning ECO 493 Topics in International Economics | 15 |
Total Economics Credits | 59 |
All upper-level elective credits must be completed at the University at Buffalo.
Math Recommendations: It is recommended that students considering graduate studies in economics take MTH 141, MTH 141, and additional mathematics courses, particularly MTH 309 Introduction to Linear Algebra and MTH 431 Introduction to Real Variables I.
Once students have declared an economics major, the department recommends the following courses for consideration:
ECO 181 Introduction to Macroeconomics and ECO 182 Introduction to Microeconomics are introductory economics courses that assume no prior knowledge and have no prerequisites. These are the best place to commence the study of economics. It does not matter which course is taken first. Passing both of these 4 credit courses satisfies the “Other Economics Electives” requirement of the economics major.
ECO 405 Microeconomic Theory and ECO 407 Macroeconomic Theory are required intermediate level courses for the economics major. They are prerequisites for most of the 400-level economics electives and therefore should be taken as early as possible. The only prerequisite for ECO 405 and ECO 407 is MTH 121 or MTH 141 or MTH 131, but the knowledge gained in ECO 181 (Introduction to Macroeconomics) is helpful in ECO 407, and the knowledge gained in ECO 182 (Introduction to Microeconomics) is helpful in ECO 405.
ECO 380 Economic Statistics and Data Analysis is a required course for the economics major. It presents basics of statistics, probability theory, sampling, estimation and hypothesis testing. ECO 480 Econometrics I, which is also a required course, uses this knowledge to introduce students to econometric methods, the primary estimation and inference tools of applied economics, so that students may add value to their education by acquiring applied economics skills. These are valuable skills that are strongly sought by employers. ECO 380 is a prerequisite for ECO 480, and ECO 480 is a prerequisite for several upper-level elective Economics courses.
ECO 425 Money and Financial Institutions provides an explanation of the Federal Reserve System, commercial banking, and financial products. Emphasized topics include measuring and managing the risks faced by commercial banks, with particular focus on the global financial system. Case studies will be presented. Prerequisite: ECO 407.
ECO 426 Capital Markets and Financial Institutions provides an overview of financial decision making by individuals and by firms. The course then investigates the way these decisions are implemented through financial systems. The key concepts are resource allocations over time, evaluations of cash flows, risk management, project evaluation, and asset pricing models. Prerequisite: ECO 405 and 407.
ECO 434 International Finance introduces basics needed to understand the functioning of the global economy and international financial markets. The course develops a framework for analysis of current account deficits, international capital movements, and real and nominal exchange rates. Also examined are the relationships between interest rates and exchange rates, and policy issues such as external debt crises and balance-of-payment difficulties. Prerequisite: ECO 405 and 407.
ECO 461 Economic Fluctuation and Forecasting introduces important topics in economic fluctuations and forecasting. Topics covered include ordinary least squares techniques, time series and trends, seasonal patterns, autoregressive and moving average processes, and forecasting models. Real data are used with each topic. Prerequisite: ECO 405, 407, and 480.
ECO 490 Monetary Theory commences by examining why fiat currencies have become ubiquitous everywhere when, by themselves, they are worth very little. It is shown that introducing a currency into an economy without a currency greatly improves the functioning of that economy by serving as a medium of exchange and making markets function far more efficiently, and achieving much greater gains from trades. The course then considers the roles that money plays in inflation, central banking, the international finance system, saving, investment, production, and government policies. Prerequisite: ECO 407.
ECO 406 Topics in Microeconomics extends the content of ECO 405 to a variety of more advanced topics, such as imperfect markets, strategic behavior (game theory), making choices with incomplete information, investment decisions, general equilibrium analysis, and externalities and public goods. Prerequisite: ECO 405.
ECO 425 Money and Financial Institutions provides an explanation of the Federal Reserve System, commercial banking, and financial products. Emphasized topics include measuring and managing the risks faced by commercial banks, with particular focus on the global financial system. Case studies will be presented. Prerequisite: ECO 407.
ECO 469 Industrial Organization studies types of industries and the behaviors of firms in the industries; e.g., pricing, production, marketing, investment, and research and development. The strategic abilities of competing firms to affect each other’s behaviors is examined closely. This helps to understand why different industries often take different forms. Understanding these topics helps students to become better managers, industry analysts, investors and policy makers. Prerequisite: ECO 405.
ECO 464 Public Economics uses cost-benefit analysis to explain why a public sector can more efficiently supply certain types of beneficial commodities and services (e.g., national defense, courts) and can better reduce the supply of harmful commodities (e.g., air pollution) than can a private sector. The course then considers the merits and demerits of various ways to fund these beneficial activities (e.g., voluntary donations, taxation, user fees). Prerequisite: ECO 405.
For further information about undergraduate economics courses, please visit the Undergraduate Catalog.