Economics
Economics is a social science that studies the way that people, groups, institutions, and governments operate with limited resources to satisfy needs. It also studies how people make decisions and respond to incentives. Economists collect and analyze data to test against economic theories.
The American Economic Association states that economics helps us understand historical trends, interpret headlines, and make future predictions. Economics has real-world implications and directly influences people and policy.
Experiential Learning
You will become an expert in collecting and analyzing data. Our students take high level courses, including two courses in Econometrics which uses statistics to test economic and business theories.
You will also network with and learn from economists and business leaders. A program highlight is presenting your own research to the Economic Club of Pittsburgh.
View the Curriculum Guide.
Program Information
Our curriculum is steeped in data analytics. Economics majors take a number of upper-level courses in data analytics including two courses in Econometrics that require students to complete several rigorous research projects.
Program Type
Major, Minor
Degree
Bachelor's
Academic Department
Economics and Finance
Duration
4-year
Required Credit Hours
69
“My experiences in the Economics program have been stellar and a great addition
to my experience in the Finance program. I have been blessed to learn so many things
across the two programs that are applicable to both.”
Required for all business students. Individuals in society today interact with sports as participants, fans and consumers.
As such, sports markets have become an increasingly popular venue for economic research.
This course will focus on the unique issues of the economics of sports. Using microeconomic
theory and statistics, we will be considering, among others, the following topics:
Price theory with regards to ticketing, local public finance with regards to stadium
financing and event hosting, competitive balance, and wagering market efficiency.
The purpose of this course is to sharpen the students' independent research skills
utilizing all of the concepts, tools and techniques learned throughout the economics
major. The course focuses on choosing research topics, framing research questions,
developing research strategies, collecting data, writing reports, and presenting results.
During the term, students undertake a substantive independent research project culminating
in both a formal written paper and an oral research presentation to the economics
faculty. From our Students
Economics Minor
Course Descriptions: Business Core
3 credits
This course introduces students to the way in which a free market economic system
resolves the basic social questions of what goods and services to produce, how scarce
resources are organized to produce these goods, and to whom the goods are distributed
once they are produced. Students will explore the components of the market system,
supply and demand, and how they interact under conditions ranging from perfect competition
to monopoly. Market failures and their remedies are also examined.
Prerequisites: MATH 101, MATH 111, MATH 115 or BUAD 111
3 credits
This course introduces students to the basic economic principles of the aggregate
economy. Students will explore the determinants of, and relationships among, the level
of Gross Domestic Product (GDP), unemployment, inflation, foreign trade and interest
rates. In addition, various theories of the role of fiscal and monetary policy to
promote stabilization will be addressed.
Prerequisites: MATH 101, MATH 111, MATH 115 or BUAD 111Course Descriptions: Required
3 credits
The purpose of this course is to develop the analytical skills required for dealing
with problems of economic behavior and resource allocation, along with an appreciation
of the methodological issues involved in modern economic analysis. The course covers
the traditional body of microeconomic theory, including: utility theory and consumer
behavior, the analysis of production and the behavior of the firm, coordination in
product and factor markets under perfect competition, and the impact on market operations
of monopoly, imperfect competition, externalities, asymmetric information, and public
goods.
Prerequisites: ECON 201 and MATH 111 or MATH 115
3 credits
This course provides the advanced economic student with a rigorous set of tools with
which to evaluate the performance of the U.S. economy, both as a closed entity and
as member of the global economy. On the theoretical side, the course evaluates competing
theories of income, inflation, and employment.
Prerequisites: ECON 201 and ECON 202
3 credits
This course will cover issues in international trade and international development.
The first half of the class will cover basic international trade theory as well as
international trade policy. The remainder of the class will cover international development
and take a broad look at current issues in the field. Topics that will be covered
may include the role of policies, institutions, culture in fostering economic growth,
as well as issues concerning spontaneous versus planned growth and entrepreneurship.
Prerequisite: ECON 201
3 credits
This course teaches students how to apply economic principles in order to analyze
and evaluate public policies, taxes, and expenditures. Because value judgments are
implicit in any type of policy analysis, students will be encouraged to consider the
equity-efficiency tradeoff associated with many public policy decisions.
Prerequisite: ECON 201
3 credits
Econometrics is the application of statistical methods for the purpose of testing
economic and business theories. This course will introduce students to the skills
used in empirical research including, but not limited to, data collection, hypothesis
testing, model specification, regression analysis, violations of regression assumptions
and corrections, dummy variables and limited dependent variable models. Extensive
focus will be on the intuition and application of econometric methods, and as a result,
statistical software will be used extensively. Students will be required to complete
an independent research project involving the application of regression analysis.
Prerequisites: STAT 285 or MATH 302 or MATH 335
3 credits
In this course, students learn how to apply statistical and econometric tools in an
attempt to forecast economic and business data. Drawing on techniques learned in Econometrics,
students collect data, build forecasts, evaluate the forecasts, and apply economic
theory and econometric techniques to refine the forecasts. Emphasis is placed equally
on the student correctly performing and concisely communicating the forecasts.
Prerequisite: ECON 481WCourse Descriptions: Electives
3 credits
Prerequisite: ECON 201
3 credits
This course is an analysis of the principles of wage and employment determination
in the U.S. economy under nonunion conditions as well as under collective bargaining
arrangements. The factors underlying labor demand and supply are studied with an emphasis
on earnings differentials across different education, age, gender, race/ethnicity
groups. Issues of labor market discriminations are also analyzed.
Prerequisite: ECON 201
3 credits
By permission only.
3 credits
This course is a comprehensive examination of the evolving nature of the domestic
and international money and capital markets, as well as the underlying forces which
shape them. Attention is also paid to the clearing, settlements, and payment systems,
which play an important part in the markets’ performance.