May be elected as a departmental concentration
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
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
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