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November 12, 2020 MEMORANDUM TO: Gregory Ball Dean, College of Behavioral and Social Sciences
FROM: Elizabeth Beise Associate Provost for Academic Planning and Programs
SUBJECT: Proposal to Modify the Bachelor's Program in Economics (PCC Log No. 20031)
On October 2, 2020, the Senate Committee on Programs, Curricula, and Courses approved the proposal to modify the bachelor's program in Economics. A copy of the approved proposal is attached.
The change is effective Fall 2021. Please ensure that the change is fully described in the
undergraduate program’s four-year plan (contact Lisa Kiely at [email protected] for more information). The program’s Undergraduate Catalog entry will be updated automatically through the CIM program management system.
EJB/mdc Enclosure cc: Valerie Orlando, Chair, Senate PCC Committee Barbara Gill, Office of Enrollment Management
Reka Montfort, University Senate Huifang Pan, Division of Information Technology Pam Phillips, Institutional Research, Planning & Assessment Lae’l Hughes-Watkins, University Archives Linda Yokoi, Office of the Registrar Lisa Kiely, Office of Undergraduate Studies Katherine Russell, College of Behavioral and Social Sciences Judith Hellerstein, Department of Economics
OFFICE OF THE SENIOR VICE PRESIDENT AND PROVOST
1119 Main Administration Building College Park, Maryland 20742-5031 301.405.5252 TEL 301.405.8195 FAX
507: Economics Major 1
507: ECONOMICS MAJORIn Workflow1. D-ECON Curriculum Manager ([email protected]; [email protected]; [email protected])2. D-ECON PCC Chair ([email protected]; [email protected])3. D-ECON Chair ([email protected])4. BSOS Curriculum Manager ([email protected]; [email protected])5. BSOS PCC Chair ([email protected])6. BSOS Dean ([email protected]; [email protected]; [email protected])7. Academic Affairs Curriculum Manager ([email protected])8. Senate PCC Chair ([email protected]; [email protected])9. Provost Office ([email protected])
10. Undergraduate Catalog Manager ([email protected]; [email protected])
Approval Path1. Fri, 24 Jul 2020 13:24:06 GMT
Shanna May (sedinge1): Approved for D-ECON Curriculum Manager2. Fri, 24 Jul 2020 13:25:59 GMT
Erin Moody (emoody): Approved for D-ECON PCC Chair3. Fri, 24 Jul 2020 16:05:20 GMT
Judith Hellerstein (hellerst): Approved for D-ECON Chair4. Tue, 28 Jul 2020 13:04:25 GMT
Giselle Denbow (gdenbow): Approved for BSOS Curriculum Manager5. Fri, 07 Aug 2020 15:34:06 GMT
Kristi Hall (khall): Approved for BSOS PCC Chair6. Fri, 07 Aug 2020 15:35:09 GMT
Kristi Hall (khall): Rollback to BSOS PCC Chair for BSOS Dean7. Mon, 24 Aug 2020 19:34:10 GMT
Kristi Hall (khall): Approved for BSOS PCC Chair8. Fri, 28 Aug 2020 02:21:55 GMT
Katherine Russell (krussell): Approved for BSOS Dean9. Wed, 30 Sep 2020 14:22:51 GMT
Michael Colson (mcolson): Approved for Academic Affairs Curriculum Manager10. Fri, 02 Oct 2020 14:41:03 GMT
Valerie Orlando (vorlando): Approved for Senate PCC Chair11. Thu, 12 Nov 2020 18:10:52 GMT
Michael Colson (mcolson): Approved for Provost Office
History1. Aug 5, 2019 by clmig-jwehrheim2. Oct 15, 2019 by William Bryan (wbryan)3. Jun 8, 2020 by Michael Colson (mcolson)
Date Submitted: Fri, 24 Jul 2020 13:19:30 GMT
Viewing: 507 : Economics MajorLast approved: Mon, 08 Jun 2020 21:07:24 GMTLast edit: Mon, 21 Sep 2020 14:00:12 GMTChanges proposed by: Erin Moody (emoody)
Proposed Action
Curriculum Change
Program Name
Economics Major
2 507: Economics Major
Program Status
Active
Effective Term
Fall 2021
Catalog Year
2021-2022
Program Level
Undergraduate Program
Program Type
Undergraduate Major
Delivery Method
On Campus
Departments
Department
Economics
Colleges
College
Behavioral and Social Sciences
Program/Major Code
22040, 2204S
MHEC Inventory Program
Economics
CIP Code
450603 - Econometrics and Quantitative Economics.
