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UWM

Academic Catalog 2020-2021
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  • Letters and Science (College of)»
  • Economics»
  • Economics, BA

Economics

  • Applied Econometrics and Data Analysis, Graduate Certificate
  • Economics, BA
  • Economics, MA
  • Economics, Minor
  • Economics, PhD
bnr-economics
College of Letters and Science

Economics, BA

  • Overview
  • Requirements
  • Advising
  • Accelerated
  • Honors

Economics is the study of choice and decision-making in the face of scarce resources, both at the individual and group levels. Economists examine tradeoffs between different actions and behaviors; analyze different scenarios such as a change in prices, cultural values, or law; and seek to explain and predict human behavior.

Students often ask what the difference is between Economics and Finance. The areas are interrelated and inform and influence each other. Professionally, there is also crossover, with economists working in financial markets and financial experts working on economic policy. In broad terms, economics focuses on concepts related to overall markets, government policy, and decision-making influences. Finance tends to focus on individual businesses and individual people, including the study of assets and liabilities, and financial statements and reporting.

At UWM, students of economics have access to faculty members who are internationally recognized experts in their field. Focus areas for students to choose from include economic theory, quantitative methods including econometrics, public policy, law and the economy, labor economics, and international economic relations.

Many are surprised to learn about the diverse career paths a major in Economics can lead to. Individuals with strong analytical ability and skill working with data and statistics are in high demand in financial management, accounting, human resources, data management, law, marketing, insurance, and more.

Requirements

Course of Study – Bachelor of Arts Degree

Complete 120 credits including 90 credits in the College of Letters & Science and with 36 of the 90 credits in L&S upper-level (numbered above 300) courses. The College requires that students must complete in residence at UWM at least 15 credits in upper-division (numbered 300 or above) courses in their major. Students are also required to complete University-wide General Education Requirements and the specific L&S requirements listed below.

To complete a major, students must satisfy all the requirements of the major as stated in this catalog. Students who declare their majors within five years of entering the UW System as a degree candidate may satisfy the requirements outlined in any catalog issued since the time they entered. Credits used to satisfy the major also may be used to satisfy other degree requirements.

University General Education Requirements (GER)

Course List
Code Title Credits
Oral and Written Communication
Part A
Achieve a grade of C or better in the following course:
ENGLISH 102College Writing and Research (or equivalent)
Part B
Course designated as OWC-B; may be completed through a major-specific course requirement
Quantitative Literacy
Part A
Earn at least 3 credits with a grade of C or higher in one of the following courses or an equivalent course, or achieve a placement code of at least 30 on the mathematics placement test (or other appropriate test, as determined by the Mathematical Sciences Department)
MATH 102
Mathematical Literacy for College Students II
MATH 103
Contemporary Applications of Mathematics
MATH 105
Introduction to College Algebra
MATH 108
Algebraic Literacy II
MATH 111
Introduction to Logic - Critical Reasoning 1
or PHILOS 111
Introduction to Logic - Critical Reasoning
MATH 116
College Algebra
Or equivalent course
Part B
Course designated as QL-B; may be completed through a major-specific course requirement
Arts
Select 3 credits3
Humanities
Select 6 credits6
Social Sciences
Select 6 credits6
Natural Sciences
Select 6 credits (at least two courses including one lab)6
UWM Foreign Language Requirement
Complete Foreign Language Requirement through:
Two years (high school) of a single foreign language
Two semesters (college) of a single foreign language
Or equivalent
UWM Cultural Diversity Requirement
One course from the Arts, Humanities, or Social Sciences must also satisfy UWM's Cultural Diversity requirement
1

 Math 111 and Philosophy 111 are jointly offered and count as repeats of one another. Students cannot receive credit for both courses.

College of Letters & Science Requirements

I. English Composition Requirement

Students must satisfy the English Composition Requirement with one of the following options:

1) Completing ENGLISH 102 with a grade of C or higher; or

2) by placing beyond ENGLISH 102 on the English Placement Test (EPT) (or other assessment as determined by the English Department); or

3) transferring a course of at least 2.5 equivalent credits from another institution that is equivalent to English 102, or a UWM higher-level expository writing course, with a grade of C or higher.

Note: This requirement is the same as the University General Education Requirement for Oral and Written Communication Part A. The College of Letters & Science does not have a specific requirement for a writing course beyond English 102, but students must complete the university-wide requirement for Oral and Written Communication Part B listed above.

