Undergraduate Economics
Oliver Hahl, Associate Dean, Undergraduate Programs; Associate Professor of Organization Theory, Strategy and Entrepreneurship
Jennifer Wegner, Assistant Dean, Undergraduate Programs
Location: Tepper Quad, Suite 2400
Email: uba@andrew.cmu.edu
Advising Appointment Online Scheduler: https://meetme.so/TepperAdvising
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:
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Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.
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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.
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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.
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Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.
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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:
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Bachelor of Arts in Economics
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Bachelor of Science in Economics
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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 Academic Advisory Center (AAC) advisor. While the AAC advisors are the advisors 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 | |
| 21-120 | Differential and Integral Calculus | 10-20 |
| or 21-111 & 21-112 | Calculus I and Calculus II | |
| 21-256 | Multivariate Analysis | 9-10 |
| or 21-259 | Calculus in Three Dimensions | |
Economic Theory Requirements
| Units | ||
| 73-102 | Principles of Microeconomics | 9 |
| or 73-104 | Principles of Microeconomics Accelerated | |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 70-340 | Business Communications | 9 |
| 70-345 | Business Presentations | 9 |
Quantitative Analysis Requirements
| Units | ||
| 70-207 | Probability and Statistics for Business Applications | 9 |
| or 36-200 | Reasoning with Data | |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
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.
Course List
| Sample List of Special Elective Courses | Units | |
| 19-402 | Telecommunications Technology and Policy for the Internet Age | 12 |
| 19-403 | Policies of Wireless Systems | 12 |
| 19-411 | Science and Innovation Leadership for the 21st Century: Firms, Nations, and Tech | 9 |
| 19-421 | Emerging Energy Policies | 9 |
| 19-425 | Sustainable Energy for the Developing World | 9 |
| 66-221 | Topics of Law: Introduction to Intellectual Property Law | 9 |
| 79-245 | Capitalism and Individualism in American Culture | 9 |
| 79-262 | Modern China: From the Birth of Mao ... to Now | 9 |
| 79-266 | Russian History and Revolutionary Socialism | 9 |
| 79-280 | Coffee and Capitalism | 9 |
| 79-283 | Hungry World: Food and Famine in Global Perspective | 9 |
| 79-288 | Bananas, Baseball, and Borders: Latin America and the United States | 9 |
| 79-300 | Controversial Topics in the History of American Public Policy | 9 |
| 79-315 | The Politics of Water in Global Perspective | 9 |
| 79-320 | Women, Politics, and Protest | 9 |
| 79-343 | Education, Democracy, and Civil Rights | 9 |
| 79-383 | The History of Capitalism | 9 |
| 80-136 | Social Structure, Public Policy & Ethics | 9 |
| 80-249 | AI, Society, and Humanity | 9 |
| 80-305 | Game Theory | 9 |
| 80-324 | Philosophy of Economics | 9 |
| 80-335 | Social and Political Philosophy | 9 |
| 80-348 | Health, Human Rights, and International Development | 9 |
| 84-310 | Policy in a Global Economy 1: International Trade and Trade Policy | 9 |
| 84-318 | Politics of Developing Nations | 9 |
| 84-362 | Diplomacy and Statecraft | 9 |
| 84-387 | Remote Systems and the Cyber Domain in Conflict | 9 |
| 88-411 | Rise of the Asian Economies | 9 |
Senior Work
| Units | ||
| 73-497 | Senior Project | 9 |
| 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 department. For students electing to complete an additional major or dual degree, the minor is waived.
UNIVERSITY CORE
Students are required to complete the Tepper University Core, general education coursework in the liberal arts and sciences.
COMPUTING @ CARNEGIE MELLON
All undergraduate students are required to take 99-101 Computing @ Carnegie Mellon to graduate (usually taken prior to the start of the first year or during the first year). The course focuses on Carnegie Mellon tools and technologies.
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 | ||
| 21-120 | Differential and Integral Calculus | 10-20 |
| or 21-111 & 21-112 | Calculus I and Calculus II | |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| 21-240 | Matrix Algebra with Applications | 10 |
| or 21-241 | Matrices and Linear Transformations | |
Quantitative Analysis Requirements
| Units | ||
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
| or 73-423 | Forecasting for Economics and Business | |
| or 70-467 | Machine Learning for Business Analytics | |
Economic Core Requirements
| Units | ||
| 73-102 | Principles of Microeconomics | 9 |
| or 73-104 | Principles of Microeconomics Accelerated | |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 70-340 | Business Communications | 9 |
| 70-345 | Business Presentations | 9 |
Economics Electives (54 Units)
Students must take six economics elective courses. Economics elective courses are those numbered 73-300 or higher.
Senior Requirement
| Units | ||
| 73-497 | Senior Project | 9 |
| 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 department. For students electing to complete an additional major or dual degree, the minor requirement is waived.
UNIVERSITY CORE
Students are required to complete Tepper University Core, general education coursework in the liberal arts and sciences.
COMPUTING @ CARNEGIE MELLON
All undergraduate students are required to take 99-101 Computing @ Carnegie Mellon to graduate (usually taken prior to the start of the first year or during the first year). The course focuses on Carnegie Mellon tools and technologies.