HEGIS
220400
Degree(s) Awarded
Degree Awarded
Bachelor of Arts
Bachelor of Science
Proposal Contact
Erin Moody
Proposal Summary
(PCC Log Number 20031)
Program and Catalog InformationProvide the catalog description of the proposed program. As part of the description, please indicate any areas of concentration or specializations thatwill be offered.
Economists study a wide range of phenomena using analytical methods which describe how people and collections of people behave and interact.Many economists define their profession as the analysis of decisions made in the context of scarcity. Economics can also be described as the studyof the production, pricing, and distribution of goods and services within societies. Economists study such issues as inflation, unemployment, poverty,
507: Economics Major 3
environmental quality, financial markets, and international trade. Economists also apply their methods of analysis to such diverse areas as crime,health care, discrimination, and the problems of developing countries.
Courses offered by this department may be found under the following acronym: ECON. As a large, diverse department, courses are offered in many ofthe major fields of economic study. Several courses analyze the role of the government policies impacting economic outcomes, while others focus ondeveloping advanced applications of economic theories and methodologies.
Students can learn about the methods of analysis that economists use and about the various fields of inquiry where economists have been mostproductive. Undergraduate economics majors choose between two curriculums, one leading to a Bachelor of Arts degree and the other to a Bachelorof Science. In the BA track, students learn how to apply economic analysis to a variety of social issues, as well as, the fundamental methodologicaltools. In the BS track, students focus more attention on the methodology of economic analysis, which requires more emphasis on quantitative skills.
Economics majors have a wide variety of career options, including positions in state and local government, federal and international agencies,business, finance and banking, journalism, teaching, politics and law. Many economics majors pursue graduate work in economics or another socialscience, law, business or public policy.
Catalog Program Requirements:
In addition to the university's general education requirements, students must earn a minimum of 39 credits via a combination of foundation andelective courses in Economics and Math as listed below. Both the Bachelor of Arts and the Bachelor of Science tracks require a sequence of coursesstarting with introductory micro and macroeconomics, as well as, calculus. Students then proceed to intermediate level courses in theory andstatistics. Finally, students take at least one upper-level course focused on quantitative analysis plus several upper-level courses where you explorespecific topics in more depth. Both tracks require the same number of courses.
All courses must be passed with a grade of "C-" or better to count towards the foundation and elective requirements. Students must have a minimum2.0 cumulative grade point average across all courses used to satisfy major degree requirements. A course used to fulfill one requirement for themajor may not count towards any other economics major requirement.
Bachelor of ArtsCourse Title CreditsCollege Requirements (https://academiccatalog.umd.edu/undergraduate/colleges-schools/behavioral-social-sciences/#collegerequirementstext)Foundation CoursesECON200 Principles of Microeconomics 3ECON201 Principles of Macroeconomics 3MATH120 Elementary Calculus I 3-4
or MATH140 Calculus IECON230 Applied Economic Statistics 3
or BMGT230 Business StatisticsECON305 Intermediate Macroeconomic Theory and Policy 3ECON306 Intermediate Microeconomic Theory & Policy 3Economics Courses of ChoiceSelect one of the following: 1 3
ECON402 Macroeconomic Models and ForecastingECON414 Game TheoryECON424 Applied EconometricsECON425 Mathematical EconomicsECON426 Economics of Cost-Benefit Analysis
Select two 300 or 400 level ECON courses designated for BA 6Select three 400 level ECON courses designated for BA 9Select one of the following: 3
ECON386 Experiential LearningOther experiential learning course(s)300 or 400 level ECON course designated for the BA
Total Credits 39-40
The Economics curriculum may be updated over time, given college and campus approval. Students will be notified as other appropriate courses are approvedthat fulfill the requirements for the major.
