The Economics Major
[for additional information regarding the Economics major, please visit the Economics Website]
Overview | Requirements for the B.A. | Course Descriptions | Learning Outcomes
Overview
Economists study how scarce resources are allocated so that the well-being of individuals is maximized. Whether the resource that is being allocated is income, time, or a precious commodity, there is always some tradeoff associated with allocating the resource for one use and not another. Individuals, businesses, and governments face these tradeoffs in countless ways everyday. The most important thing students learn from studying economics is how to identify, measure, and understand the essential elements of this tradeoff.
The Economics major is built on a foundation of strong theoretical and statistical training. The major provides students solid grounding in microeconomic and macroeconomic theory, statistical and econometric methodology, as well as applied economic analysis. The Economics major emphasizes the role of incentives and institutions in shaping economic outcomes and how public policies influence economic performance and individual outcomes. Special emphases in the program include labor economics, public economics, political economy, law and economics, environmental economics, empirical methods, and U.S. economic history.
In addition to having a solid understanding of economic theory, our program has a special emphasis on empirical research methods in economics. All students engage in research (with faculty, in teams, and independently) that involves analyzing data and answering well formulated questions related to public policies. With these research experiences, our students are competitive for research internships, fellowships, and pre-graduate summer programs while still in school.
Because students with a degree in economics develop strong analytical and quantitative skills and the ability to solve complex problems effectively, studying economics is excellent preparation for many careers in business, law, management consulting, education, or public service. Businesses of all types and sizes, financial institutions, consulting firms, government agencies, non-governmental organizations, as well as graduate business and law schools actively seek graduates with bachelor’s degrees in economics. In addition, many of our students go on to do graduate study in economics, law, public policy, or business.
Requirements for the B.A. in Economics (ECON)1
In addition to adhering to the UC Merced and School of Social Sciences, Humanities and Arts requirements, the Economics major requires 48 units (some of which simultaneously fulfill general education requirements). Courses in the major must be taken for a letter grade and may not be taken on a pass/no pass basis unless the course is only offered on a pass/no pass basis. Students must complete all major course prerequisites with a C-or better. Students in the Economics major must maintain a 2.0 grade point average in all major coursework.
LOWER DIVISION MAJOR REQUIREMENTS [16 units]:
- Introduction to Economics (ECON 001)
- One introductory course chosen from*:
- Introduction to Cognitive Science (COGS 001)
- Introduction to Psychology (PSY 001)
- Introduction to Political Science (POLI 001)
- Introduction to Sociology (SOC 001)
* Meets Social Sciences course outside of major General Education requirement.
- Statistical Inference (ECON 010)#
- Calculus of a Single Variable I (MATH 021)#
#Meets Quantitative Reasoning General Education requirement.
UPPER DIVISION MAJOR REQUIREMENTS [32 units]
- Intermediate Microeconomic Theory (ECON 100)
- Intermediate Macroeconomic Theory (ECON 101)
- Econometrics (ECON 130)
- At least five additional upper division courses in Economics
Transfer Students
Transfer students planning to major in Economics should complete the Intersegmental General Education Transfer Curriculum (IGETC) at their community college. They must also complete at least two UC-transferable introductory social sciences courses, including introductory macroeconomics and microeconomics courses and one semester of a UC-transferable calculus course.
Course Descriptions
LOWER DIVISION COURSES
ECON 001: Introduction to Economics [4]
Introduction to economics principles and methods, including microeconomics (operation of the economy at the individual and firm level) and macroeconomics (nature and functions of the national economy in a global context).
ECON 010: Statistical Inference [4]
Introduction to the application of social scientific methods to the study of economics, politics, and management. Covers research design, random sampling, descriptive and inferential statistics, hypothesis testing, and the linear regression model with an emphasis on applications.
Prerequisite: MATH 005 or equivalent score on the Math Placement Exam. Laboratory included.
ECON 011: History of Economic Thought [4]
A survey of the theories of major economists from Adam Smith to Keynes.
Prerequisite: ECON 001.
Examination of a topic in economics.
May be repeated for credit.
ECON 095: Lower Division Undergraduate Research [1 - 5]
Supervised research.
Permission of instructor required. May be repeated for credit.
ECON 098: Lower Division Directed Group Study [1 - 5]
Permission of instructor required. Pass/No Pass grading only. May be repeated for credit.
ECON 099: Lower Division Individual Study [1 - 5]
Permission of instructor required. Pass/No Pass grading only. May be repeated for credit.
UPPER DIVISION COURSES
ECON 100: Intermediate Microeconomic Theory [4]
Exploration of the foundations of microeconomic theory, focusing on the behavior of individuals and firms, and the interaction of these agents in the market. Price determination and resource distribution theory under conditions of perfect and imperfect competition. General equilibrium and welfare economics.
Prerequisite: ECON 001 and MATH 021 or consent of instructor. Discussion included.
ECON 101: Intermediate Macroeconomic Theory [4]
Analysis of output, employment, interest rates, and the price level. The effects of these on changes in monetary and fiscal variables.
Prerequisite: ECON 001 and MATH 021 or consent of instructor. Discussion included.
ECON 111: American Economic History [4]
Analysis of output, employment, interest rates, and the price level. A survey of trends in the American economy; emphasis on factors explaining economic growth and on the changing distribution of the gains and losses associated with growth.
Prerequisite: ECON 100 or MGMT 100.
ECON 115: Economics of Industrial Organization [4]
The organization and structure of industrial production in the United States economy.
Prerequisite: ECON 100 or MGMT 100.
ECON 116: Organizational Strategy [4]
Discussion of critical issues in the design and functioning of effective organizations. Topics covered include: the boundary of the firm, firm structure, arrangements within the firm, alliances and contracts between firms, and trust and culture in the firm. Combines case studies with relevant economic theory to provide insight into the functioning of organizations.
