The International Economics minor shows students how international trade and finance works. Students learn how to calculate exchange rates, how the International Monetary Fund, World Bank, and World Trade Organization operate, how relationships of dependency exist between rich and poor nations, how it is important that countries be currency sovereign and control their own currency so they can control their fiscal and monetary policy, how international loans in debt poor countries and keep them poor, and how floating exchange rates are the best option in a world of fluctuating trade relationships. Students become ready to work with international financial organizations, economic development organization, non-governmental organizations, and companies with international divisions like large banks and insurance companies.
Required Courses (9 credit hours)
ECO 201 PRINCIPLES OF MACROECONOMICS 3
ECO 202 PRINCIPLES OF MICROECONOMICS 3
ECO 305 STATISTICS FOR ECONOMICS (May substitute MAT 311) 3
Electives (12 credit hours)
Select four from the following: 12
ECO 307 INTERMEDIATE MICROECONOMICS
ECO 308 INTERMEDIATE MACROECONOMICS
ECO 401 INTERNATIONAL ECONOMICS
ECO 403 COMPARATIVE ECONOMIC SYSTEMS
ECO 404 ECONOMIC DEVELOPMENT
Total Credit Hours 21
Important policy reminder: Current College policy states that a maximum of 3 courses from a student’s academic major can be used to fulfill the requirements of a minor. For example, if a Business major earns the credits for the required Business courses of Principles of Macroeconomics, Economic Statistics, and Corporation Finance, only THREE of these courses can be used to satisfy the requirements of an Economics Minor.
The Economic Policy Analysis minor helps students who want to work in politics and government to handle questions like: how can we get wages to increase, when should the government stimulate the economy, when should interest rates be reduced by the central bank, how can we improve women’s earnings, what can be done to solve the energy crisis, and how do we stop urban sprawl. Using concrete tools and real-life examples from true policymakers in labor and in politics on and off the field, our students learn to solve complex social problems.
Required Courses (9 credit hours)
ECO 201 PRINCIPLES OF MACROECONOMICS 3
ECO 202 PRINCIPLES OF MICROECONOMICS 3
ECO 305 STATISTICS FOR ECONOMICS (May substitute MAT 311) 3
Electives (12 credit hours)
Select 12 credit hours from the following: 12
ECO 301 ECONOMICS OF LABOR RELATIONS
ECO 302 WOMEN IN THE ECONOMY
ECO 312 URBAN ECONOMICS
ECO 325 INDUSTRIAL ORGANIZATION
ECO 350 PUBLIC FINANCE
ECO 355 THE ECONOMICS OF ENERGY AND THE ENVIRONMENT
ECO 403 COMPARATIVE ECONOMIC SYSTEMS
ECO 404 ECONOMIC DEVELOPMENT
ECO 411 REGIONAL ECONOMIC ANALYSIS
Total Credit Hours 21
Important policy reminder: Current College policy states that a maximum of 3 courses from a student’s academic major can be used to fulfill the requirements of a minor. For example, if a Business major earns the credits for the required Business courses of Principles of Macroeconomics, Economic Statistics and Corporation Finance, only THREE of these courses can be used to satisfy the requirements of an Economics Minor.
The Business Economics minor is designed primarily for Business Studies majors, and secondarily for students in other majors who would like a background in economics commonly used in today's businesses. The minor in Business Economics introduces students to the essentials of finance including how to read and understand financial statements, how to calculate the value of stocks and bonds, how the government and banks create money, how debt works, and why credit is so important to a growing economy. Minors in Business Economics understand what banks, brokerages, finance companies, insurance companies do, how they make money and how they help mitigate and create risk for our economy. Using the tools of economics and finance, minors greatly improve their analytical capacity. Students become competent in handling the most basic problems in the finance and business world and improve their earning potential.