4 507: Economics Major
Bachelor of ScienceCourse Title CreditsCollege Requirements (https://academiccatalog.umd.edu/undergraduate/colleges-schools/behavioral-social-sciences/#collegerequirementstext)Foundation CoursesECON200 Principles of Microeconomics 3ECON201 Principles of Macroeconomics 3MATH140 Calculus I 4ECON300 Methods and Tools for Economic Analysis 3
or MATH241 Calculus IIIECON321 Economic Statistics 3
or STAT401 Applied Probability and Statistics IIECON325 Intermediate Macroeconomic Analysis 4ECON326 Intermediate Microeconomic Analysis 4ECON422 Econometrics I 3Economics Courses of ChoiceSelect three 400 level ECON courses designated for the BS 9Select one 400 level ECON course designated for the BS or BA 3Select one 300 or 400 level ECON course designated for the BS or BA 3
Total Credits 42
The Economics curriculum may be updated over time, given college and campus approval. Students will be notified as other appropriate courses are approvedthat fulfill the requirements for the major.
Other Requirements for the MajorStudy Sequences and Plans of StudyThose students planning to pursue graduate study in economics must begin to prepare themselves analytically for graduate work by focusing ontheory, statistics, and mathematics in their undergraduate curriculum. These students should consider the full econometrics sequence of ECON422and ECON423. Mastery of advanced calculus and linear algebra is essential for entrance into graduate schools, and therefore students must takeMATH140, MATH141, MATH240, MATH241 and MATH246. Students should also plan on taking MATH410 and MATH411.
BenchmarksIn accordance with the University's policies, the Department of Economics expects students to make timely progress towards graduation. To helpmeasure progress during the early stages of a student's studies in economics, students will have to complete courses designated as benchmarkswithin a specified number of semesters in order to continue in their major.
Bachelor of ArtsStudents must complete the following five courses within two semesters of entering the major:
• ECON200, ECON201, and MATH120 or MATH140 with grades of C- or higher• One additional GenEd course with a D- or higher• Academic Writing with a C- or higher
Bachelor of ScienceStudents must complete the following six courses within two semesters of entering the major:
• ECON200, ECON201, MATH140, and ECON300 with grades of C- or higher• One additional GenEd course with a D- or higher• Academic Writing with a C- or higher
These benchmark deadlines may not be appropriate for all incoming students (depending upon credit earned prior to entering the major and mathplacement). All students complete an individualized benchmark contract with an ECON advisor, either at orientation or in the process of declaringthe major. Freshmen wishing to declare an Economics major should see an advisor as soon as possible in order to set appropriate benchmarks andestablish a coherent graduation plan.
Sample plan. Provide a term by term sample plan that shows how a hypothetical student would progress through the program to completion. It shouldbe clear the length of time it will take for a typical student to graduate. For undergraduate programs, this should be the four-year plan.
See attached sample 4 yr graduation plan.
507: Economics Major 5
Use the space below for any additional comments on the courses or other requirements selected for the revised curriculum. Typical comments may beclarifications of why certain courses are being replaced or added.
Regarding MATH141 being replaced with ECON300, students need little content from MATH141 but do need content from MATH241. Rather thanrequiring additional courses from the math department, we will replace the MATH141 requirement with ECON300: Methods and Tools of EconomicAnalysis. This course was required in a previous version of the curriculum.
We propose to accept STAT401 as a substitute for ECON321 instead of STAT400. Due to the evolution of course content over time, STAT400 is nolonger a sufficient substitute for ECON321.
While ECON406, ECON407, and ECON423 are no longer required courses, students will still have the option to take these courses as upper-levelEconomics courses of choice.
List the intended student learning outcomes. In an attachment, provide the plan for assessing these outcomes.
Learning Outcomes
Understanding of the key terminology used within the discipline.
Ability to use the fundamental methods and tools of the discipline to model economic behavior and to describe and analyze relationships betweeneconomic variables.
Ability to interpret and apply descriptive and inferential statistics.
Ability to analyze the effect of government policies on the economy using both conceptual and quantitative tools.
BA track: Ability to articulate how economic analysis can be used to improve decision-making in various situations.
BS track: Ability to carry out various techniques for evaluating hypotheses regarding economic phenomena.
Program Modification InformationDescription and Rationale for Modifications.
We propose to modify three aspects of the BS program.
First, we propose to bring back a course that was required in a previous version of the curriculum, ECON300: Methods and Tools of Economic Analysis.The current math requirement, MATH141, does not provide students with the necessary skills to be successful in the program. MATH141 is focusedon methods of integration. Most of these methods are not necessary for economics. However, students in the BS track do need to know multivariablecalculus, which is taught in MATH241. Rather than requiring students to take MATH140, MATH141, and MATH241, we propose that students takeMATH140 and ECON300. ECON300 will cover the relevant content from MATH141 and MATH241 as well as some probability and statistics.