Prerequisite: ECON 100 or MGMT 100. Letter grade only.
ECON 120: Economics of the Environment [4]
Analysis of public policy measures that pertain to human environments.
Prerequisite: ECON 100 or MGMT 100. Laboratory included.
ECON 121: The Economics of Money, Banking, and Financial Institutions [4]
This course addresses issues of money, banking, and financial institutions. Topics covered include: the structure of central banks and the Federal Reserve system, theories of money demand and money supply, the relationship between money supply and overall economic activity, and the role the Federal Reserve plays in economic stabilization.
Prerequisite: ECON 001. Letter grade only.
ECON 130: Econometrics [4]
Introduction of problems of observation, estimation, and hypotheses testing in economics through the study of the theory and application of linear regression models, critical evaluation of selected examples of empirical research, and exercises in applied economics.
Prerequisite: (ECON 010 or POLI 010) and MATH 021. Letter grade only. Laboratory included.
ECON 140: Labor Economics [4]
Analysis of the economic forces that shape labor markets, institutions, and performance in the United States and other countries, with special attention to the determinants of labor supply and demand, human capital investment, and government policy.
Prerequisite: ECON 100 or MGMT 100.
ECON 141: Human Resource Economics [4]
Examination of how firms make decisions involving human resources. Topics covered include employee hiring and recruitment, compensation and use of incentives, and employee motivation and teamwork. Builds on both economic theory and practical examples to illuminate key concepts.
Prerequisite: ECON 100 or MGMT 100. Letter grade only.
ECON 142: The Economics of Gender and Poverty [4]
Analysis of the economic issues pertaining to gender with an emphasis on studying and evaluating U.S. policy. Topics include worklife balance, occupational choice, the gender earnings/wage gap, housework, and changing social norms. The intersection between gender and poverty is also discussed, particularly as it pertains to U.S. welfare policy.
Prerequisite: ECON 001.
ECON 145: Health Economics [4]
An economic analysis of policies and institutions in the U.S. health care sector: supply and demand for health services, conceptual and policy issues relating to health insurance, and economic analysis of efficient regulatory policies toward the health care sector.
Prerequisite: ECON 100 or MGMT 100.
ECON 150: Economic Development [4]
Problems of underdevelopment and poverty, policy issues, and development strategy.
Prerequisite: ECON 100 or MGMT 100.
ECON 151: Public Economics [4]
The influence of governmental revenue and expenditure decisions on economic performance. Examines such issues as public goods and externalities, as well as specific expenditure and taxation programs.
Prerequisite: ECON 100 or MGMT 100.
ECON 152: Law and Economics [4]
The economic analysis of legal rules and institutions, including property, contract, and tort law. We also consider issues surrounding crime and punishment.
Prerequisite: ECON 100 or MGMT 100.
ECON 155: Political Economics [4]
Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth.
Prerequisite: ECON 100 or MGMT 100.
ECON 160: International Microeconomics [4]
International trade theory: impact of trade on the domestic and world economies; public policy toward external trade. Prerequisite: ECON 100 or MGMT 100.
ECON 161: International Macroeconomics [4]
Macroeconomic theory of an open economy. Balance of payments adjustment mechanism, international monetary economics issues, international financial institutions and their policies.
Prerequisite: ECON 101 or MGMT 101.
ECON 162: Corporate Finance [4]
Exploration of the valuation of assets including stocks, bonds, options, and futures contracts using modern financial theoretical models, including CAPM and APT. Optimal portfolio selection and risk management issues are also explored.
Prerequisite: ECON 100 or MGMT 100.
ECON 170: Game Theory [4]
Consideration of non-cooperative games in the strategic and extensive form as well as applications of game theory to issues in social science and philosophy. Topics may include: solution concepts for non-cooperative games; epistemic foundations for solution concepts; indefinitely repeated games; theories of equilibrium selection; experimental game theory.
Prerequisite: ECON 100 or MGMT 100. Letter grade only.
ECON 190: Topics in Economics [4]
Intensive treatment of a special topic or problem in economics. May be repeated for credit in different subject area.
Prerequisite: Junior standing and ECON 100, MGMT 100 or consent of instructor. May be repeated for credit with different topics.
ECON 191: Fieldwork in Economics [1 - 4]
Supervised field studies in economics.
Prerequisite: Junior standing and ECON 001 or consent of instructor. Letter grade only.
ECON 195: Upper Division Undergraduate Research [1 - 5]
Supervised research.
Permission of instructor required. May be repeated for credit.
ECON 196: Senior Thesis in Economics I [4]
First part in a year-long capstone seminar that culminates in the presentation of a senior thesis in economics. In this semester, students study research methods in economics, formulate a theoretical or empirical question for their thesis, and conduct a literature review.
Prerequisite: Senior standing and (ECON 100 or MGMT 100) and (ECON 130 or MGMT 130). Letter grade only.
ECON 197: Senior Thesis in Economics II [4]
Second part in a year-long capstone seminar that culminates in the presentation of a senior thesis in economics. In this semester, students develop and conduct the research proposed in the first semester, write the thesis, and present their work to faculty and peers.
Prerequisite: Senior standing and ECON 196. Letter grade only.
ECON 198: Upper Division Directed Group Study [1 - 5]
Permission of instructor required. Pass/No Pass grading only. May be repeated for credit.
ECON 199: Upper Division Individual Study [1 - 5]
Permission of instructor required. Pass/No Pass grading only. May be repeated for credit.
1 All requirements are for informational purposes only. Please consult the current UC Merced catalog, or your advisor for official requirements.
Page content current with 2009-2011 UC Merced General Catalog