Economics May be elected as a departmental concentration program Prerequisites to the Concentration. ECON 101 and 102 and MATH 115, each completed with grade at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 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 MATH 115 prerequisite. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics concentration or 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 (MATH 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 MATH 115. MATH 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 ECON 405 (or STATS 426) and ECON 406. Concentration Program. An economics concentration plan must include: ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-; Statistics. One of the following: ECON 405 / STATS 405 (Introduction to Statistics), ECON 404 (Statistics for Economists), or STATS 426 (Introduction to Mathematical Statistics); and 15 additional credits in upper level (300+) ECON courses, including at least six credits in courses with ECON 401 or ECON 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 ECON. Transfer credit is not normally granted for ECON 401. Students who wish to receive ECON 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 ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus. Students who have completed ECON 405 / STATS 405 or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 / STATS 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426. ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 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 ECON 405 (or STATS 426) and ECON 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 ECON 495 (Seminar in Economics). Honors concentrators have an opportunity to elect ECON 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year. Advising. Students interested in a concentration in Economics should consult an economics concentration advisor. Appointments are scheduled in the Undergraduate Economics Office. Students are urged to consult with a concentration advisor each term before selecting courses for the following term. 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