Undergraduate
What is economics?
Economics is a very large field of social science, but at its heart of the attempt to understand how people, firms, governments and other actors make decisions, and how these decision makers interact with each other in markets and elsewhere. Both theoretical models of behavior and rigorous data analysis build this understanding. Economic models explain how a business’s decisions impact their profits, how public policy choices impact specific groups and overall social welfare, why economic activity may shrink in a recession, and many other issues.
Career Opportunities
A bachelor’s degree in economics at UT offers a wide scope for students to choose their courses and fields of concentration. One student may chart a path to gain a deep understanding of business strategy while another focuses on how public policy impacts the environment, health and inequality. The tools of economics are valuable in jobs as diverse as consumer marketing, political advocacy and sports analytics. Perhaps even more importantly, they provide a framework for understanding our ever-evolving society.
The analytical skills you develop in our program are useful for careers in the banking, finance, research and technology industries. Our graduates have successfully gone on to pursue careers within banking, politics, nonprofit organizations and government service as well as furthering their study in MBA programs, law school and advanced degrees in business and economics. Research suggests economics majors have higher performance on the GMAT than other social science or business graduates and higher LSAT scores.
99%
Graduates employed or pursuing higher education
$59,020
Average economics graduate salary
Job Examples
Economist
Economists analyze complex issues relating to how money flows through society by combining advanced statistical methods with factors like political stability or environmental sustainability to impact policy. They often work in academia, government, or think tanks.
Median Salary: $114,000
Analyst
Economics analysts use strong quantitative skills to gather and interpret data to identify broad economic trends and market conditions that might impact business decisions. They often work for private companies, regional governments, or financial institutions examining taxes, employment levels, inflation, energy costs, etc.
Median Salary: $106,750
Economic Development Specialist (non-profit)
Plans, designs, and implements economic development strategies, which might include liaising with community members, fostering local business growth, identifying market opportunities for business and community leaders, etc. Typically part of a local government, business incubator, or non-profit focused business growth in a specific sector like tourism or the environment.
Median Salary: $70,815**
Research Assistant (government)
Research assistants obtain, compile, organize and analyze economic data to inform policy decisions. Their evaluations help improve policy outcomes for individuals, families, neighborhoods and regions, and economic analysts are in demand in government agencies ranging from energy to the environment to the Federal Reserve System.
Median Salary: $43,000**
*All salaries not marked with ** are based on information from the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook.
**Based on data from Salary.com from the Knoxville, Tennessee area
Majoring in Economics
One can major in economics through either the Haslam College of Business or the College of Arts and Sciences, and each have only four required economics courses. Apart from these courses, students have flexibility to personalize their training and prepare for a wide variety of careers within range of economics curriculum.
Required Courses
Specific Major Requirements
- Econometrics and Data Analysis Concentration – Economics Major, BA (Arts and Sciences)
- Economic and Community Development Concentration – Public Affairs Major, BS in Public Affairs
- Economic Policy Concentration – Economics Major, BA (Arts and Sciences)
- Economics Major, BA (Arts and Sciences)
- Economics Major, BA (Arts and Sciences) – Five-Year BA/MA Program
- Economics Major, BA (Arts and Sciences) – Business Economics Concentration
- Economics Major, BA (Arts and Sciences) – Econometrics and Data Analysis Concentration
- Economics Major, BA (Arts and Sciences) – Economic Policy Concentration
- Economics Major, BA (Arts and Sciences) – Honors Concentration
- Economics Major, BS in Business Administration – Business Analytics Concentration
- Economics Major, BS in Business Administration – Collateral Option (Business Administration)
- Economics Major, BS in Business Administration – Heath Integrated Business and Engineering Program (Business Administration)
- Economics Major, BS in Business Administration – International Business Concentration (Business Administration)
- Economics Major, BS in Business Administration – Traditional Option (Business)
Economics
Concentrations
Prerequisites for Business Economics, Econometrics & Data Analysis, and Economic Policy concentrations include:
Select one course:
- ECON 211 – Principles of Microeconomics
3 Credit Hours * - ECON 217 – Honors: Principles of Microeconomics
3 Credit Hours *
Select one course:
- ECON 213 – Principles of Macroeconomics
3 Credit Hours * - ECON 218 – Honors: Principles of Macroeconomics
3 Credit Hours *
Select one course:
- STAT 201 – Introduction to Statistics
3 Credit Hours * - STAT 207 – Honors: Introduction to Statistics
3 Credit Hours *
Business Economics
Major Requirements
The major consists of either 30 upper-division (300- or 400-level) hours in economics or 27 hours of upper-division (300 or 400 level) hours in economics and a three-hour sequence in professional development. To complete the concentration in Business Economics, students must complete at least 9 of those credit hours from courses on approved list (below). Those courses may simultaneously fulfill any corresponding Economics major distribution requirements.
