Information and Policies
Introduction
Economics studies how individuals, firms, governments, and other organizations within our society make choices, and how these choices affect the society’s use of its available resources. Economists study a wide range of questions such as: How do individuals make decisions in the face of uncertainty? What are the causes of the Great Recession of 2009? Why do Europeans work fewer hours than Americans? Why have health care and education costs risen so much? What are the consequences of government deficits? Why has the gap between rich and poor in many countries risen? Why have some poor countries grown faster than many rich countries in recent years?
Economics majors study a substantive core of theory and mathematical and statistical methods that aid in addressing these questions. This required core can be combined with electives that emphasize specialized areas such as international economics, finance, public policy, applied microeconomics, law and economics, economic development, quantitative methods, macroeconomics, game theory and behavioral economics. A focus on core theory as well as mathematical and quantitative tools provides a foundation for graduate studies in economics. Selecting a range of electives to sample the broad domain of economics offers an excellent background for students who plan to enter careers in the private sector, in public service, the non-profit sector or to attend law school or other professional schools.
Academic Advising for the Program
The Economics Department office is located at 401 Engineering 2. There are two staff undergraduate advisers, peer advisers (except summer), a field study coordinator, as well as a faculty director for each of the Economics Department's undergraduate programs. Our faculty, staff advisers and peer advisers play an important role in advising on all aspects of the major and assisting you to maximize your educational opportunities. Please check the department website for more information about drop-in hours.
Getting Started in the Major
The economics curriculum begins at the introductory level: no specific high school preparation is required. All majors study a substantial core of economic theory and statistical methods and they then choose among a wide variety of subfields.
Program Learning Outcomes
Program learning outcomes for economics, economics and mathematics, business management economics, and global economics majors:
Critical Thinking Skills: Students are expected to be able to apply economic analysis to everyday problems in real world situations, to understand current events and evaluate specific policy proposals, and to evaluate the role played by assumptions in arguments that reach different conclusions to a specific economic or policy problem.
Quantitative Reasoning Skills: Students are expected to understand how to use empirical evidence to evaluate the validity of an economic argument, use statistical methodology, interpret statistical results, and conduct appropriate statistical analysis of data.
Problem-Solving Skills: Students are expected to be able to solve problems that have clear solutions and to address problems that do not have clear answers and explain conditions under which these solutions may be correct.
Specialized Knowledge and Application of Skills: Students are expected to develop critical and quantitative thinking skills specific to business and accounting.
Communication Skills: Students are expected to be able to communicate effectively in written, oral, and graphical form about specific issues, and to formulate well-organized written arguments that state assumptions and hypotheses supported by evidence.
Major Qualification Policy and Declaration Process
Major Qualification
The Economics Department administers four undergraduate majors: economics, business management economics, global economics, and economics/mathematics.
(Qualifications for the environmental/economics combined major differ from above; see environmental studies for details.) Students should declare the major as soon as they have completed these requirements.
Students must complete three courses, with combined GPA of 2.8 or higher, to petition for entry to the economics major:
| ECON1 | Introductory Microeconomics: Resource Allocation and Market Structure | 5 |
| ECON2 | Introductory Macroeconomics: Aggregate Economic Activity | 5 |
And one of the following calculus courses:
| AM11A
/ECON 11A
| Mathematical Methods for Economists I | 5 |
| MATH11A | Calculus with Applications | 5 |
| MATH19A | Calculus for Science, Engineering, and Mathematics | 5 |
All classes included for major qualification determination must be taken for a letter grade. If students have not taken a letter grade, they must appeal by submitting a letter to the Economics Department.
Students are encouraged to apply to the major as soon as they have satisfactorily completed these three courses. Students who have a combined grade-point average (GPA) of 2.8 or better in Economics 1, 2, and the first calculus course will qualify upon applying. Students receiving a grade of NP, C-, D+, D, D-, or F in one of the courses required for qualification to the major may only declare once they have passed the same or equivalent course with a grade of C or better. Students who receive two grades of NP, C-, D+, D, D-, or F in the qualification courses are not eligible to declare the major.