Required Courses (9 credit hours)
ECO 201 PRINCIPLES OF MACROECONOMICS 3
ECO 202 PRINCIPLES OF MICROECONOMICS 3
ECO 305 STATISTICS FOR ECONOMICS (May substitute MAT 311) 3
Electives (12 credit hours)
Select 12 credit hours from the following: 12
ECO 304 MONEY AND BANKING
ECO 307 INTERMEDIATE MICROECONOMICS
ECO 308 INTERMEDIATE MACROECONOMICS
FIN 314 CORPORATION FINANCE
ECO 320 MANAGERIAL ECONOMICS
ECO 325 INDUSTRIAL ORGANIZATION
ECO 350 PUBLIC FINANCE
ECO 424 ECONOMETRICS
FIN 345 ESTATE PLANNING
FIN 370 TECHNICAL ANALYSIS OF FINANCIAL MARKETS
Total Credit Hours 21
Important policy reminder: Current college policy states that a maximum of 3 courses from a student’s academic major can be used to fulfill the requirements of a minor. For example, if a Business major earns the credits for the required Business courses of Principles of Macroeconomics, Economic Statistics and Corporation Finance, only THREE of these courses can be used to satisfy the requirements of an Economics Minor.
The master of arts in applied economics is designed for students who want to gain an in-depth knowledge of modern economics and finance, particularly those interested in or already working in:
1. A bachelor’s degree from an accredited college or university with a minimum cumulative GPA of 2.7 (4.0 scale), or a master’s degree from an accredited institution with a minimum cumulative GPA of 3.0 (4.0 scale).
2. Applicants who hold a bachelor’s degree but do not meet either of the above criteria may be admitted if they attain an appropriate minimum score on the Graduate Record Exam (GRE), attain an appropriate minimum score on the Miller Analogies Test (MAT), or complete 6 credit hours of 500-level coursework at the college as an accepted premajor student with a minimum cumulative GPA of 3.5.
3. Three letters of reference.
4. A letter describing the applicant’s interest in the program.
In addition, all applicants should review the Admission to a Graduate Program section in the Graduate Catalog.
Students will:
1. understand the historical development of economic concepts in relation to social policy needs.
2. understand how different schools of thought shape the approach to the assessment of economic issues.
3. understand and use theoretical economic models to facilitate research in economics and finance.
4. understand and apply selected quantitative methods of economic analysis.
5. be able to undertake economic and finance research and to derive policy implications.
Required Courses (12 credit hours)
ECO 505 HISTORY OF ECONOMIC THOUGHT 3
ECO 507 APPLIED MICROECONOMIC THEORY 3
ECO 508 APPLIED MACROECONOMIC THEORY 3
ECO 524 APPLIED ECONOMETRICS 3
Suggested Content Specialty Courses
Economic Policy Analysis Courses
Select three from the following: 9
ECO 600 LABOR ECONOMICS
ECO 610 ECONOMICS OF EDUCATION
ECO 612 URBAN ECONOMIC ANALYSIS
ECO 650 PUBLIC FINANCE
ECO 660 COST-BENEFIT ANALYSIS
Financial Economics Courses
Select three from the following: 9
ECO 650 PUBLIC FINANCE
FIN 619 RISK MANAGEMENT
FIN 622 CAPITAL MARKETS
FIN 630 INTERNATIONAL FINANCE
FIN 645 ESTATE PLANNING AND TAXATION
Other Elective Courses (3-9 credit hours) *1
Select 3-9 credit hours from the following: 3-9
ECO 502 WORKSHOP IN ECONOMIC EDUCATION
ECO 510 ECONOMICS OF EDUCATION
ECO/INT 601 ENGINEERING ECONOMY
Master's Project, Master's Thesis, or Comprehensive Examination (3 credit hours)
Select one from the following: 3
ECO 690 MASTER'S PROJECT (1-6)
ECO 695 MASTER'S THESIS (1-6)
Comprehensive Examination
Total Credit Hours 30
*1 Selected under advisement.
Graduation Requirements
A minimum of 30 credit hours at the graduate level, including a minimum of 15 credit hours at the 600 level. Students also must complete required core courses and one of the following: a master’s project, a master’s thesis, or a comprehensive examination. A field of specialization is recommended but not required.
The B.S. degree program in economics provides a solid foundation in the basic skills and analytical techniques that are necessary to understand changes in the broad economic environment and be able to formulate decisions as consumers, resource owners, and managerial personnel in business, government, and nonprofit organizations. Students choose a concentration in either applied economics or financial economics and complete additional required courses and specialized electives. Both concentrations prepare students for entry-level management positions in business, government, and nonprofit organizations, and provide excellent preparation for graduate work in business administration, economics, and law. Financial economics is the rigorous study of financial markets (bonds, derivatives, swaps, and equities) and their related institutions.