Complete:
- ECON 311 – Intermediate Microeconomics
3 Credit Hours - ECON 313 – Intermediate Macroeconomics
3 Credit Hours
Select 12 hours:
- 300-400 level ECON courses
Select 9 hours:
400-level ECON courses
- Upper-level electives must include at least 9 Hours from:
- ECON 331 – Government and Business
3 Credit Hours - ECON 335 – Economics of Strategy
3 Credit Hours - ECON 421 – International Economics
3 Credit Hours - ECON 435 – Industrial Organization
3 Credit Hours
* Meets Volunteer Core Requirement.
Econometrics & Data Analysis
Major Requirements
The major consists of either 30 upper-division (300- or 400-level) hours in economics or 27 hours of upper-division (300 or 400 level) hours in economics and a three-hour sequence in professional development. To complete the concentration in Econometrics and Data Analysis, students must complete ECON 381- Econometrics and at least 6 of those credit hours from courses on approved list (below). Those courses may simultaneously fulfill any corresponding Economics major distribution requirements.
Complete:
- ECON 311 – Intermediate Microeconomics
3 Credit Hours - ECON 313 – Intermediate Macroeconomics
3 Credit Hours - ECON 381 – Introduction to Econometrics
3 Credit Hours
Select 9 hours:
- 300-400 level ECON courses
Select 9 hours:
400-level ECON courses
- Upper-level electives must include at least 6 Hours from:
- ECON 474 – Applied Economic Analysis
3 Credit Hours - ECON 481 – Elements of Economic Forecasting
3 Credit Hours
* Meets Volunteer Core Requirement.
Economic Policy
Major Requirements
The major consists of either 30 upper-division (300- or 400-level) hours in economics or 27 hours of upper-division (300 or 400 level) hours in economics and a three-hour sequence in professional development. To complete the concentration in Economic Policy, students must complete at least 9 of those credit hours from courses on approved list (below). Those courses may simultaneously fulfill any corresponding Economics major distribution requirements.
Complete:
- ECON 311 – Intermediate Microeconomics
3 Credit Hours - ECON 313 – Intermediate Macroeconomics
3 Credit Hours
Select 12 hours:
- 300-400 level ECON courses
Select 9 hours:
- ECON 413 – Macroeconomics: Business Cycles and Growth
3 Credit Hours - ECON 436 – Economics of Health and Health Care
3 Credit Hours - ECON 441 – Labor Economics
3 Credit Hours - ECON 463 – Environmental Economics
3 Credit Hours - ECON 471 – Public Finance: Expenditure Analysis
3 Credit Hours - ECON 472 – Public Finance: Taxation and Fiscal Federalism
3 Credit Hours
* Meets Volunteer Core Requirement.
Minoring in Economics (Arts & Sciences)
The minor consists of 16 hours.
A minimum grade of “C” must be earned in every course counted toward the minor. Courses to be counted in the minor may NOT be taken S/NC unless they are offered only on that grading basis.
Prerequisites
Complete:
- ECON 201 – Introductory Economics: A Survey Course (4 Credit Hours) *
or - ECON 207 – Honors: Introductory Economics (4 Credit Hours) *
or - ECON 211 – Principles of Microeconomics (3 Credit Hours) *
or - ECON 217 – Honors: Principles of Microeconomics (3 Credit Hours) *
and - ECON 213 – Principles of Macroeconomics (3 Credit Hours) *
or - ECON 218 – Honors: Principles of Macroeconomics (3 Credit Hours) *
Complete:
- ECON 311 – Intermediate Microeconomics (3 Credit Hours)
- ECON 313 – Intermediate Macroeconomics (3 Credit Hours)
Select 3 hours:
- 300-400 level ECON courses
Select 3 hours:
- 400-level ECON courses
* Meets Volunteer Core Requirements.
Economics Student Spotlight
Ivan Delgadillo
Ivan Delgadillo is a Volunteer every day – in name and in action. While managing a double major in economics and finance, the junior from Winchester, Tennessee, also lends his time to create an inclusive environment on campus and in the community.
Scholarship Opportunities
The Haslam College of Business awards more than $5 million dollars annually in scholarships to students. Awards include college and departmental scholarships. Each year, students should apply to be considered for college and departmental scholarships through the university’s Continuing Undergraduate Student Scholarship application.
Scholarship criteria is varied and may be based on a student’s need, academic merit, engagement in student organizations and research, and overall profile.