FAQs

Q: What is the difference between economics and business administration?
A: Economics is a social science that studies how people make choices about how to use limited resources that have alternative uses. Business administration is the study of how to lead and manage a business organization. Economics is not the same as business administration. However, economists know a lot of things that business people find useful. That's why you have to take economics courses if you want to earn a degree in business adminisration.

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Q: What's the difference between ECON 1400 Survey of Economics and ECON 2201 Principles of Microeconomics/ECON 2202 Principles of Macroeconomics?
A: All three are introductory courses that are open to any student and that can be used to satisfy your general education (MnTC) requirements. However, ECON 1400 is aimed at liberal arts majors who want to learn the essential ideas of economics and how they apply in the world around them.

If you want a deeper and more challenging introduction to economics, you should take ECON 2201 and/or ECON 2202 instead. If you're planning to earn a four-year degree in economics, business, or accounting, you should take both ECON 2201 and ECON 2202.

If you don't know yet whether or not you want to major in economics, business, or accounting, you can take ECON 1400 first and see how it goes. If you discover that you really like economics, you can then take ECON 2201 and ECON 2202. (But you can not take ECON 1400 for credit after completing either ECON 2201 or ECON 2202.)

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Q: What is the difference between ECON 2201 Principles of Microeconomics and ECON 2202 Principles of Macroeconomics?
A: One way of looking at it is in macroeconomics you study the forest and in microeconomics you study the trees that make up the forest. Macroeconomics, to be more precise, is the branch of economics that studies the structure and performance of the economy as a whole. Macroeconomics is especially concerned with national income, unemployment, inflation, and economic growth. Microeconomics is the branch of economics that studies the choices of consumers, business firms, workers, etc. Microeconomics is especially concerned with how prices are determined and how prices allocate scare resources among competing uses.

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Q: I need to take both ECON 2201 and ECON 2202. Which one should I take first?
A: You'll probably learn more things in micro (ECON 2201) that will help you in macro (ECON 2202) than vice versa, but it doesn't matter which order you take these two courses.

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Q: Can I take ECON 2201 and ECON 2202 at the same time?
A: Yes, you can take both courses at the same time.

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Q: I need to take either micro or marcro. Which one should I take?
A: We can't really say. Some people prefer micro (ECON 2201) to macro (ECON 2202), but others prefer macro to micro. You'll probably find more things in micro that you can use in your personal and professional life. But macro is also a good choice, especially if you're the type of person who pays attention to things in the news like inflation, unemployment, the dollar, etc. You might also consider taking ECON 1400 Survey of Economics instead. This new course covers the essentials of both micro- and macroeconomics.

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Q: I want to learn about investing and how to make money in the stock market. Which course should I take?
A: ECON 1100 Personal Finance. However, this class is about more than just investing. The aim of this course is to develop your ability to make informed judgments and effective decisions, consistent with your personal goals and values, when it comes to using and managing your money.

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Q: What' is the difference between ECON 1100 Personal Finance and ECON 1200 Consumer Economics?
A: These two courses complement each other. The major areas of consumer economics are: (1) economic principles relevant to consumers, (2) information gathering and decision making, (3) consumer rights and responsibilities, and (4) the use and management of money. ECON 1100 primarily covers primarily the last area whereas ECON 1200 primarily covers the first three areas. Together, these two courses will provide you with knowledge and skills to deal with everyday consumer problems, and give you a broad-based understanding of the role of consumers in the marketplace.

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Q: What can I do with an economics degree and what kind of income can I earn?
A: Go to Majoring in Economics.

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Q: On the pre-economics major page you recommend either BUSN 2220 Statistics for Business and Economics or MATH 1080 Introduction to Statistics. What's the difference between these two courses?
A: There isn't much difference in terms of the course topics and the level of math used. BUSN 2220 lists MATH 1100 College Algebra and Probabilityas a prerequisite whereas MATH 1080 doesn't. MATH 1080 satsifies MnTC goal 4 whereas BUSN 2220 doesn't satisfy any MnTC goals. If you take BUSN 2220 most all of your classmates will be intent on transferring to a business school and majoring in business administration or accounting. MATH 1080 will have a wider variety of students in it.

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Q: On the pre-economics major page you recommend either MATH 1400 Survey of Calculus or MATH 1510 Calculus 1.What difference will my choice make?
A: Taking MATH 1510 will start you on the path to completing the multiple-course calculus sequence (MATH 1510, MATH 1520, Math 2510, and MATH 2520 at Normandale) . The more of the courses in this sequence you complete, the more rigorous of a bachelor's degree you can pursue. See, for example, the math requirements at the University of Minnesota-Twin Cities and the University of Wisconsin-Madison.

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Q: Can I take an economics course by independent study?
A; Yes. You need to consult with a professor in the economics department regarding the outcomes of an independent study project in economics. A professor must agree to sponsor you in your independent study project. After a member of the economics faculty agrees to sponsor you, your request to do an economics independent project must be submitted to the Dean of Business, Social Sciences for approval. You will be charged the current per credit tuition and fees.

Application forms for independent study are available in the Mahendra Nath Advising Center. A maximum of five independent study credits may be applied toward degree requirements.

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Q: Can I earn credit for any economics courses through the CollegeBoard's College Level Examination Program (CLEP)?
A: Yes. Depending on your scores, you may earn credit for ECON 2201and/or ECON 2202. Please contact the Counseling Department for more information.

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Q: Can I earn credit for the Adavnced Placement (AP) economics courses I took (or will take) in high school?
A: Yes, if you also took (take) the AP exams, you may earn credit for ECON 2201and/or ECON 2202--depending on your exam scores. Please contact the Counseling Department for more information.

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