Equivalent courses may be taken at other universities or community colleges. Students should check on assist.org to determine whether a transfer course is designated as equivalent to Economics 1, 2 or the first required calculus course. Transfer students are strongly encouraged to ask the department to review such courses prior to matriculation at UCSC, since an offer of admission to UCSC does not automatically imply admission to the economics major.
Students can receive course credit for Advanced Placement (AP) examinations in microeconomics (ECON 1), macroeconomics (ECON 2), statistics (STAT 5) and the first calculus class toward major qualification criteria according to the AP chart.
The Economics Department uses the AP score internally to determine whether students meet the 2.8 required GPA to qualify for the major. A score of 5 on the AP exam counts as an “A” , a score of 4 counts as a “B” and a score of 3 on the BC calculus counts as a “C”.
ECON 11A is also offered as AM 11A.
Please consult with an adviser if you have questions.
Appeal Process
Students who have a grade point average (GPA) lower than 2.8 in ECON 1, ECON 2, and the calculus course are not eligible to declare an economics major. Students who are not eligible to declare the major may appeal this decision by submitting a letter of appeal to the department within 15 days of the denial of the declaration. Within 15 days of the receipt of the appeal, the department will notify the student, college and Office of the Registrar of the decision. Please check the "Appeals" area on the department web site for further information on declaring a major or appealing ineligibility and deadlines.
How to Declare a Major
Students may petition for admission to the major by filling out the Petition for Major/Minor Declaration and the Academic Planning forms and by supplying evidence of their grades in the three pre-major courses. Candidates must meet major qualifications listed above under "Major Qualification" prior to declaring the major.
Declaration sessions are mandatory for those seeking to declare the major/minor. If you cannot attend a workshop, you must meet with an economics peer adviser first before obtaining signatures from a staff adviser. Workshop schedules and drop-in advising hours are available online, on our bulletin board outside the office and in the department office. All students are advised to bring verification of their grades, which can be printed off the student portal, to the declaration of major advising session. Students who do not bring in verification of their grades could have the approval of their petition for major declaration delayed by up to two working days.
Transfer Information and Policy
Transfer Admission Screening Policy
Transfer students may fulfill some of the requirements for the major by completing equivalent courses, with a grade of C or better, at another recognized institution.
Students must take the equivalent of the following three courses prior to petitioning for entry to an economics major: ECON 1 (Introductory Microeconomics), ECON 2 (Introductory Macroeconomics), and one of the following calculus courses: AM 11A/ECON 11A (Mathematical Methods for Economists), or MATH 11A (Calculus with Applications), or MATH 19A (Calculus for Science, Engineering, and Mathematics). Prospective majors must achieve a combined GPA of 2.8 in these three courses to be eligible to declare the major. The admissions office screens transfer applicants for meeting major qualification criteria.
Students should check on assist.org for established articulation agreements with the California community colleges and other institutions. For courses not already articulated through assist.org, transfer students must present their transfer credit summary (available on the student portal) and course syllabi or descriptions to an Economics Department adviser. The department approves courses applicable for economics prerequisites and major requirements.
While it is not required for selection, transfer students are strongly encouraged to have completed courses articulated to lower-division mathematics and statistics major requirement courses prior to transfer to facilitate timely graduation.
Getting Started at UCSC as a Transfer Student
All transfer students must complete the three-course comprehensive requirement and the disciplinary communication requirement at UCSC (explained below). Economics majors must take at least two of their upper-division economics electives at UCSC. Courses taken for credit elsewhere may not be repeated for credit here.
Students who were admitted under a different proposed major and have advanced standing when they come to UCSC require permission from the department to change into the major.
Letter Grade Policy
All classes included for major qualification determination must be taken for a letter grade. If students have not taken a letter grade, they must appeal by submitting a letter to the Economics Department.
The Economics Department allows classes toward major requirements taken for the pass/no pass (P/NP) grade notification. We recommend no more than two courses in the major be taken P/NP. Overall no more than 25 percent of a student's UCSC classes can be taken P/NP.
Course Substitution Policy
For courses not already articulated through assist.org, students must present their transfer credit summary (available on the student portal) and course syllabi or descriptions to an Economics Department adviser. The department approves courses applicable for economics prerequisites and major requirements. The course substitution form can be found on the department website under "Forms for students".
