The Major

Students in the Department of Resource Economics choose from the following two options: Environmental and Natural Resource Economics or Managerial Economics.

Required coursework includes University General Education requirements, a common departmental core of 12 courses, and 10 additional courses specified by the elected option. Departmental core courses have been selected to provide the basic tools of economic theory and quantitative analysis and a perception of how our economic system works. They provide a base of understanding on which to build an applied economics specialization. Departmental option requirements enable students to focus coursework on particular career specialties within the natural resource and environmental or managerial economics areas. Students are allowed considerable flexibility within the options. By careful selection of courses, it is possible to design a program which prepares a student for employment in a specific career or which provides a good foundation for graduate study. Some students also prepare for international careers.

RES-ECON Departmental Core Requirements – (12 courses)

Fundamental Competencies

One Calculus course – either MATH 127 - Calculus for the Life and Social Sciences I or MATH 131 - Calculus I
RES-ECON 112 - Computing: Foundations to Frontiers
RES-ECON 303 - Writing in Resource Economics (General Education Junior Year Writing course)

Microeconomics

RES-ECON 102 - Introduction to Resource Economics. ECON 103 may be substituted.
RES-ECON 202 - Price Theory (Intermediate Microeconomics). ECON 203 may be substituted.

Macroeconomics

ECON 104 - Introduction to Macroeconomics
ECON 204 - Intermediate Macroeconomic Theory

Quantitative Decision Making

RES-ECON 212 - Introductory Statistics for the Social Sciences.  STATISTC 240 may be substituted.
RES-ECON 213 - Intermediate Statistics for Business and Economics
RES-ECON 313 - Quantitative Methods in Applied Economics

Breadth Requirement

An introductory course in the department other than the requirement of the student’s option. Choose one of the following: RES-ECON 121 - Hunger in a Global Economy or RES-ECON 162 - The Consumer in Our Society or RES-ECON 262 - Environmental Economics or RES-ECON 263 - Natural Resource Economics

Integrated Experience Seminar

RES-ECON 394LI - Life if Full of Choices (General Education Integrative Experience seminar, 1 credit).

Res-Econ Option Requirements

Each option requires an additional set of courses, with some flexibility in each, to complete a particular career emphasis. (Note: IE is Integrated Experience)

Environmental and Natural Resource Economics Option

262 Environmental Economics
263 Natural Resource Economics
471 Benefit-Cost Analysis of Natural Resource Programs (IE and Capstone)
472 Advanced Topics in Resource and Environmental Economics (IE and Capstone)
ENVIRSCI 213 Introduction to Environmental Policy or NRC 409 Natural Resources Policy and Administration
Five additional courses selected from a list available from the department

Managerial Economics Option

314 Financial Analysis for Consumers and Firms or Finance 301 Corporate Finance
428 Managerial Economics (Capstone)
452 Industrial Organization in Resource Economics (IE)
453 Public Policy in Private Markets (IE)
ACCOUNTG 221 Introduction to Accounting I
MANAGMNT 301 Principles of Management
Four additional courses selected from a list available from the department

Note: Departmental core and option requirements may not be taken on a Pass/Fail basis.

For the requirements for Commonwealth Honors College Departmental Honors in Resource Economics, see www.umass.edu/resec/academics/undergraduate-program/commonwealth-honors-college-departmental-honors-program.