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Undergraduate Economics

John Gasper, Associate Dean, Undergraduate Programs; Teaching Professor of Economics

Jennifer Wegner, Assistant Dean, Undergraduate Programs

Location: Tepper Quad, Suite 2500

At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions are central to the well-being of people throughout the world. Economists identify, model, and analyze problems with the objective of developing practical and efficient solutions to challenges confronting society. Economists are also active participants in the processes and institutions through which economic policies are implemented. In the public arena sphere, economists contribute to the design of programs and incentive systems to foster efficient implementation of policies. In the private sector, economists use  modeling and data-analytic skills, both in identifying ways to enhance productive efficiency within the firm and in developing strategies to enhance effectiveness of the firm as it competes in the global marketplace. 

Upon major declaration, students pursuing the Bachelor of Arts in Economics or Bachelor of Science in Economics are affiliated with the Tepper School of Business. This means that students complete the Tepper general education requirements and are subject to all Tepper School policies and procedures. Students interested in the Bachelor of Science in Economics+Mathematics first declare the Bachelor of Science in Economics degree and are then able to apply for Economics+Mathematics major. The academic college affiliation for students pursuing majors in Economics+Politics and Economics+Statistics is the Dietrich College of Humanities and Social Sciences. 

EDUCATIONAL OBJECTIVES

The Economics majors  are designed to develop strong analytical skills and a solid foundation in the discipline of economics. More specifically, measurable objectives for our economics curriculum are the following:

  • Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.

  • Students should acquire and use knowledge of economics, mathematics, statistics, and computing flexibly in a variety of contexts, providing the foundation for success in graduate studies and careers in the public and private sectors. 

  • Students should be able to apply their economic tools to formulate positions on a wide range of social and economic problems and engage effectively in policy debates.

  • Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.

  • Students should be able to deliver effective presentations in which they combine visual communication design with oral arguments and/or the written word.

Degree Options

In order to accommodate students’ wide variety of goals, three primary degree majors are available in the Tepper School of Business:

  • Bachelor of Arts in Economics

  • Bachelor of Science in Economics

  • Bachelor of Science in Economics and Mathematical Sciences (jointly administered with the Department of Mathematics)

The Dietrich College of Humanities and Social Sciences administers two interdisciplinary Economics majors: 

Additional majors in Economics, Economics and Politics, and Economics and Statistics, and a minor degree program in Economics are available for Carnegie Mellon students.

First Year Academic Advising

First-year students interested in Economics begin in Dietrich College and are assigned a Dietrich College Advisor. While the College Advisor is the advisor of record until students formally declare their majors, students who are considering majoring in Economics are encouraged to speak with the Tepper School Economics advisors so that they will have access to program resources, advising, and the community of faculty, staff, and students.

 

B.A. in Economics

To receive the B.A. degree in Economics, students must complete at least 360 units, consisting of the requirements for Mathematics, Quantitative Analysis, Economic Core, Economic Electives, Senior Requirement, University Core, and a Minor.

Mathematics Prerequisites 
Courses Units
21-120Differential and Integral Calculus10-20
or 21-111
& 21-112		 Differential Calculus
and Integral Calculus
21-256Multivariate Analysis9-10
or 21-259 Calculus in Three Dimensions
Economic Theory Requirements 
Units
73-102Principles of Microeconomics9
or 73-104 Principles of Microeconomics Accelerated
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
70-340Business Communications9
70-345Business Presentations9
Quantitative Analysis Requirements 
Units
70-207Probability and Statistics for Business Applications9
or 36-200 Reasoning with Data
73-265Economics and Data Science9
73-274Econometrics I9
Economics Electives (36 Units)

Students must take four economics elective courses. Economics elective courses are those numbered 73-300 or higher.

Special Electives (18 Units)

Students must take two special elective courses. Students should consult the degree audit system for courses that satisfy the special electives requirement and have the ability to petition a course not included on the sample list for consideration as a special elective.

Course List
Sample List of Special Elective Courses Units
19-403Policies of Wireless Systems12
19-411Science and Innovation Leadership for the 21st Century: Firms, Nations, and Tech9
66-221Topics of Law: Introduction to Intellectual Property Law9
79-245Capitalism and Individualism in American Culture9
79-262Modern China: From the Birth of Mao ... to Now9
79-266Russian History and Revolutionary Socialism9
79-280Coffee and Capitalism9
79-283Hungry World: Food and Famine in Global Perspective9
79-288Bananas, Baseball, and Borders: Latin America and the United States9
79-300Controversial Topics in the History of American Public Policy9
79-315The Politics of Water in Global Perspective9
79-320Women, Politics, and Protest9
79-343Education, Democracy, and Civil Rights9
79-383The History of Capitalism9
80-136Social Structure, Public Policy & Ethics9
80-249AI, Society, and Humanity9
80-305Game Theory9
80-324Philosophy of Economics9
80-335Social and Political Philosophy9
80-348Health, Human Rights, and International Development9
84-310Policy in a Global Economy 1: International Trade and Trade Policy6
84-318Politics of Developing Nations9
84-362Diplomacy and Statecraft9
84-387Remote Systems and the Cyber Domain in Conflict9
88-411Rise of the Asian Economies9
Senior Work 
Units
73-497Senior Project12
or 73-500
& 73-501		 Tepper College Honors Thesis I
and Tepper College Honors Thesis II
Note: Students in the BA in Economics who complete an Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. 