Study Abroad
UC Education Abroad Program (UCEAP) is the University of California's official study abroad program and a global leader in international education for over 50 years. All the benefits of home—UC credit, grades, and financial aid—travel with you. Approximately 600 UC Santa Cruz students study abroad on UCEAP every year.
Students can petition UCEAP courses to count toward their major or minor requirements. In addition, there are scholarships available and financial aid can be applied to UCEAP programs. UCEAP provides opportunities in:
- 46 countries around the world
- 420 summer quarter, semester or year-long programs
- Internships, volunteer work, and research programs
Economics at the Autonomous University of Barcelona -- Direct Exchange Program
Located in Spain, the Autonomous University of Barcelona (UAB) is an institution known for its excellent research and teaching. Unlike UCEAP, this direct exchange program through the UC Santa Cruz Economics Department offers the opportunity for students to enroll in three courses that will fulfill economics major requirements and one course outside of economics. Students must take a total of four courses and will receive transfer credit for all courses. Along with enrolling in courses, students may enjoy the renowned architecture, food, and art. This program is open to students who are economics majors in junior or senior class standing and have a 3.0 cumulative GPA or above. Students must also be in good academic standing and 18 years of age or older at the time of departure to Barcelona. Economics courses at UAB may also be taken in Spanish if students have completed two years of university-level Spanish with a minimum GPA of 2.85 in those language courses.
Honors
The Economics Department considers for honors and highest honors students who have completed a major program with superior or exceptional work. Honors decisions are made by the department’s honors and scholarship committee.
At the end of each quarter, faculty teaching the upper-division core courses submit to the department a list of students in their respective classes whose performance is at the honors level. At the time of graduation, all students who received an honors designation in one or more of these courses are reviewed by the department’s honor committee. The faculty committee looks for a record of excellence in courses offered towards the major, with a strong performance in the upper-division core (theory and econometrics—ECON 100A/ECON 100M, ECON 100B/ECON 100N, and ECON 113) being a necessary condition for honors. Although a GPA is not computed for the economics courses, in general highest honors are awarded to students who have received a grade of at least an “A” throughout their economics program. Honors are awarded to students who have no more than two courses with grades of less than an “A-.” Students who have completed a portion of the major at another institution may be asked to submit a transcript for evaluation.
Students interested in being reviewed for honors may request that the department conduct a review, and such requests are always granted.
In general, honors have been awarded to between 10 and 15 percent of each year’s graduating class.
Independent Study
Students are encouraged to petition for independent study on topics of special interest to them. ECON 199, Tutorial, may be used as only one of the upper-division courses required for the major or minor.
Field-Study Program
The Economics Department offers its majors the opportunity to integrate their academic knowledge with career-related work in areas connected to economics or business. The field-study program places students in internships under the supervision of a faculty sponsor and a professional at the workplace. Students can select from a wide variety of field placements such as accounting firms, community non-profits, government agencies, brokerage firms, marketing agencies, banks, and businesses in Santa Cruz and beyond. Students apply for field-study a quarter in advance. Participation in the field-study program requires at least junior standing, completion of courses ECON 100A (or ECON 100M), ECON 100B (or ECON 100N), and ECON 113 as well as good academic standing. Students may earn a maximum of 10 academic credits and complete up to two quarters in a field placement. A 5-credit field study requires 12-14 hours per week spent working on internship duties (a 2-credit field study requires 5-6 hours per week spent on internship duties) and completion of an academic project supervised by a faculty sponsor. Time spent toward the academic requirements set by the faculty sponsor is not included in the 12-14 internship hours spent at the field placement.
Along with the training and supervision by a professional at the workplace, students receive guidance from a faculty sponsor who directs their academic project. Students earn credit through the completion of this project and the job supervisor’s evaluation of performance. Economics field-study courses do not satisfy any upper-division requirements for the major and are available as Pass/No Pass only.
Interested students should make an appointment or stop by the Economics Department at 403C Engineering 2; or e-mail econintern@ucsc.edu.
Combined Majors
The Economics Department offers the following combined majors: economics/mathematics and environmental studies/economics. Requirements for these majors may be reviewed under their separate entries in this catalog.
