Economics May be elected as a departmental concentration program Prerequisites to Concentration. Economics 101 and 102 and Mathematics 115, each completed with grade at least C. One of the Honors alternatives to Mathematics 115 may be substituted for Mathematics 115. Advanced placement credits in Mathematics 121 may be substituted for Mathematics 115, but students who scored less than a 4 on the BC Calculus exam are encouraged to elect one of the calculus courses on the placement list before proceeding to economics courses having a Mathematics 115 prerequisite. Credits in Mathematics 120 alone do not satisfy the mathematics prerequisite for an economics concentration or academic minor. Students with this credit may complete the economics mathematics prerequisite by completing, with grade of at least C, one of the calculus courses on the placement list (Mathematics 116, 119, 156, 175, 185, 186, 295). Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond Mathematics 115. Mathematics 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in advanced research should elect Economics 405 (or Statistics 426) and Economics 406. Concentration Program. An economics concentration plan must include Economics 401 (Intermediate Microeconomics) and Economics 402 (Intermediate Macroeconomics), each completed with a grade of at least C-, Statistics. One of the following: Economics 405/Statistics 405 (Introduction to Statistics), Economics 404 (Statistics for Economists), or Statistics 426 (Introduction to Mathematical Statistics), and 15 additional credits in upper level (300+) economics courses, including at least 6 credits in courses with Economics 401 or Economics 402 as a prerequisite. The statistics requirement may be waived, but only with the approval of an economics concentration advisor, for students who have already completed another satisfactory upper-level statistics course. In this case, the third concentration requirement above would be increased to 18 rather than 15 additional credits in upper-level economics. Transfer credit is not normally granted for Economics 401. Students who wish to receive Economics 401 transfer credit for an intermediate microeconomics course elected elsewhere must perform satisfactorily on a departmental equivalency examination. Any concentration courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 12 credits in the concentration plan, including at least 3 of the credits in upper-level economics electives in courses with Economics 401 or Economics 402 as a prerequisite, must be taken at the Ann Arbor campus. Students who have completed Economics 405/Statistics 405 or Statistics 426 are strongly encouraged to include Economics 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that Mathematics 116 (Calculus II) is a prerequisite for Economics/Statistics 405 and that Mathematics 215 (Calculus III) and Mathematics/Statistics 425 (Introduction to Probability) are prerequisites for Statistics 426. Economics 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. Economics 401 should be elected before Economics 402. Honors Concentration. Qualified students are encouraged to consider an Honors concentration in economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year. Honors concentrators are required to complete the requirements for a regular concentration in economics. An Honors concentration plan must include Economics 405 (or Statistics 426) and Economics 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis may be an extension of concentration coursework and normally includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of Economics 495 (Seminar in Economics). Honors concentrators have an opportunity to elect Economics 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year. 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