Minor

In order to obtain the degree, students must complete a minor from another academic discipline. For students electing to complete an additional major or dual degree, the minor is waived.

University Core

Students are required to complete University Core which is the general education program in the Tepper School.

Core @ Carnegie Mellon

All undergraduate students are required to take 99-101 Core @ Carnegie Mellon to graduate (completed during the first year). 

 

B.S. in Economics

To receive the B.S. degree in Economics, students must complete at least 360 units, consisting of the requirements for Mathematics, Quantitative Analysis, Economic Core, Economic Electives, Senior Requirement, University Core, and a Minor. 

Mathematics Requirement 
Units
21-120Differential and Integral Calculus10-20
or 21-111
& 21-112		 Differential Calculus
and Integral Calculus
21-256Multivariate Analysis9
or 21-259 Calculus in Three Dimensions
21-240Matrix Algebra with Applications10
or 21-241 Matrices and Linear Transformations
Quantitative Analysis Requirements 
Units
73-265Economics and Data Science9
73-274Econometrics I9
73-374Econometrics II9
or 73-423 Forecasting for Economics and Business
or 70-467 Machine Learning for Business Analytics
Economic Core Requirements 
Units
73-102Principles of Microeconomics9
or 73-104 Principles of Microeconomics Accelerated
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
70-340Business Communications9
70-345Business Presentations9
Economics Electives (54 Units)

Students must take six economics elective courses.  Economics elective courses are those numbered 73-300 or higher.

Senior Requirement
Units
73-497Senior Project12
or 73-500
& 73-501		 Tepper College Honors Thesis I
and Tepper College Honors Thesis II
Note: Students in the BS in Economics who complete an Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. 

Minor

In order to obtain the degree, students must complete a minor from another academic discipline. For students electing to complete an additional major or dual degree, the minor requirement is waived.

University Core

Students are required to complete University Core which is the general education program in the Tepper School.

Core @ Carnegie Mellon

All undergraduate students are required to take 99-101 Core @ Carnegie Mellon to graduate (completed during the first year). 

B.S. in Economics and Mathematical Sciences

The B.S. in Economics and Mathematical Sciences is an interdisciplinary major that provides students with courses that complement and develop depth of understanding of economic theory, applied economics, and applied mathematics. The major  equips students with the mathematical tools that are essential for success in Ph.D. programs in economics, mathematics, and key functional areas of business including finance, accounting, marketing, and information systems. Students must be enrolled in the B.S. in Economics major to apply for the Economics and Mathematics major.  Acceptance into the major is based on meeting the following requirements:

  • Cumulative QPA of at least 3.5

  • Earned a "B" or better in 21-127 Concepts of Mathematics or 21-128 Mathematical Concepts and Proofs

  • Earned a "B" or better in 21-241 Matrices and Linear Transformations

  • Completed Principles of Microeconomics waiver, 73-102 Principles of Microeconomics or 73-104 Principles of Microeconomics Accelerated

  • Earned a "B" or better in 73-103 Principles of Macroeconomics

  • Earned a "B" or better in either 73-230 Intermediate Microeconomics or 73-240 Intermediate Macroeconomics

  • Personal statement

Economic Theory Requirements
Units
73-102Principles of Microeconomics *9
or 73-104 Principles of Microeconomics Accelerated
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
Quantitative Analysis Requirements 
Units
70-207Probability and Statistics for Business Applications9
or 36-200 Reasoning with Data
36-225Introduction to Probability Theory9
or 36-235 Probability and Statistical Inference I
or 21-325 Probability
73-265Economics and Data Science9
73-274Econometrics I9
73-374Econometrics II9
 Mathematical Sciences Requirements 
Units
21-120Differential and Integral Calculus10-20
or 21-111
& 21-112		 Differential Calculus
and Integral Calculus
21-122Integration and Approximation10
21-127Concepts of Mathematics12
21-228Discrete Mathematics9-12
or 15-251 Great Ideas in Theoretical Computer Science
21-241Matrices and Linear Transformations11
21-259Calculus in Three Dimensions9-12
or 21-256 Multivariate Analysis
or 21-268 Multidimensional Calculus
or 21-269 Vector Analysis
21-260Differential Equations9
21-355Principles of Real Analysis I9
21-356Principles of Real Analysis II9
 Programming Requirement (10 Units)
Units
15-110Principles of Computing10
 Writing Requirement 
Units
70-340Business Communications9
Economic Electives (27 Units)

Students must take three economics elective courses. Economics elective courses are those courses numbered 73-300 or higher, (excluding 73-374 Econometrics II).  Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability. 

