Information and Policies
Introduction
The major in economics and mathematics is designed to meet the needs of undergraduate students who plan to pursue doctoral study in economics or business, or who wish to pursue a career as an actuary or other professional requiring a sophisticated understanding of economics and mathematics. The major combines the main undergraduate content of both economics and mathematics within a programmatic structure that joins the two disciplines. It provides a coursework combination required to prepare for an economics doctoral (Ph.D.) program, or for a group of technically demanding professional careers.
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. The qualification requirements for major declaration are the same for all four.
Students must complete three courses, with combined GPA of 2.8 or higher, to petition for entry to the economics/mathematics major:
| ECON1 | Introductory Microeconomics: Resource Allocation and Market Structure | 5 |
| ECON2 | Introductory Macroeconomics: Aggregate Economic Activity | 5 |
and the following calculus course:
| 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 Micro (ECON 1), Macro (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 GPA lower than 2.8 in Economics 1, 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 website 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 prior to declaring the major.
Declaration sessions are mandatory for those seeking to declare the major or 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 are advised to bring in 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 the combined economics/mathematics major: ECON 1 (Introductory Microeconomics), ECON 2 (Introductory Macroeconomics), and MATH 19A (Calculus for Science, Engineering, and Mathematics). Prospective majors must achieve a combined grade point average (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, junior-level transfer students are strongly encouraged to have completed lower-division mathematics and statistics courses prior to enrolling at UCSC to facilitate graduating in a timely manner.
Getting Started at UCSC as a Transfer Student
All transfer students must complete the three-course senior comprehensive requirement (and the DC requirement as stated previously) at UCSC. Economics/mathematics 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 UC Santa Cruz require permission from the department to change into the major. Students who have met all lower-division requirements through articulations before transferring will need at least six economics and four to five mathematics upper-division courses at UCSC to complete 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 more than 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 yearlong 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
Lower-Division Courses
Economics Required Courses
All of the following lower-division courses:
| ECON1 | Introductory Microeconomics: Resource Allocation and Market Structure | 5 |
| ECON2 | Introductory Macroeconomics: Aggregate Economic Activity | 5 |
Mathematics Required Courses
All of the following lower division courses:
| MATH19A | Calculus for Science, Engineering, and Mathematics | 5 |
| MATH19B | Calculus for Science, Engineering, and Mathematics | 5 |
| MATH21 | Linear Algebra | 5 |
Plus one of the following options:
Statistics Course Requirement
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.
Transfer students interested in the combined economics/mathematics major are encouraged to complete as many lower-division mathematics and statistics courses as they can prior to transferring. The courses need to be equivalent to MATH 19A, MATH 19B, MATH 21 and MATH 22 or MATH 23A and MATH 23B.
Upper-Division Courses
Economics Required 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 |
Mathematics Required Courses
Plus all of the following courses:
Electives
Economics Elective Courses
(choose three from the following list)
NOTE: Lecture/lab combinations (i.e., ECON 114 and 114L) count as one course.
| ECON101 | Managerial Economics | 5 |
| ECON114 | Advanced Quantitative Methods | 5 |
| ECON114L | Advanced Quantitative Methods Lab | 2 |
| ECON115 | Introduction to Management Sciences | 5 |
| 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 |
| ECON131 | International Financial Markets | 5 |
| ECON133 | Security Markets and Financial Institutions | 5 |
| ECON135 | Corporate Finance | 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 |
| ECON140 | International Trade | 5 |
| ECON141 | International Finance | 5 |
| ECON142 | Advanced Topics in International Economics | 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 |
| ECON161A | Marketing | 5 |
| ECON164 | Economics and the Telecommunications 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 |
| ECON188 | Management in the Global Economy | 5 |
Mathematics Electives
(choose two from the following list)
NOTE: Lecture/lab combinations (i.e., MATH 145 and 145L) count as one course.
| MATH105B | Real Analysis | 5 |
| MATH106 | Systems of Ordinary Differential Equations | 5 |
| MATH107 | Partial Differential Equations | 5 |
| MATH114 | Introduction to Financial Mathematics | 5 |
| MATH117 | Advanced Linear Algebra | 5 |
| MATH124 | Introduction to Topology | 5 |
| MATH145 | Introductory Chaos Theory | 5 |
| MATH145L | Introductory Chaos Laboratory | 1 |
| MATH194 | Senior Seminar | 5 |
| MATH195 | Senior Thesis | 5 |
| AM114 | Introduction to Dynamical Systems | 5 |
| STAT131 | Introduction to Probability Theory | 5 |
| STAT132 | Classical and Bayesian Inference | 5 |
| AM147 | Computational Methods and Applications | 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 |
Students in the combined economics/mathematics major may also satisfy the DC requirement by completing:
| MATH100 | Introduction to Proof and Problem Solving | 5 |
Plus one of the following courses:
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.
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 also complete all other GE requirements.
Sample Transfer Planner One
*If MATH 23A is taken in the winter term, otherwise ECON 100A
This planner assumes that a student has completed all general education requirements in addition to the following major requirements: ECON 1, ECON 2, MATH 19A and STAT 5.
Sample Transfer Planner Two
This planner assumes that the student has completed most general education requirements in addition to the following major requirements: ECON 1, ECON 2, MATH 19A, MATH 19B, MATH 23A and STAT 5.