University of Maine at Farmington 2013-2014 Catalog
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Business Economics
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Degree Earned
Bachelor of Arts: Business Economics

This program provides the foundations of both business and economics, while developing the communication skills and technical literacy required in today's business world. On-campus work opportunities, class-based research, internships and extra-curricular activities take students beyond the classroom to become consultants to small businesses, presenters at public hearings, and research assistants for faculty members who are actively engaged in the broader community. Upper level courses in business and economics, and courses in international studies, computer science, recreation management and environmental studies enable students to create programs that prepare them for jobs in the private, public and non-profit sector as well as for graduate study in either business or economics.

Learning Goals: As UMF graduates with a degree in business economics, students will be able to
  • Understand financial institutions and become financially literate.
  • Understand the functions and operations of domestic and global markets.
  • Understand a business plan with micro and macro implications.
  • Understand and apply real world data to making decisions and/or recommending policy.
  • Critically examine business and economics paradigms.
  • Become autonomous learners, bringing knowledge and skills learned in one area to enhance and integrate complex decision making in related areas.
Assessment Criteria:
In order to assess our success in achieving the goals of our program listed above, we ask our students to produce evidence of this mastery with papers, group presentations, internships, service learning, research papers and projects, case study analysis, engaged discussion in classes and by examination. In the final analysis, it is our graduates success in the greater world which we value most highly.

BUSINESS CORE (36 credits)
BUS 101S Business and Society 4
BUS 208 Accounting Principles 4
BUS 210 Principles of Management 4
BUS 220 Principles of Marketing 4
BUS 303 Business Law 4
BUS 335 International Business 4
BUS 340 Managerial Finance 4
BUS 480 Service Operations Analysis, Design and Management          4
BUS 491 Strategic Management 4

ECONOMICS CORE (16 credits)
ECO 110S Principles of Economics 4
ECO 308 Intermediate Microeconomic Theory 4
ECO 309 Intermediate Macroeconomic Theory                                 4
ECO 450 Managerial Economics 4

Three electives in Business or Economics at the 200 level or higher
MAT 123M   Mathematics for Economics and Business        
(MAT 141M is an acceptable substitute for MAT 123M)  
MAT 120M   Introductory Statistics

Note: MAT 123M or MAT 120M will count toward general education.

Students may elect to choose one of the concentrations below. Courses taken as business or economics electives within the major may meet the requirements of the concentration. Total 12 credits for each concentration:

International Business
Required courses plus:
BUS 336 International Management
ECO 305 International Economics
BUS 337 International Marketing

Required Courses plus:
BUS 320 Consumer Behavior
BUS 360 Entrepreneurship
One additional Business or economics elective to be selected with advisor

Required Courses plus
Three Economics electives - to be selected with advisor

Marketing and Management
Required Courses plus three of the following:
BUS 310 Human Resources Management
BUS 311 Management and Organizational Behavior
BUS 320 Consumer Behavior
BUS 336 International Management
BUS 360 Entrepreneurship
BUS 362 Social Entrepreneurship
BUS 337 International Marketing

1. A grade of C- or above must be earned in all Business and Economics courses.
2. The Business Economics faculty must give prior approval for any courses that are not specified in current reciprocity agreements that students propose to transfer in to satisfy major requirements. Students must take 400 level economics and business courses at UMF.

Total Credits for the Major: 72

One year of one foreign language at the college level or two years of one foreign language at the high school level.

For specific information about general education requirements and expectations, see the General Education Requirements in the Academic Programs section of this catalog.


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