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FAQs: Undecided Minors

What are the requirements for a minor?

The requirements for a minor in economics are laid out here. But to summarize, you must complete with a grade of C or better the following courses: ECO 2013 Principles of Macroeconomics, ECO 2023 Principles of Microeconomics, ECO 3101 Intermediate Microeconomics, and ECO 3203 Intermediate Macroeconomics. After completing these you must take an additional two upper division economics courses as electives. However, the following courses cannot be used as elective courses for the minor: ECO3041, ECO3202, ECO3949, ECO4906 and ECO4949.

Can I take more than two electives?

Of course. And if you like economics courses that much you should think about majoring in economics.

I am a business major, what's in it for me if I minor in economics?

When you graduate as a business major you will be one of hundreds of graduates competing for jobs. Taking a minor in economics is one way to distinguish yourself from the masses. It will demonstrate that you have a taken a few courses that are more rigorous than most of those that are required of business majors; it will provide you with skills that your competitors do not have, and it will give you an a deeper understanding of the economic context in which you run your business.

The additional skills that a minor in economics will give you are valued by employers, although not as much as majoring in economics. We know this because economics majors on average earn more than business majors, earning an initial salary comparable to finance majors.

In terms of the number of courses you must take, minoring in economics is easy for business majors. The minor in economics requires that you take 6 economics courses. But of these six, you are already required to take two of them (the two principles courses) as part of your major in business. The business major further requires you take ECO 3202: Applied Macroeconomics. If you minor in economics, you will instead take ECO 3203: Intermediate Macroeconomics. It will substitute for Applied Macro. That leaves only three courses to take that you might otherwise not have chosen. One of these must be ECO 3101 Intermediate Microeconomics. The other two are up to you.

I am a business major, and still haven't made up my mind about a minor. Any advice?

Yes. You should not take ECO 3202: Applied Macroeconomics. Instead, take ECO 3203: Intermediate Macroeconomics. It will substitute for Applied Macro, and is also one of the courses required for the minor. However, Applied Macro does not satisfy the requirement for Intermediate Macro.

How can declare a minor in economics?

To declare a minor Economics, you must have completed 60 credits, have at least a 2.0 GPA, and have passed or been waived the CLAST exam. If you meet these requirements, you may declare a minor in Economics by filling out a declaration available from the office staff in the Department of Economics, DM-316. To avoid delay, you should come to the department with a current copy of your SASS report and complete the form. Your SASS report will be reviewed by the undergraduate advisor, who will then sign it. You will then need to obtain the signature of your major advisor. Although we will be happy to send the form to your major advisor by interoffice mail, it is probably in your interests to collect the approved form from our office staff and take it to your major advisor personally.

Which courses should I take first?

You may start your economics career with either Principles of Microeconomics or Principles of Macroeconomics. There is perhaps a slight advantage in taking Principles of Microeconomics first, since you will acquire a firm grounding in supply and demand analysis. However, in the macro course you will learn enough supply and demand analysis to be able to do well in the course. So which course should you take first? It really doesn't matter.

You should complete your lower division requirements of two Principles courses, statistics and calculus before tackling the upper division courses. Some sections of Intermediate Macro and Intermediate Micro use basic calculus extensively, and others do not. This depends on the instructors preferences. If calculus is used in a course, the instructor will teach the basics that you need in the first week. Hence calculus is not a requirement for the intermediate courses, but it will make your life a little easier if you have seen it before.

Many upper division economics electives have Intermediate Micro as a prerequisite, and some require Intermediate Macro. When either course is a prerequisite, it means that the material taught in the prerequisite will be used extensively in the elective, and it will not be reviewed. Panthersoft has not been good at preventing enrollment by students who do not satisfy the prerequisites, and we are not about to start checking by hand. But most students who take an upper division elective without satisfying the prerequisite fail or choose to drop out very quickly, while others are dropped by the instructor. Do not waste your time and money enrolling in courses for which you do not satisfy prerequisites.

In summary, get your lower division requirements out the way first. After that take the two intermediate courses. After that take your two electives, as well as any additional economics courses that take your fancy.

Do you have courses that satisfy FIU core requirements?

Yes we do. Several of our courses are in the University Core Curriculum: Taking the following courses will help you meet requirements of certain sections of the core:

Course

  • ECO 2103 - Principles of Macroeconomics (Social Inquiry)
  • ECO 2023 - Principles of Microeconomics (Social Inquiry)
  • ECS 3003 - Comparative Economic Systems (Societies and Identities)
  • ECS 3021 - Women, Culture, and Economic Development (Societies and Identities)

Can I take more than two electives?

Of course. And if you like economics courses that much you should think about majoring in economics.