The Major

Students in the Department of Resource Economics choose among three options: Consumer and Family Economics, Environmental and Natural Resource Economics, and 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 food, natural resource, environmental, managerial or consumer and family 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 – required by all options (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.

Resource Economics Breadth Requirement
An introductory course in the department other than the requirement of the student’s option. Introductory courses are: RES-ECON 121, Hunger in a Global Economy; RES-ECON 162, The Consumer in Our Society; RES-ECON 262, Environmental Economics; and 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)

Consumer and Family Economics Option
162 The Consumer in Our Society
314 Financial Analysis for Consumers and Firms
362 Consumer Protection and Legislation
460 Family Economics (IE and Capstone)
470 Family Economic Policy: Issues and Implication (IE and Capstone)
An internship is required (9-12 credits)
Five additional courses selected from a list available from the department

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 POLISCI 382 Environmental Policy or POLISCI 383 Energy 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 Corporation 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.