Requirements and Planners
Course Requirements
ECON 1 and ECON 2, ECON 11A, ECON 11B, ECON 100A (or ECON 100M), ECON 100B (or ECON 100N), ECON 113, and STAT 5 or equivalent courses are required for all economics majors and are prerequisites for most upper-division courses. Students are urged to complete these courses as soon as possible. Students who are committed to the major early in their academic career, should plan to complete at least ECON 1, ECON 2, ECON 11A, ECON 11B, and preferably ECON 100A, ECON 100B, and ECON 113 by the end of their sophomore year. Students are also encouraged to choose the letter grade option when taking these courses.
Students who major in economics are required to take the following courses:
Lower-Division Courses
All of the following courses:
| ECON1 | Introductory Microeconomics: Resource Allocation and Market Structure | 5 |
| ECON2 | Introductory Macroeconomics: Aggregate Economic Activity | 5 |
Plus one of the following mathematics content options:
| Either these courses | | |
| AM11A
/ECON 11A
| Mathematical Methods for Economists I | 5 |
| AM11B
/ECON 11B
| Mathematical Methods for Economists II | 5 |
| or these courses | | |
| MATH11A | Calculus with Applications | 5 |
| MATH11B | Calculus with Applications | 5 |
| MATH22 | Introduction to Calculus of Several Variables | 5 |
| or these courses | | |
| MATH19A | Calculus for Science, Engineering, and Mathematics | 5 |
| MATH19B | Calculus for Science, Engineering, and Mathematics | 5 |
| MATH23A | Vector Calculus | 5 |
| or these courses | | |
| MATH19A | Calculus for Science, Engineering, and Mathematics | 5 |
| MATH19B | Calculus for Science, Engineering, and Mathematics | 5 |
| AM30 | Multivariate Calculus for Engineers | 5 |
| or these courses | | |
| MATH11A | Calculus with Applications | 5 |
| AM11B
/ECON 11B
| Mathematical Methods for Economists II | 5 |
| or these courses | | |
| MATH19A | Calculus for Science, Engineering, and Mathematics | 5 |
| AM11B
/ECON 11B
| Mathematical Methods for Economists II | 5 |
Mathematics content:
ECON 11A, ECON 11B (also offered as AM 11A and AM 11B): or equivalent courses from transferring institution.
MATH 11A, MATH 11B, MATH 23A may be taken to satisfy the mathematics content only by petition via the Mathematics Department.
Successful completion of one of the mathematics calculus sequences from the list above is required for all economics majors, and must be taken before enrollment in ECON 100A (or ECON 100M), ECON 100B (or ECON 100N), and ECON 113. Students are advised to complete the mathematics courses as early as possible in their academic career.
Students planning to pursue graduate work in economics or business should seriously consider more intensive mathematical training; consult an adviser for guidance.
Plus one of the following statistics content options:
Upper-Division Courses
Choose one of the following courses:
| ECON100A | Intermediate Microeconomics | 5 |
| ECON100M | Intermediate Microeconomics, Math Intensive | 5 |
Plus one of the following courses:
| ECON100B | Intermediate Macroeconomics | 5 |
| ECON100N | Intermediate Macroeconomics, Math Intensive | 5 |
Plus the following course:
| ECON113 | Introduction to Econometrics | 5 |
Plus one of the following disciplinary communication (DC) courses:
| ECON197 | Economic Rhetoric: Using Economic Theory and Empirical Evidence in Arguing Policy | 5 |
| ECON104 | Is There Truth in Numbers: The Role of Statistics in Economics | 5 |
Plus four additional upper-division economics courses, two to four of which must be selected from the following economics courses:
NOTE: Lecture/lab combinations count as one course (i.e., 114 and 114L).
