THE ECONOMICS MAJOR AT A GLANCE: Economics is the scientific study of how individuals and institutions use their limited resources to satisfy their unlimited wants. The discipline begins with a sequence of core economic courses and then branches outward allowing cadets to focus on the international arena, public policy and finance, or quantitative economics. The major is designed to help a student develop analytical skills which can be applied in a variety of circumstances. Cadets acquire the tools necessary to solve a wide range of problems such as allocating military personnel, analyzing a company's production efficiency, and evaluating the effect of government regulations. The Economics major develops problem solving techniques which have been proven effective in today's changing Air Force environment and is widely recognized as a solid background for careers in business, government, law, and teaching.
The goal of the Economics program is to graduate leaders of character who:
 Apply the Economic Way of Thinking to analyze and solve problems
 Evaluate incentive structures of institutions / organizations / markets using the concepts of: opportunity cost, marginal analysis, supply & demand, specialization, gains from trade, macroeconomics
 Evaluate alternatives and the intended / unintended consequences of policy decisions to make optimal choices
 Critically analyze economic, public issue, policy, national security, or other (multidisciplinary) problems
 Understand the strengths and the limitations of economic analysis
 Use positive / normative principles in relation to ethical implications
 Choose appropriate analytical tools to solve economic problems
 Effectively communicate economic concepts and analyses
 Explain (verbally and written) analytical and statistical concepts to noneconomists
 Construct persuasive arguments, based on economic insights, regarding rational choices.
COURSE REQUIREMENTS : 147 Semester Hours
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A. 96 Semester hours of Dean's academic core courses to include the following core substitutes:
Required Core Substitute 
Substitutes for 
Math 356 Probability and Statistics for Engineers and Scientists 
Math 300 
Ops Rsch 310 Systems Analysis 
Systems Option 
B. 5 Semester hours of Director of Athletics core courses.
C. 1 Semester hour of First Year Experience.
D. 3 Semester hours of Academy Option.
E. 42 Semester hours of major's courses:
1. Econ 332 Microeconomic Theory I
2. Econ 333 Microeconomic Theory II
3. Econ 355 Principles of Macroeconomics
4. Econ 356 Intermediate Macroeconomics
5. Econ 240 Development of Economic Thought
6. Econ 365 Analysis of Economic Data
7. Econ 465 Introduction to Econometrics
8. Econ 450 International Economics
9. Econ 478 Defense Economics
10. Mgt 341 Financial Accounting
1114. Econ Electives (See Supplemental Information)
Supplemental Information:
Two of the four Econ Electives must be 300 or 400 level economics courses (or Soc Sci 420), excluding Econ 301 and Econ 374. The two remaining Econ Electives can be any 300 or 400 level economics course or be from the list below:
For Lang ≥ 200level
Geo 310 Geospatial Information Analysis
Law 340 Business Law
Mgt 342 Managerial Accounting
Mgt 372 Introduction to Investing & Financial Responsibility
Mgt 375 Marketing
Mgt 382 Investing and Financial Responsibility
Mgt 391 Information Technology for Organizations
Mgt 392 Organizational Networks in Cyberspace
Mgt 437 Managerial Finance
Mgt 477 Production and Operations Management
Math 243 Calculus III or Math 253 Advanced Placed Calculus III
Math 245 Differential Equations
Math 320 Foundations of Mathematics
Math 340 Discrete Mathematics
Math 342 Numerical Analysis
Math 359 Design and Analysis of Experiments
Math 360 Linear Algebra or Math 344 Matrices and Differential Equations
Math 366 Real Analysis I
Ops Rsch 321 Probabilistic Models
Ops Rsch 411 Topics in Mathematical Programming
Ops Rsch 419 Capstone in Operations Research: Case Studies
Ops Rsch 420 Capstone in Operations Research
Philos 330 Introduction to the Philosophy of Science
Pol Sci 394 Comparative Government and Politics
Pol Sci 444 International Political Economy
Pol Sci 445 International Organization & Global Issues
Pol Sci 460 Comparative Security Policy and Civil Military
Relations
Soc Sci 483 Principles of Negotiation & the Mediation Process
Sys Engr 290 Systems Engineering I
Sys Engr 301 Project Management
Note: Students seriously considering graduate school should take as many of the quantitative economic courses as possible. The quantitative options introduce the Economics major to some of the relatively difficult subjects before beginning your graduate studies. Students seriously considering Financial Management and/or Cost Analysis are encouraged to take Mgt 342.
SUGGESTED COURSE SEQUENCE :
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