Economics, Bachelor of Science (B.S.) [School of Business]

Economics is the science of human choice, the study of how scarce resources are allocated among competing uses to satisfy human wants. Since many choices analyzed are made by or affect business decision makers, economics is a unique blend of liberal arts and business. Therefore, the Department of Economics offers an undergraduate major in both the College of Humanities and Sciences and the School of Business. The major in the College of Humanities and Sciences is designed for students who desire the flexibility and breadth that is associated with a liberal arts degree. Students who want to combine training in economics with exposure to the business disciplines should consider the major in the School of Business.

Undergraduate work in economics is excellent preparation for careers in business, government and teaching, as well as for graduate work in economics and professional schools such as law, public administration and medicine. Specialization in economics prepares students for careers that emphasize analytical thinking, a broad understanding of the economy and business organizations and the proper choice of policies by governments and business enterprises. Because of their analytical, quantitative and decision-making skills, students who major in economics are sought after for a wide array of positions in management and sales. The specific skills they acquire also provide employment opportunities in large organizations with departments that forecast business conditions and analyze economic data of special interest to the organizations.

The mission of the B.S. in Economics is to provide undergraduate students with economic knowledge and skills that will enable them to compete successfully in changing regional, national and global economic environments.

Learning goals

• Critical thinking
• Quantitative proficiency
• Communication

Student learning outcomes

Upon completing this program, students will know and know how to do the following:

• Students will solve key microeconomic problems.
• Students will solve key macroeconomic problems.
• Students will be able to interpret and analyze data and express economic relationships using graphs, equations and words.
• Students will demonstrate strong oral and written communication skills.
• Students will be able to employ economic models and data to analyze questions of economic significance.

Special requirements

The School of Business has special academic policies, including policies on transfer credits, that apply to all undergraduate degrees. 

School of Business and B.S. in Economics progression policies

Students enrolled in undergraduate programs of the School of Business engage in a demanding curriculum designed to set them up for success in the world of business. In order to successfully maintain progress toward graduation, students are required to meet the following criteria in order to remain in their majors:

• Students are required to pass major and ancillary requirements within two attempts. If a student withdraws from a course, it will count as an attempt.​

  • Upon the third attempt at a course, students will be placed on business probation and must pass the course successfully in that third attempt.

• Students must maintain a minimum 2.0 major GPA.

  • If a student's major GPA drops below 2.0, they will be placed on business probation and allowed one semester to raise their major GPA to 2.0. 

Upon notification of being placed on business probation, students will receive a registration hold, and must meet with their business adviser prior to the add/drop deadline of the pursuant semester in order to create an action plan to either pass the repeated course successfully, or increase their major GPA.

Students who do not meet the performance expectations of business probation in that same semester will be required to change their major prior to the start of the next semester.

Students may appeal the change of major via the associate dean of the School of Business. Students must initiate the appeal with their assigned academic adviser. The associate dean may, at their discretion, extend the time period needed to meet the requirements, generally by only one semester. A student who wishes to appeal must submit his or her appeal at least one week prior to the start of the next semester in which they register for classes.

Degree requirements for Economics, Bachelor of Science (B.S.)

The minimum number of credit hours required for this degree is 120.

What follows is a sample plan that meets the prescribed requirements within a four-year course of study at VCU. Please contact your adviser before beginning course work toward a degree.

Recommended course sequence/plan of study 

Freshman year
Fall semester		Hours
BUSN 201 or BUSN 205	Foundations of Business or Introduction to the World of Business	3
UNIV 111 Play course video for Introduction to Focused Inquiry: Investigation and Communication	Introduction to Focused Inquiry: Investigation and Communication (satisfies general education UNIV foundations)	3
UNIV 191 or UNIV 101 or UNIV 103	Student Success Special Topics (satisfies open elective) or Introduction to the University or Education and Career Planning	1
General education courses		6
Open elective (prerequisite to BUSN 212 or MATH 200 suggested)		3
	Term Hours:	16
Spring semester
ACCT 203	Introduction to Financial Reporting	3
ECON 210	Principles of Microeconomics (satisfies general education BOK for social/behavioral sciences and/or AOI for global perspective)	3
MATH 200 or BUSN 212	Calculus with Analytic Geometry I (either satisfies general education quantitative foundations) or Business Problem Solving and Analysis	4
UNIV 200	Advanced Focused Inquiry: Literacies, Research and Communication (satisfies general education UNIV foundations)	3
General education course		3
	Term Hours:	16
Sophomore year
Fall semester
ACCT 204	Introduction to Managerial Accounting	3
BUSN 301	Career and Professional Development	1
ECON 211	Principles of Macroeconomics	3
MKTG 301	Marketing Principles	3
SCMA 301	Business Statistics I	3
General education course		3
	Term Hours:	16
Spring semester
BUSN 325	Business Communications	3
FIRE 311	Financial Management	3
MGMT 303	Creativity and Ideation	3
MGMT 310	Managing People in Organizations	3
Open elective		3
	Term Hours:	15
Junior year
Fall semester
ECON 300	Contemporary Economic Issues	3
ECON 301	Microeconomic Theory	3
INFO 360 or ACCT 307	Business Information Systems or Accounting Systems	3
SCMA 320	Production/Operations Management	3
General education course		3
	Term Hours:	15
Spring semester
BUSN 323	Legal Environment of Business	3
ECON 302	Macroeconomic Theory	3
ECON electives		6
	Term Hours:	12
Senior year
Fall semester
ECON 501 or SCMA 302	Introduction to Econometrics or Business Statistics II	3
ECON electives		6
General education course		3
Open elective		3
	Term Hours:	15
Spring semester
BUSN 499	Business Knowledge Exam	0
ECON 431 or ECON 441 or ECON 442 or ECON 461 or ECON 489	Labor Economics or Experimental Economics or Economic Growth or Monetary Policy Seminar or Senior Seminar in Economics	3
MGMT 434	Strategic Management	3
ECON elective		3
Open electives		6
	Term Hours:	15
	Total Hours:	120