II. Mathematics and Formal Reasoning

To satisfy the Mathematics and Formal Reasoning Requirement, students must satisfy the following two requirements:

1. Achieve a placement code of at least 30 on the mathematics placement test (or other appropriate test, as determined by the Mathematical Sciences Department) or earn at least 3 credits with a grade of C or higher in one of the following courses or an equivalent course:

Course List
Code Title Credits
MATH 102Mathematical Literacy for College Students II3
MATH 103Contemporary Applications of Mathematics3
MATH 105Introduction to College Algebra3
MATH 108Algebraic Literacy II3
MATH 111Introduction to Logic - Critical Reasoning 13
or PHILOS 111 Introduction to Logic - Critical Reasoning
MATH 116College Algebra3
MATH 175Mathematical Explorations for Elementary Teachers I3
1

 Math 111 and Philosophy 111 are jointly offered and count as repeats of one another. Students cannot receive credit for both courses.

Note: This requirement is the same as the University General Education Requirement for Quantitative Literacy Part A, listed above.

2. Complete one course (at least 3 credits) at the 200 level or above chosen from courses in Mathematics, PHILOS 211, or Letters and Science statistics courses:

Course List
Code Title Credits
Complete one of the following:
3 or more credits in any 200-level or above Math course
AFRIC 220
Introduction to Statistics in African and African Diaspora Studies
ANTHRO 568
Introduction to Anthropological Statistics
ATM SCI 500
Statistical Methods in Atmospheric Sciences
BIO SCI 465
Biostatistics
ECON 210
Economic Statistics
GEOG 247
Quantitative Analysis in Geography
HIST 595
The Quantitative Analysis of Historical Data
MTHSTAT 215
Elementary Statistical Analysis
PHILOS 211
Elementary Logic
POL SCI 390
Political Data Analysis
POL SCI 392
Survey Research
PSYCH 210
Psychological Statistics
SOCIOL 261
Introduction to Statistical Thinking in Sociology

Note: This requirement is NOT the same as the University General Education Requirement for Quantitative Literacy Part B. To complete the BA, students must take one of the L&S approved courses. Not all of the courses listed here will satisfy the QL-B requirement.

III. Foreign Language Requirement 

Placement testing may be used to satisfy all or part of this requirement. Language courses (including American Sign Language) other than English taken in high school may be used to satisfy all or part of this requirement. One year of high school language equates to one semester of college work.

Completion of the L&S Language Requirement also satisfies the university-wide Foreign Language GER, but not vice versa.

Course List
Code Title Credits
Completed in one of the following ways:0-18
Successful completion of the 4th semester of college work or equivalent in one language other than English (including American Sign Language)
Successful completion of the 3rd semester of college work or equivalent in one language other than English (including American Sign Language) PLUS the 2nd semester of college work or equivalent in another language other than English (including American Sign Language)

IV. International Requirement 

See Approved Courses for the L&S International Requirement for course options.  

Course List
Code Title Credits
Completed in one of the following ways:9
Complete 3 courses (min. 9 cr) in a single foreign language (not including literature-in-translation or American Sign Language) at the 3rd semester level and above
Complete 3 non-language courses (min. 9 credits) with an international content chosen from at least 2 curricular areas.
Complete 9 credits in combination of the two options above.

V. Breadth Requirement

Along with completing the University General Education Requirements of 3 credits in the Arts (A); 6 credits in the Humanities (HU), Social Sciences (SS), and Natural Sciences (NS/NS+); and a course with the Cultural Diversity (CD/+) designation, L&S students must complete the Breadth requirement.

Course List
Code Title Credits
Arts
Select 3 credits3
Humanities
Complete 12 credits of L&S courses with Humanities Breadth designation; no more than 6 credits from a single subject area. *12
Social Sciences
Complete 12 credits of L&S Courses with Social Science Breadth designation; no more than 6 credits from a single curricular area. *12
Natural Sciences
Complete 12 credits of L&S Courses with Natural Sciences Breadth designation, including at least one laboratory or field course; no more than 6 credits from a single curricular area. *12
Cultural Diversity
Complete 3 credits in a course with Cultural Diversity (CD) designation. **3
*

Students should check their course selections carefully with the list of approved L&S Breadth Courses.  Students are advised to select at least 6 credits worth of courses in each of the Humanities, Social Science, and Natural Sciences areas that can satisfy both the campus-wide General Education Requirements and the L&S Breadth requirement.