| ECON105 | Topics in Macroeconomics | 5 |
| ECON114 | Advanced Quantitative Methods | 5 |
| ECON114L | Advanced Quantitative Methods Lab | 2 |
| ECON120 | Development Economics | 5 |
| ECON121 | Economic Growth | 5 |
| ECON125 | Economic History of the U.S | 5 |
| ECON126 | Why Economies Succeed or Fail: Lessons from Western and Japanese History | 5 |
| ECON128
/LGST 128
| Poverty and Public Policy | 5 |
| ECON130 | Money and Banking | 5 |
| ECON140 | International Trade | 5 |
| ECON141 | International Finance | 5 |
| ECON142 | Advanced Topics in International Economics | 5 |
| ECON143 | Policy Issues in the International Economy | 5 |
| ECON148 | Latin American Economies | 5 |
| ECON149 | The Economies of East and Southeast Asia | 5 |
| ECON150 | Public Finance | 5 |
| ECON156 | Health Care and Medical Economics | 5 |
| ECON159 | The Economics of Organizations | 5 |
| ECON160A
/LGST 160A
| Industrial Organization | 5 |
| ECON160B | Government and Industry | 5 |
| ECON165 | Economics as an Experimental Science | 5 |
| ECON166A
/CSE 166A
| Game Theory and Applications I | 5 |
| ECON166B
/CSE 166B
| Game Theory and Applications II | 5 |
| ECON169
/LGST 169
| Economic Analysis of the Law | 5 |
| ECON170 | Environmental Economics | 5 |
| ECON171 | Natural Resource Economics | 5 |
| ECON175 | Energy Economics | 5 |
| ECON180 | Labor Economics | 5 |
| ECON183
/LGST 183
| Women in the Economy | 5 |
| ECON190 | Senior Proseminar | 5 |
Up to two of the four electives may be taken from the following business management economics courses:
| ECON131 | International Financial Markets | 5 |
| ECON133 | Security Markets and Financial Institutions | 5 |
| ECON135 | Corporate Finance | 5 |
No more than one of the four electives may be taken from the following business management economics courses:
| ECON101 | Managerial Economics | 5 |
| ECON110 | Managerial Cost Accounting and Control | 5 |
| ECON111A | Intermediate Accounting I | 5 |
| ECON111B | Intermediate Accounting II | 5 |
| ECON111C | Intermediate Accounting III | 5 |
| ECON112 | Auditing and Attestation | 5 |
| ECON115 | Introduction to Management Sciences | 5 |
| ECON117A | Income Tax Factors for Individuals | 5 |
| ECON117B | Tax Factors of Business and Investment | 5 |
| ECON119 | Advanced Accounting | 5 |
| ECON136 | Business Strategy | 5 |
| ECON138 | The Economics and Management of Technology and Innovation | 5 |
| ECON139A | The Economics of Electronic Commerce | 5 |
| ECON139B | E-Commerce Strategy | 5 |
| ECON161A | Marketing | 5 |
| ECON161B | Marketing Research | 5 |
| ECON164 | Economics and the Telecommunications Industry | 5 |
| ECON188 | Management in the Global Economy | 5 |
| ECON194 | Advanced Topics in Management | 5 |
Disciplinary Communication (DC) Requirement
All undergraduate majors must satisfy the campus’ disciplinary communication (DC) requirement. The DC requirement in economics is satisfied by completing one of the following courses:
| ECON104 | Is There Truth in Numbers: The Role of Statistics in Economics | 5 |
| ECON197 | Economic Rhetoric: Using Economic Theory and Empirical Evidence in Arguing Policy | 5 |
Comprehensive Requirement
The comprehensive requirement is satisfied by passing the following intermediate core courses with grades of C or better here at UCSC:
Choose one of the following courses:
| ECON100A | Intermediate Microeconomics | 5 |
| ECON100M | Intermediate Microeconomics, Math Intensive | 5 |
Plus one of the following courses:
| ECON100B | Intermediate Macroeconomics | 5 |
| ECON100N | Intermediate Macroeconomics, Math Intensive | 5 |
Plus the following course:
| ECON113 | Introduction to Econometrics | 5 |
Students may elect to complete a senior thesis with consent of an instructor in addition to completing the intermediate core courses. This is highly recommended for students interested in a Ph.D. program in economics after graduation.
Planners
Sample Frosh Planner
The courses shown above satisfy the MF, PE, and SR and (if ECON 193 is completed) PR general education requirements. Students must complete all other GE requirements.
Sample Transfer Planner
This planner assumes that a student has completed IGETC or at least most GE requirements, STAT 5, and major preparation requirements (ECON 1, ECON 2 and at least first calculus course) before coming to UCSC.