Transfer Students
Most courses taken at an accredited institution and relevant to the B.S. degree program will be accepted, but the majority of courses applied to the major must be courses completed at Buffalo State. In most cases, grades for transfer courses will be used in computing the required GPA for admission into the program.
Transfer or uncommitted students must have a minimum GPA of 2.0 in previous college credits.
Students will:
1. understand basic economics and finance concepts.
2. be able to create technical reports using economics and/or financial concepts.
3. be able to use economic and/or financial models to analyze economics and/or finance problems.
4. be able to use Excel, SAS, or other software to analyze data.
5. be able to use Excel, SAS, or other software to analyze economic and/or financial models.
6. learn how to create and give presentations using programs such as PowerPoint.
General Education 23 Requirements
33 credit hours 33
Economics Major Requirements (39-45 credit hours)
Required Courses (27 credit hours)
BUS 312 FINANCIAL ACCOUNTING 3
ECO 201 PRINCIPLES OF MACROECONOMICS 3
ECO 202 PRINCIPLES OF MICROECONOMICS 3
ECO 305 STATISTICS FOR ECONOMICS 3
ECO 307 INTERMEDIATE MICROECONOMICS 3
ECO 308 INTERMEDIATE MACROECONOMICS 3
ECO 424 ECONOMETRICS 3
ECO 490 SENIOR SEMINAR 3
MAT 126 APPLIED CALCULUS I 4
or MAT 161 CALCULUS I
Concentrations (12-18 credit hours)
Select one of the following concentrations: *1 12-18
Applied Economics Concentration
Financial Economics Concentration
All College Electives
36-48 credit hours 36-48
Total Credit Hours 120
It is strongly recommended that students who plan to pursue a Ph.D. in economics also complete, as a minimum, MAT 161, MAT 162, and MAT 202.
*1 Students are required to select one of two concentrations. Only 3 credit hours of ECO 488, ECO 495, or ECO 499 may be included.
Applied Economics Concentration
ECO 320 MANAGERIAL ECONOMICS 3
or ECO 325 INDUSTRIAL ORGANIZATION
ECO 405 HISTORY OF ECONOMIC THOUGHT 3
Select at least 6 credit hours from the following: 6
ECO 300 LABOR ECONOMICS
ECO 301 ECONOMICS OF LABOR RELATIONS
ECO 302 WOMEN IN THE ECONOMY
ECO 304 MONEY AND BANKING
ECO 312 URBAN ECONOMICS
ECO 350 PUBLIC FINANCE
ECO 355 THE ECONOMICS OF ENERGY AND THE ENVIRONMENT
ECO 360 INTRODUCTION TO THE ECONOMIC ANALYSIS OF LAW
ECO 401 INTERNATIONAL ECONOMICS
ECO 403 COMPARATIVE ECONOMIC SYSTEMS
ECO 404 ECONOMIC DEVELOPMENT
ECO 411 REGIONAL ECONOMIC ANALYSIS
ECO 488 INTERNSHIP (3-12)
ECO 495 SPECIAL PROJECT (1-3)
ECO 499 INDEPENDENT STUDY (3-12)
FIN 400 INTERNATIONAL FINANCE
GEG 305 PRINCIPLES OF ECONOMIC GEOGRAPHY
Total Credit Hours 12
Financial Economics Concentration
BUS 313 MANAGERIAL ACCOUNTING 3
ECO 304 MONEY AND BANKING 3
FIN 314 CORPORATION FINANCE 3
Select at least 9 credit hours from the following: 9
ECO 488 INTERNSHIP (3-12)
ECO 495 SPECIAL PROJECT (1-3)
ECO 499 INDEPENDENT STUDY (3-12)
FIN 345 ESTATE PLANNING
FIN 370 TECHNICAL ANALYSIS OF FINANCIAL MARKETS
FIN 400 INTERNATIONAL FINANCE
FIN 414 INVESTMENT MANAGEMENT
FIN 415 CASES IN CORPORATION FINANCE
FIN 416 ADVANCED CORPORATION FINANCE
FIN 417 DERIVATIVE SECURITIES
FIN 418 BOND MARKETS
FIN 419 MERGERS AND ACQUISITIONS
Total Credit Hours 18