**

Students are advised to select a course that satisfies the Cultural Diversity requirement as well as a Humanities or Social Science breadth/GER requirement. 

 VI. The Major

The College of Letters and Science requires that students attain at least a 2.0 GPA in all credits in the major attempted at UWM.  In addition, students must attain a 2.0 GPA on all major credits attempted, including any transfer work.  Individual departments or programs may require higher GPAs for graduation. Some departmental majors require courses from other departments.  Contact your major department for information on whether those credits will count as part of the major GPA.  The College requires that students must complete in residence at UWM at least 15 credits in upper-division (numbered 300 or above) courses in their major.

Research Requirement

Within their majors, students must complete a research experience approved by the L&S faculty.  A list of courses satisfying the research requirement in each major can be found here.

VII. The Minor

The College of Letters and Science requires that students attain at least a 2.0 GPA in all credits in the minor attempted at UWM.  In addition, students must attain a 2.0 GPA on all minor credits attempted, including any transfer work.

Economics Major Requirements

To major in economics, students must earn grades of at least C in ECON 103 and ECON 104, attain at least a 2.0 GPA on all credits in the major attempted at UWM, and attain at least a 2.0 GPA on all major credits attempted when any transfer work is included along with the UWM work. The major in economics requires a minimum of 30 credits plus a research requirement including the following:

Course List
Code Title Credits
Required 1
ECON 103Principles of Microeconomics3
ECON 104Principles of Macroeconomics3
ECON 210Economic Statistics 23
ECON 301Intermediate Microeconomics3
ECON 302Intermediate Macroeconomics3
Electives 1
Select at least one course at the 400 level or above (excluding ECON 415)3
Select 12 additional credits in ECON, 3 of which must be in an approved research requirement course (see below).12
Total Credits30
1

At least 15 credits must be in upper-division (300 level and above) economics courses taken in residence at UWM 

2

BUS ADM 210 or MTHSTAT 215 may be substituted for ECON 210 and will count in the major GPA.

Research Requirement

All majors in economics must complete an independent research experience by selecting, from the list below, a 400- or 500-level course in which they will write and present a research paper. The contents of the paper and the presentation of the results will be arranged with the faculty member teaching the course.

Eligible courses include:

Course List
Code Title Credits
ECON 404
Economic Applications of Game Theory
ECON 411
Economic Forecasting Methods
ECON 413
Statistics for Economists
ECON 426
Public Economics
ECON 432
Industrial Organization
ECON 447
Labor Economics
ECON 448
Economics of Human Resources
ECON 454
International Trade
ECON 455
International Finance
ECON 506
Mathematical Economics I
ECON 513
Introduction to Econometrics
ECON 525
The Economics of Water
ECON 699
Independent Work

Optional Concentrations

The Department offers three optional concentrations within the major. While completing the major requirements outlined above, students may elect to complete one of the following sets of requirements:

International Economic Relations

Course List
Code Title Credits
Choose three of the following courses:
ECON 351
Introduction to International Economic Relations
ECON 353
Economic Development
ECON 454
International Trade
ECON 455
International Finance

Quantitative Methods

Course List
Code Title Credits
Choose three of the following courses:
ECON 310
Research Methods for Economics
ECON 411
Economic Forecasting Methods
ECON 413
Statistics for Economists
ECON 513
Introduction to Econometrics

Graduate Preparation

Course List
Code Title Credits
Choose two courses each from the quantitative methods module and the economic theory module as follows:
ECON 413
Statistics for Economists
ECON 506
Mathematical Economics I
ECON 513
Introduction to Econometrics
ECON 606
Mathematical Economics II

Additional Economics Modules

For courses that meet the requirements of the following modules:

  • General Economics;
  • Economic Theory;
  • The Economics of Public Policy;
  • Strategy, Law, and the Economy; and
  • Labor Economics

Please see below.