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:
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Cumulative QPA of at least 3.5
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Earned a "B" or better in 21-127 Concepts of Mathematics or 21-128 Mathematical Concepts and Proofs
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Earned a "B" or better in 21-241 Matrices and Linear Transformations
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Completed Principles of Microeconomics waiver, 73-102 Principles of Microeconomics or 73-104 Principles of Microeconomics Accelerated
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Earned a "B" or better in 73-103 Principles of Macroeconomics
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Earned a "B" or better in either 73-230 Intermediate Microeconomics or 73-240 Intermediate Macroeconomics
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Personal statement
B.S. in Economics and Mathematical Sciences
Economic Theory Requirements
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| or 73-104 | Principles of Microeconomics Accelerated | |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
Quantitative Analysis Requirements
| Units | ||
| 70-207 | Probability and Statistics for Business Applications | 9 |
| or 36-200 | Reasoning with Data | |
| 36-225 | Introduction to Probability Theory | 9 |
| or 36-235 | Probability and Statistical Inference I | |
| or | ||
| or 21-325 | Probability | |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
Mathematical Sciences Requirements
| Units | ||
| 21-120 | Differential and Integral Calculus | 10-20 |
| or 21-111 & 21-112 | Calculus I and Calculus II | |
| 21-122 | Integration and Approximation | 10 |
| 21-127 | Concepts of Mathematics | 12 |
| 21-228 | Discrete Mathematics | 9-12 |
| or 15-251 | Great Ideas in Theoretical Computer Science | |
| 21-241 | Matrices and Linear Transformations | 11 |
| 21-259 | Calculus in Three Dimensions | 9-12 |
| or 21-256 | Multivariate Analysis | |
| or 21-268 | Multidimensional Calculus | |
| or 21-269 | Vector Analysis | |
| 21-260 | Differential Equations | 9 |
| 21-355 | Principles of Real Analysis I | 9 |
| 21-356 | Principles of Real Analysis II | 9 |
Programming Requirement (10 Units)
| Units | ||
| 15-110 | Principles of Computing | 10 |
Writing Requirement
| Units | ||
| 70-340 | Business Communications | 9 |
Economic Electives (27 Units)
Students must take three economics elective courses. Economics elective courses are those courses numbered 73-300 through 73-495, (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:
| 73-315 | Market Design | 9 |
| 73-338 | Financial Crises and Risk | 9 |
| 73-347 | Game Theory Applications for Economics and Business | 9 |
| 73-365 | Firms, Market Structures, and Strategy | 9 |
| 73-421 | Emerging Markets | 9 |
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:
| 21-270 | Introduction to Mathematical Finance | 9 |
| 21-292 | Operations Research I | 9 |
| 21-301 | Combinatorics | 9 |
| 21-341 | Linear Algebra | 9 |
| 21-369 | Numerical Methods | 12 |
| 21-370 | Discrete Time Finance | 9 |
| 21-371 | Functions of a Complex Variable | 9 |
| 21-393 | Operations Research II | 9 |
| 21-420 | Continuous-Time Finance | 9 |
| 21-484 | Graph Theory | 9 |
Note: Only one of the following courses may count towards the required Mathematical Sciences Depth Electives: 21-365 Projects in Applied Mathematics or 21-366 Topics in Applied Mathematics.
Senior Work (9 units; 18 units for students completing an honors thesis in economics)
| 73-497 | Senior Project | 9 |
| 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, general education coursework in the liberal arts and sciences.
COMPUTING @ CARNEGIE MELLON
All undergraduate students are required to take 99-101 Computing @ Carnegie Mellon to graduate (usually taken prior to the start of the first year or during the first year). The course focuses on Carnegie Mellon tools and technologies.
Additional Major in Economics
Students are eligible to apply for the Additional Major in Economics after completion of the Minor in Economics.
Mathematics Requirement
| 21-120 | Differential and Integral Calculus | 10 |
| or 21-111 & 21-112 | Calculus I and Calculus II | |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| or 21-254 | Linear Algebra and Vector Calculus for Engineers | |
| 21-240 | Matrix Algebra with Applications | 10 |
| or 21-241 | Matrices and Linear Transformations | |
Quantitative analysis requirement
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
| or 73-423 | Forecasting for Economics and Business | |
| or 70-467 | Machine Learning for Business Analytics | |
Economic Core Requirement
| 73-102 | Principles of Microeconomics * | 9 |
| or 73-104 | Principles of Microeconomics Accelerated | |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 70-340 | Business Communications | 9 |
| 70-345 | Business Presentations | 9 |
| 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.
| 73-497 | Senior Project * | 9 |
| 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 required courses for the minor wherein they earn a 2.0 QPA or higher in said 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.
| Units | ||
| 21-120 | Differential and Integral Calculus | 10-20 |
| or 21-111 & 21-112 | Calculus I and Calculus II | |
| 21-256 | Multivariate Analysis | 9 |
| or 21-254 | Linear Algebra and Vector Calculus for Engineers | |
| or 21-259 | Calculus in Three Dimensions | |
| or 21-268 | Multidimensional Calculus | |
| or 21-269 | Vector Analysis | |
Economic Theory Requirements (27 Units)
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| or 73-104 | Principles of Microeconomics Accelerated | |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 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 (73xxx) 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 | ||
| 70-207 | Probability and Statistics for Business Applications | 9 |
| 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 | |
| or | ||
| 73-265 | Economics and Data Science | 9 |
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.