Recommended Economics electives include: 73-315 Market Design, 73-347 Game Theory Applications for Economics and Business, 73-365 Firms, Market Structures, and Strategy, and 73-421 Emerging Markets. 

Mathematical Science Depth Electives (27 Units)

Students must take three advanced mathematics depth courses. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.

Recommended Mathematical Science Depth Electives: 
21-270Introduction to Mathematical Finance9
21-292Operations Research I9
21-301Combinatorics9
21-341Linear Algebra9
21-369Numerical Methods12
21-370Discrete Time Finance9
21-371Functions of a Complex Variable9
21-393Operations Research II9
21-420Continuous-Time Finance9
21-484Graph Theory9

Note: Only one of the following courses may count towards the required Mathematical Sciences Depth Electives:21-366 Topics in Applied Mathematics.

Senior Work 
73-497Senior Project12
or 73-500
& 73-501		 Tepper College Honors Thesis I
and Tepper College Honors Thesis II
Note: Students in the BS in Economics and Math who complete an Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. 

Double-Counting Restriction

The 3 economics electives and 3 math electives cannot double count with another major or minor.

University Core

Students are required to complete University Core which is the general education program in the Tepper School. 

Core @ Carnegie Mellon

All undergraduate students are required to take 99-101 Computing @ Carnegie Mellon to graduate (completed during the first year). 

Additional Major in Economics

Students are eligible to apply for the Additional Major in Economics after completion of the Minor in Economics.

Mathematics Requirement

21-120Differential and Integral Calculus10
or 21-111
& 21-112		 Differential Calculus
and Integral Calculus
21-256Multivariate Analysis9
or 21-254 Linear Algebra and Vector Calculus for Engineers
or 21-259 Calculus in Three Dimensions
or 21-266 Vector Calculus for Computer Scientists
21-240Matrix Algebra with Applications10
or 21-241 Matrices and Linear Transformations

Quantitative analysis requirement

73-265Economics and Data Science9
73-274Econometrics I9
73-374Econometrics II9
or 73-423 Forecasting for Economics and Business
or 70-467 Machine Learning for Business Analytics

Economic Core Requirement

73-102Principles of Microeconomics *9
or 73-104 Principles of Microeconomics Accelerated
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
70-340Business Communications9
70-345Business Presentations9
If a student is pursuing the additional major and receives a prerequisite waiver for 73102, 9 additional units of elective course work (73-3xx or higher) is required. 

Economics Electives Requirement (54 units)

Students must take six economics elective courses. Economics elective courses are those numbered 73-300 or higher.

73-497Senior Project *12
or 73-500
& 73-501		 Tepper College Honors Thesis I
and Tepper College Honors Thesis II
Note: Students who complete an Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. 


Double count restriction

Students pursuing the additional major may double-count two economics electives with any other major or minor requirements. There are no double counting restrictions between the additional major and a student's home college general education requirements.

Minor in Economics

Students are eligible to apply for a minor upon completion of two courses for the minor wherein they earn a 2.0 QPA or higher in the coursework.

While there are no double counting restrictions between the minor and the student's home college general education requirements, 73-265 Economics and Data Science and the 3 economics electives must be unique for the minor and cannot double count with any other major or minor.

Mathematics Requirements 
Units
21-120Differential and Integral Calculus10-20
or 21-111
& 21-112		 Differential Calculus
and Integral Calculus
21-256Multivariate Analysis9
or 21-254 Linear Algebra and Vector Calculus for Engineers
or 21-259 Calculus in Three Dimensions
or 21-266 Vector Calculus for Computer Scientists
or 21-268 Multidimensional Calculus
or 21-269 Vector Analysis
Economic Theory Requirements (27 Units)
Units
73-102Principles of Microeconomics *9
or 73-104 Principles of Microeconomics Accelerated
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
or 73-240 Intermediate Macroeconomics
If a student is pursuing an economics minor and receives a prerequisite waiver for 73102, 9 additional units of elective course work (73-3xx or higher) is required to ensure 54+ units are met in the minor curriculum. 

Quantitative Analysis Requirements (18 Units)

Students who have taken coursework in intermediate-level regression analysis and data visualization may petition to substitute 73-274 Econometrics I or 73-423 Forecasting for Economics and Business for 73-265 Economics and Data Science.  

Units
70-207Probability and Statistics for Business Applications9
or 36-200 Reasoning with Data
or 15-259 Probability and Computing
or 21-325 Probability
or 36-218 Probability Theory for Computer Scientists
or 36-219 Probability Theory and Random Processes
or 36-220 Engineering Statistics and Quality Control
or 36-225 Introduction to Probability Theory
73-265Economics and Data Science9
Economics Electives (27 Units)

Students must take three economics elective courses. Economics elective courses are those numbered 73-3xx through 73-49x. Students are encouraged to work with their economics advisor to structure a set of courses to meet these requirements based on their particular interests, subject to course availability.

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