Course List
Code Title Credits
General Economics
ECON 100
Introductory Economics
ECON 103
Principles of Microeconomics
ECON 104
Principles of Macroeconomics
ECON 110
Economics of Personal Finance
ECON 193
First-Year Seminar:
ECON 199
Independent Study
ECON 210
Economic Statistics
ECON 248
Economics of Discrimination
ECON 258
Selected Topics in Economics:
ECON 289
Internship in Economics, Lower Division
ECON 297
Study Abroad:
ECON 299
Ad Hoc:
ECON 381
Honors Seminar:
ECON 458
Selected Topics in Economics:
ECON 489
Internship in Economics, Upper Division
ECON 497
Study Abroad:
ECON 499
Ad Hoc:
ECON 699
Independent Work
Economic Theory
ECON 301
Intermediate Microeconomics
ECON 302
Intermediate Macroeconomics
ECON 404
Economic Applications of Game Theory
ECON 506
Mathematical Economics I
ECON 606
Mathematical Economics II
The Economics of Public Policy
ECON 325
Money and Banking
ECON 328
Environmental Economics
ECON 426
Public Economics
ECON 450
Health Economics
ECON 525
The Economics of Water
Strategy, Law, and the Economy
ECON 231
Analysis of American Industries
ECON 333
Economics and Law
ECON 335
Economics of Antitrust Laws
ECON 432
Industrial Organization
Labor Economics
ECON 415
Economics of Employment and Labor Relations
ECON 447
Labor Economics
ECON 448
Economics of Human Resources

Letters & Science Advising

The College of Letters and Science provides general academic advising for all students with a major in the College, particularly as it relates to campus' general education requirements and the College's degree requirements. We also provide specialized advising for pre-professional students (pre-med, pre-dental, pre-pharmacy, etc.) regardless if their major is in Letters and Science or not. Prospective students, including high school students and students seeking to transfer to a program in Letters and Science may also receive advising from our admissions counselors. 

Upon admission, students are assigned an advisor in the College advising office. Academic advising is available Monday through Friday from 8:30 a.m. to 4:30 p.m. by appointment. Appointments outside of these times may be available and phone appointments are available for online students. The advising office is located on the first floor of Holton Hall. Current students should call (414) 229-4654 to schedule an appointment or use the Navigate website to make an appointment with your assigned advisor; online scheduling is only available if you already have a Letters & Science advisor assigned to you. Prospective students should call (414) 229-7711 or email let-sci@uwm.edu.

When students declare a major, they will receive an additional faculty advisor located within the major department who will assist with requirements for that major. Students should read the "Declaration of Major" information on the website of the major that they are interested in. In some cases, the student will need to choose a faculty advisor as part of the declaration process.

All students are cautioned to consult their Letters & Science academic advisor AND their major advisor prior to each registration period to ensure they understand all requirements. Do not rely on pre-printed sample plans, as they are intended to be samples only and may not be right for your particular situation.

Accelerated Program Option

This program is offered as part of an accelerated bachelor's/master's program. For more information, see Accelerated Master's Degrees.

Honors in the Major

Departmental honors are awarded upon graduation to students who achieve a 3.000 GPA on all UWM graded credits attempted, a 3.500 GPA on all credits that count toward the major, and a 3.500 GPA on all credits in advanced-level (numbered 300 and above) courses that count toward the major.

Honors in the College of Letters and Science

Dean's Honor List

GPA of 3.750 or above, earned on a full-time student's GPA on 12 or more graded credits in a given semester.

Honors Degree and Honors Degree with Thesis

Granted to graduating seniors who complete Honors College requirements, as listed in the Honors College section of this site.

Commencement Honors

Students with a cumulative GPA of 3.500 or above, based on a minimum of 40 graded UWM credits earned prior to the final semester, will receive all-university commencement honors and be awarded the traditional gold cord at the December or May Honors Convocation. Please note that for honors calculation, the GPA is not rounded and is truncated at the third decimal (e.g., 3.499).

Final Honors

Earned on a minimum of 60 graded UWM credits: Cum Laude - 3.500 or above; Magna Cum Laude - 3.650 or above; Summa Cum Laude - 3.800 or above.

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Economics

  • Applied Econometrics and Data Analysis, Graduate Certificate
  • Economics, BA
  • Economics, MA
  • Economics, Minor
  • Economics, PhD
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Contact Information

Current Students contact Associate Professor Rebecca Neumann, rneumann@uwm.eduProspective Students contact a Letters & Science Admissions Counselor at(414) 229-7711 or let-sci@uwm.edu

http://uwm.edu/economics/undergraduate/

University of Wisconsin-Milwaukee

The University of Wisconsin-Milwaukee is accredited by the Higher Learning Commission, a regional accreditation agency recognized by the U.S. Department of Education.

Our Catalog is a general source of information about course offerings, academic programs and requirements, expenses, rules, and policies. The University reserves the right to change the information published in this Catalog without notice. Students are advised to consult with their individual School/College or department for the most up-to-date information about program requirements.

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