Frequently
Asked Questions About Economics
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Q: Are any economics classes
suitable for first-year students?
A: Yes. The economics faculty will offer several first-year
seminars this year. For descriptions of these courses, click here.
The department also offers many sections of "Introduction to Economics," or ECN-111, which will satisfy an
empirical studies/human behavior (HB) requirement. This course uses
economic analysis to address a wide variety of topics, from the causes
of inflation and recession to minimum wage policy and the legalization
of marijuana. Students who are comfortable with quantitative reasoning
using basic algebra and two-variable diagrams (graphs), and who have an
interest in economics, business, or public policy, might wish to
consider taking ECN-111 in their first or second semester at Furman.
ECN-111 is also an excellent course for students who are considering
pre-law. If you go on to major in economics, mathematics-economics,
business, or urban studies, you'll need to take ECN-111 as part of your
major.
If you have received AP credit for both
Microeconoimcs and Macroeconomics, you may wish to take a 200-level
course, such as Economics of Gender, Urban Economics, International
Trade, Labor Economics, or another topics-oriented economics course.
This will help reinforce your theoretical skills and give you a feeling
for how economists think about major policy and business issues. Most
of our 200-level courses satistify an
empirical studies/human behavior (HB) requirement
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Q: I received AP credit for Microeconomics but not
Macroeconomics (or Macroeconomics but not Microeconomics). Which
economics course should I take first?
A: You should
take Introduction to Economics (ECN-111) since it covers both
microeconomics and macroeconomics. While a portion of this course will
be review for you, the rest of it will present new material that may be
used in subsequent courses.
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Q: I have heard
that economics courses use a lot of math. Is that true?
A: Yes and no.
Although our first-year seminars and Introduction to Economics courses
use basic quantitative reasoning (e.g., By how much will gasoline
consumption fall if the price rises by 10%?), algebra and graphing are
the primary mathematical skills used in these courses. As you move into
intermediate theory (ECN-345, ECN-346), basic differential calculus and
optimization techniques will be used. In our Statistics (ECN-225) and
Empirical Methods (ECN-331) courses, varisous statistical analysis
techniques are introduced.
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Q: In addition
to the empirical studies-human behavior (HB) category, do economics
courses satisfy any other general education requirements?
A: Yes. But
first note that most of our two-hundred level coures satisfy the human
behavior requirement (HB). In addition, the department is offering
several first-year seminars (FYS and FYW), and our statistics course,
ECN-225, satisfies the mathematical and formal reasoning requrirement
(MR). The world cultures requirement (WC) can be satisfied with
Economics of China (ECN-251), Economic Growth and Development
(ECN-243), or Asian Economics (ECN-249...pending
approval by the Academic Policies Committee).
Economics of the Environment (ECN-236) and Population, Economy, and
Society (ECN-235/SOC-221) will receive credit for the Humans and their
Natural Environment (NE) requirement.
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Q: When is a good
time to declare a major in economics?
A: After you have
taken ECN-111, Introduction to Economics, and perhaps one other
200-level economics course, you will have a pretty good sense of what
your interest in and aptitude for economics is. If you think you might
want to major in economics, contact Ken Peterson, Chair of the
Economics Department, to talk about the opportunities in the department
and what you can do with an economics major after graduation. His phone
number is 864-294-3043. Many students choose to declare a major
sometime during their second year at Furman, although some wait until
early in their third year and others declare during their first year.
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Q:
Which majors do you offer?
A: The
Department of Economics offers majors in economics and
mathematics-economics (in cooperation with the Math Department).
We also participate in three interdisciplinary concentrations: Women's Studies, Environmental
Studies, and Poverty Studies, and one interdisciplinary major:
Urban Studies.
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Q: How do I
declare a major?
A: Contact the department chair in the department in which you
wish to major. He or she will meet with you and help you complete the
major declaration. In economics, the process takes about ten to fifteen
minutes. In economics email
Ken Peterson or call him at 864-294-3043.
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Q: Where can I
find out more about the economics department and majors?
A: Go to http://economics.furman.edu or
meet with the department chair, Ken Peterson. He can be reached by email or phone at
864-294-3043.
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Q: What can I do
with an economics major?
A: The economics
major helps students develop strong analytical skills that can be
applied to a wide variety of careers in business, government, and
not-for-profit organizations. About twenty percent of Furman economics
majors go to law school. About one third enter a career in the
financial industry (investments, banking, corporate finance, real
estate, and insurance) immediately after graduation. The rest pursue a
diverse and interesting set of opportunities, which have included
urban planning and regional economic development, consulting,
starting a business, medical
school, and not-for-profit work at institutions such as Teach for
America. A number of students go back for an MBA after several years of
work experience. One of the advantages of the economics major is that
it helps develop skills that can be applied to many different careers.
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