Economics, BA BA
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.
Career Resources and Job Outcomes
Program Type
Major
Program Format
On Campus
Why study Economics at UWM?
- Great flexibility in choice of electives.
- Choose between fully online, fully in-person, or mix-and-match.
- Personalized advising direct from faculty members.
- A valued degree that provides countless career options.
- A degree that leads to higher salaries compared to most other majors.
Listed below are the requirements for the Economics major. In addition to the requirements for the major, students must also satisfy all university and college general degree requirements. Degree requirements will vary depending on when you took your first college class. We encourage you to consult your advisor regularly to ensure you stay on track towards earning your degree. You can read more about the degree requirements on the L&S Degree Requirements web pages.
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:
| Code | Title | Credits |
|---|---|---|
| Required 1 | ||
| ECON 103 | Principles of Microeconomics | 3 |
| ECON 104 | Principles of Macroeconomics | 3 |
| ECON 210 | Economic Statistics 2 | 3 |
| ECON 301 | Intermediate Microeconomics | 3 |
| ECON 302 | Intermediate Macroeconomics | 3 |
| 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 Credits | 30 | |
- 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:
| Code | Title | Credits |
|---|---|---|
| Economic Applications of Game Theory | ||
| Economic Forecasting Methods | ||
| Statistics for Economists | ||
| Public Economics | ||
| Industrial Organization | ||
| Labor Economics | ||
| Economics of Human Resources | ||
| International Trade | ||
| International Finance | ||
| Mathematical Economics I | ||
| Introduction to Econometrics | ||
| The Economics of Water | ||
| 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
| Code | Title | Credits |
|---|---|---|
| Choose three of the following courses: | ||
| Introduction to International Economic Relations | ||
| Economic Development | ||
| International Trade | ||
| International Finance | ||
Quantitative Methods
| Code | Title | Credits |
|---|---|---|
| Choose three of the following courses: | ||
| Introduction to Econometrics and Data Science | ||
| Economic Forecasting Methods | ||
| Statistics for Economists | ||
| Introduction to Econometrics | ||
Graduate Preparation
| Code | Title | Credits |
|---|---|---|
| Choose two courses each from the quantitative methods module and the economic theory module as follows: | ||
| Statistics for Economists | ||
| Mathematical Economics I | ||
| Introduction to Econometrics | ||
| 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.
| Code | Title | Credits |
|---|---|---|
| General Economics | ||
| Introductory Economics | ||
| Principles of Microeconomics | ||
| Principles of Macroeconomics | ||
| Economics of Personal Finance | ||
| First-Year Seminar: | ||
| Independent Study | ||
| Economic Statistics | ||
| Economics of Discrimination | ||
| Selected Topics in Economics: | ||
| Internship in Economics, Lower Division | ||
| Study Abroad: | ||
| Ad Hoc: | ||
| Honors Seminar: | ||
| Selected Topics in Economics: | ||
| Internship in Economics, Upper Division | ||
| Study Abroad: | ||
| Ad Hoc: | ||
| Independent Work | ||
| Economic Theory | ||
| Intermediate Microeconomics | ||
| Intermediate Macroeconomics | ||
| Economic Applications of Game Theory | ||
| Mathematical Economics I | ||
| Mathematical Economics II | ||
| The Economics of Public Policy | ||
| Money and Banking | ||
| Environmental Economics | ||
| Public Economics | ||
| Health Economics | ||
| The Economics of Water | ||
| Strategy, Law, and the Economy | ||
| Analysis of American Industries | ||
| Economics of Antitrust Laws | ||
| Industrial Organization | ||
| Labor Economics | ||
| Economics of Employment and Labor Relations | ||
| Labor Economics | ||
| Economics of Human Resources | ||
Letters & Science Advising
During your time at UWM, you may have multiple members of your success team, including advisors, peer mentors and success coaches. Letters & Science students typically work with at least two different types of advisors as they pursue their degrees: professional college advisors and faculty advisors. L&S college advisors advise across your entire degree program while departmental faculty advisors focus on the major.
College advisors are located in Holton Hall (or virtually for online students) and serve as your primary advisor. They are your point person for your questions about navigating college and completing your degree. College advisors will:
- Assist you in defining your academic and life goals.
- Help you create an educational plan that is consistent with those goals.
- Assist you in understanding curriculum, major and degree requirements for graduation, as well as university policies and procedures.
- Provide you with information about campus and community resources and refer you to those resources as appropriate.
- Monitor your progress toward graduation and completion of requirements.
Faculty advisors mentor students in the major and assist them in maximizing their development in the program. You will begin working with a faculty advisor when you declare your major. Faculty advisors are an important partner and will:
- Help you understand major requirements and course offerings in the department.
- Explain opportunities for internships and undergraduate research and guide you in obtaining those experiences.
- Serve as an excellent resource as you consider potential graduate programs and career paths in your field.
Students are encouraged to meet with both their college advisor and faculty advisor at least once each semester. Appointments are available in-person, by phone or by video.
Currently enrolled students should use the Navigate360 website to make an appointment with your assigned advisor or call (414) 229-4654 if you do not currently have an assigned Letters & Science advisor. Prospective students who haven't enrolled in classes yet should call (414) 229-7711 or email let-sci@uwm.edu.
We encourage you to begin exploring career options when you declare your major or at the start of your sophomore year, whichever comes first.
The economics major and minor are available for completion entirely online. Learn more about how the online program works.