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What Is Economics and Why Does it Matter?

Economics Majors at Spelman CollegeEconomics is a social science concerned with the production, distribution, and consumption of goods and services. Students in our department are given a variety of tools that will allow them to learn and examine economics on a local and global level. We focus on various topics such as health economics, urban economics, women in the economy, data science and management and money and baking. Our curriculum focuses on not only economic theory but statistical analysis as well. By teaching students how to construct and interpret empirical findings, they become better equipped to navigate the complex issues of the world. Students are also introduced to courses that will prepare them for a Master of Business Administration degree, such as management practicum. In addition to our economics major and minor, we offer a minor in management and organization.

Major Requirements

What to Know Before You Begin

A major must complete 40 semester hours of economics courses and 4 semester hours of calculus. A minimum grade of “C” is required in the completion of the 40 semester hours of economics coursework and in the 4 hours of required calculus.

It is strongly suggested that the student complete MATH 211 prior to the junior year. Of the 40 semester hours, 8 semester hours should be devoted to elective courses in economics at the 300 level.

Students planning to pursue graduate work in economics should take more than the required 8 semester hours of elective economics coursework. Elective spheres of concentration in economics are international economics, industrial organization, economic development, political economy, and public policy.

Students majoring in economics as well as those majoring in other disciplines can combine major study with a minor in management and organization, the latter being housed in the Department of Economics. Completion of the coursework in the management and organization minor allows the students in other disciplines to develop a business focus.

 

Students who complete a major in economics will be able to do . . .
  • Identify the economic dimensions of societal problems by effectively using appropriate economic concepts and definitions.

  • Apply the analytical and theoretical framework of economics in the investigation of societal problems by exhibiting a comprehension of the economic method and its mode of inquiry.

  • Apply the mathematical and quantitative tools of analysis for both problem solving and analytical purposes.

 

Economics Major

Sophomore Year
• ECON 203 Introduction to Statistics and Econometrics (4)
• ECON 241 Principles of Macroeconomics (4)
• ECON 242 Principles of Microeconomics (4)

Junior Year
• ECON 303 Econometrics (4)
• ECON 304 Mathematical Economics (4)
• ECON 315 Intermediate Microeconomic Theory (4)
• ECON 316 Intermediate Macroeconomic Theory (4)

Senior Year
Students will be required to take an exit exam.
• ECON 400 Senior Thesis (4) or for College-wide Honors Students
• ECON 490 Senior Thesis – Honors I (4)
• ECON 491 Senior Thesis – Honors II (4)
• Major Electives Two courses (8)

TOTAL: 40 (44 for Honors Students)

Cognate Courses

• MATH 211: Applied Calculus (4)

 

Economics Minor

The minor in economics consists of 24 semester hours.

Required Courses

  • ECON 241 Principles of Macroeconomics (4)
  • ECON 242 Principles of Microeconomics (4)
  • Economics Electives

The student must complete both ECON 241 and 242 before fulfilling the 16 semester hours of elective courses required to satisfy the minor requirements in economics. Economics 141 cannot be used to satisfy the minor requirement. Refer to Management and Organization Minor for a description of this minor.

 

Management and Organization Minor

The Management and Organization minor is designed to provide students with an understanding of management theory, practices, and principles within a liberal arts curriculum.

Objectives

Upon completion of the Management and Organization minor, a student will be able to do the following:

  • Comprehend the fundamental concepts and principles of financial accounting
  • Identify the key relationships and concepts associated with various theories of management
  • Identify the central role of marketing as an economic activity linking physical production to the ultimate consumption of goods and services
  • Comprehend within an economic context the strategic role and relationships involving marketing institutions, final consumers, marketing functions, and marketing policies
  • Apply the theories, concepts and techniques of finance to real-world business decision situations
  • Comprehend the application of management and organization theory to actual work situations
  • Develop her decision-making capacity and confidence from the vantage point of actual work situations
  • Develop the capabilities required to succeed in the world of work and to successfully pursue graduate study in business

Requirements

For the minor, a student is required to take 28 semester hours in the following courses:

  • ECON 241 Principles of Macroeconomics
  • ECON 242 Principles of Microeconomics
  • MGT 261 Basic Statistics
  • MGT 300 Principles of Accounting
  • MGT 305 Principles of Management
  • MGT 320 Principles of Marketing, Principles of Finance

Economics majors must take either an additional 4 hours of Economics or 4 hours of a Management and Organization elective. All minor courses must be passed with a minimum grade of “C.” For further information, contact the program coordinator in the Economics Department.

 

What Can I do With This Major?

  • Financial Analyst: Analyze financial data to help businesses make investment decisions, assess economic trends, and forecast future financial performance.
  • Policy Analyst: Work for government agencies or think tanks to analyze economic policies, evaluate their impact, and provide recommendations for improvement.
  • Market Research Analyst: Study market conditions to examine potential sales of a product or service, and help companies understand what products people want, who will buy them, and at what price.
  • Management Consultant: Advise businesses on how to improve efficiency, solve problems, and increase profits by analyzing their operations and recommending changes.
  • Investment Banker: Facilitate mergers and acquisitions, raise capital for companies, or provide financial advisory services.
  • Entrepreneur: Start your own business or consultancy leveraging your economic knowledge to innovate, analyze markets and create value.
  • Economic Develop. Specialist: Work with government agencies, NGOs, or international organizations to design and implement strategies for promoting economic growth.
  • Actuarial Analyst: Apply economic and statistical techniques to assess financial risks in insurance, pensions, or other industries to help companies make informed decisions.
  • Data Analyst: Utilize statistical software and economic models to analyze large datasets, identify trends, and provide insights that inform business decisions.
  • Educator or Researcher: Teach economics at the high school or college level, or conduct research in academia, focusing on economic theory, policy analysis, or specific industries.

Alumna Spotlight: Alexis Porter

Alexis Porter, C'2021, is a sports and news business consultant for Throughout her collegiate career, the Chicago, Illinois native served in various leadership roles such as the 1st president of the Spelman Economics Club, the chairwoman of the Building Your Economic Legacy and treasurer of the “Sweet” Mu Pi Chapter of Alpha Kappa Alpha Sorority Inc. She was also an honor student, a member of the Omicron Delta Epsilon Economics Honor Society, and a member of the National Society of Collegiate Scholars. 

Additionally, Porter was afforded several professional experiences through her internships with top tier companies such as Kellogg, Comcast, Deloitte Consulting, Ares Management, the Atlanta Hawks, and ESPN.

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