Programs of Study
Economics as a discipline is concerned with the principles underlying the production and exchange of products and services. The study of economics stems from the scarcity of resources and the limitless nature of our demands for products and services. Societies must therefore choose the goods and services that will be produced from among the larger range of production possibilities. Economics develops the principles and concepts that follow from this fact of scarcity and applies them to the analysis of various aspects of human activity.
All economics majors must take the following courses:
- 49.201 Economics I
- 49.202 Economics II
- 49.211 Statistics I
- 49.212 Statistics II
- 49.303 Microeconomic Theory
- 49.304 Macroeconomic Theory
These are introductory courses in the Economics Department (49.201 and 49.202), which may be taken in either order, survey economic problems, policies, and theory. Required courses in microeconomic and macroeconomic theory and in statistics provide a deeper analytical foundation and the necessary quantitative tools to pursue graduate study in economics.
In addition to these required courses, the student chooses six economics electives from the courses listed below. These electives provide students with opportunities to explore subject areas that are of personal interest and consistent with career objectives.
Besides these 12 courses, a major in Economics must choose one of two options: proficiency in a modern language or proficiency in quantitative skills. (Consult the “University Academic Policies: Language Requirement” section for details of the language proficiency requirement).
The option in quantitative skills requires the fulfillment of the following:
- at least two courses from the following Mathematics Department offering:
- 92.121 Management Pre-Calculus
- 92.122 Management Calculus
- (Calculus I & Calculus II may be substituted for 92.121 & 92.122)
- at least two of the following quantitative economics courses:
General Economics Track
This track is designed to provide the student with a strong and flexible background in economic theory and some important applications of that theory. In addition to the six required courses, the student chooses six additional economics courses. The minimum mathematics requirement for an economics major, even those choosing the language proficiency option, is Management Pre-Calculus (92.121).
Five-Year Program: BA in Economics, MA in Regional Economic and Social Development
Students who have maintained a 3.0 GPA may enroll in a five-year program, which earns them a BA in Economics and a MA in Regional Economic and Social Development (RESD). Students who elect this option may count two of their 500 Level RESD courses from the following list toward fulfillment of their Economics BA requirement. These courses would count as two of the six required upper-division elective courses. Students electing this option are also automatically enrolled in the graduate school at UMass Lowell and need not take the GRE exams, provided they maintain a 3.0 GPA.
View Course of Study
Eighteen credit hours are needed for a minor in Economics. All minors must take Economics I (49.201) and Economics II (49.202). Four additional economics electives are required, two of which must be at the 300 level or 400 level.
Within this general framework, a wide variety of options is open to students who minor in economics. Courses can be taken to emphasize a particular area such as international, quantitative or environmental economics, or a series of courses can be chosen from different areas to strengthen or complement the student’s major discipline. Some of these courses are required in many MBA programs, and some schools waive them if they have been taken at the undergraduate level.