The minimum number of credit hours required for this degree is 120.

Accelerated B.S. and M.A.

The accelerated B.S. and M.A. program allows qualified students to earn both the B.S. and M.A. in economics in a minimum of five years by completing approved graduate courses during the senior year of their undergraduate program. Students in the program may count up to 12 hours of 600-level graduate courses toward both the B.S. and M.A. degrees. Thus, the two degrees may be earned with a minimum of 138 credits rather than the 150 credits necessary if the two degrees are pursued separately.

Students holding these degrees will be more competitive when seeking positions requiring the acquisition, manipulation and analysis of data. While undergraduates are required to obtain some data skills, the M.A. program is far more focused in this area with a course in mathematical economics and three econometrics classes. Furthermore, two of these econometrics classes require students to gather data, perform analysis and report on that analysis. Such practical skills are highly valued in the labor market.

Entrance to the accelerated program

Interested undergraduate students should consult with their adviser as early as possible to receive specific information about the accelerated program, determine academic eligibility and submit (no later than two semesters prior to graduating with a baccalaureate degree, that is, before the end of the spring semester of their junior year) an Accelerated Program Declaration Form to be approved by the graduate program director. Limited spaces may be available in the accelerated program. Academically qualified students may not receive approval if capacity has been reached.

Minimum qualifications for entrance to this accelerated program include completion of 85 undergraduate credit hours including ECON 300, ECON 301 and ECON 302 ; an overall GPA of 3.25; and a GPA of 3.25 in economics and quantitative course work. Students who do not meet the minimum GPA requirements may submit GRE scores to receive further consideration. Further information is available from the faculty adviser to the economics M.A. program. 

Once enrolled in the accelerated program, students must meet the standards of performance applicable to graduate students as described in the “Satisfactory academic progress” section of the Graduate Bulletin, including maintaining a 3.0 GPA. Guidance to students admitted to the accelerated program is provided by both the undergraduate economics adviser and the faculty adviser to the graduate program.

Admission to the graduate program

Entrance to the accelerated program enables the student to take the approved shared courses that will apply to the undergraduate and graduate degrees. However, entry into an accelerated program via an approved Accelerated Program Declaration Form does not constitute application or admission into the graduate program. Admission to the graduate program requires a separate step that occurs through a formal application to the master’s program, which is submitted through Graduate Admissions no later than a semester prior to graduation with the baccalaureate degree, that is, before the end of the fall semester of the senior year. In order to continue pursuing the master’s degree after the baccalaureate degree is conferred, accelerated students must follow the admission to graduate study requirements outlined in the VCU Bulletin.

Degree requirements

The Bachelor of Science in Economics degree will be awarded upon completion of a minimum of 120 credits and the satisfactory completion of all undergraduate degree requirements as stated in the Undergraduate Bulletin. For students in the accelerated program, ECON 501 and ECON 614 must be taken as the quantitative approaches to business requirements.

A maximum of 12 graduate credits at the 600 level may be taken prior to completion of the baccalaureate degree. These graduate credits substitute for required major electives or open elective credits for the undergraduate degree. These courses are shared credits with the graduate program, meaning that they will be applied to both undergraduate and graduate degree requirements.

The graduate economics courses that may be taken as an undergraduate, once a student is admitted to the program, are:

Recommended course sequence/plan of study

What follows is the recommended plan of study for students interested in the accelerated program beginning in the fall of the junior year prior to admission to the accelerated program in the senior year.