Our second modification is to change the acceptable substitutes for ECON321. ECON321 is an introduction to economic statistics and is theprerequisite for ECON422: Econometrics. Students need to have been exposed to linear regression prior to taking ECON422. Over time, the content ofSTAT400 has evolved, and it does not cover regression. We propose to accept STAT401as a substitute for ECON321.
Finally, we propose to modify our upper-level course requirements to allow greater flexibility for our students in choosing courses to complete thedegree. We currently require students to take an econometrics sequence of ECON321, ECON422, and ECON423. We also require that students takeeither ECON406 (Advanced Microeconomics) or ECON407 (Advanced Macroeconomics) as one of their upper-level Economics courses of choice.Ultimately, this constrains students in suboptimal ways. Some students choose not to pursue the BS track, because scheduling these specific coursesprevents them from taking other required courses or because it will take too many semesters to complete the econometrics sequence. We propose tomove ECON406, ECON407, and ECON423 from required courses to courses of choice. Students will be required to take the same number of upper-leveleconomics courses, but they will have more choice over which specific courses to take. We will also modify ECON321 and ECON422 to cover someof the material currently covered in ECON423, and ECON423 will cover special topics in econometrics. This change should allow our students greaterflexibility and potentially increased breadth of knowledge without sacrificing the rigor of the program.
For new or modified courses, please provide the course catalog information (credits, description, prerequisites, etc.). Suffixed "Selected" or "Special"topics courses should be avoided. New courses and course modifications must be submitted through the course approval process at https://courseleaf.umd.edu/courseadmin (https://courseleaf.umd.edu/courseadmin/). You may submit individual course changes through the courseapproval process concurrently with the program proposal; however, the course change approvals may be held until the program proposal is approved.
ECON300: Methods and Tools of Economic Analysis is a 3 credit course that was offered in a prior version of the economics curriculum.
Prerequisites: 1 course with a minimum grade of C- from (ECON200, ECON201) and minimum grade of C- in MATH140.
Restrictions: Must be in Economics Bachelor of Science Program; and must not have completed MATH241.
Description: Economic application of mathematical tools and concepts necessary for intermediate and advanced coursework in economics. Topicsinclude: multivariable calculus, constrained optimization, foundational coverage of probability theory, and exponential/logarithmic functions.
6 507: Economics Major
Impact on current students. It should be specifically acknowledged that students enrolled in the program prior to the effective date of any curriculumchange may complete their program under the old requirements if they wish. The courses required must remain available, or suitable substitutionsspecifically designated.
Our proposed changes will impact current students in small but easily manageable ways. Changing ECON406, ECON407, and ECON423 from requiredcourses to courses of choice simply adds flexibility to the major. Thus, it would not impact students who declare the major prior to the implementedchanges. Regarding ECON321, we will continue to allow current students to substitute STAT400 for ECON321, but they will be advised that theirpreparation for ECON422 may not be adequate. Similarly, we will allow current students to substitute MATH141 for ECON300, but they will be advisedthat ECON300 would provide better preparation for future courses. Additionally, we will allow students with an A- or better in MATH120 specialpermission via advising to take ECON300. This will allow more students who come to the major from a community college to declare the BS track.Ultimately, we are not removing any ECON courses, so current students can still complete the major under the previous requirements if they wish.
Linked ProgramsIndicate in the space below all programs to which this program is formally linked (e.g., approved combined bachelor's/master's programs, dualmaster's programs, or joint-programs with other universities). If the proposed modification will affect the linked program, provide as an attachmentthe new curriculum for each arrangement and provide supporting correspondence from the director of the linked program.
n/a
Describe any selective admissions policy or special criteria for students interested in this program.
n/a
Relationship to Other Units or InstitutionsIf a required or recommended course is o#ered by another department, discuss how the additional students will not unduly burden that department’sfaculty and resources. Discuss any other potential impacts on another department, such as academic content that may significantly overlap withexisting programs. Use space below for any comments. Otherwise, attach supporting correspondence.
Under the current curriculum, students can use STAT400 in place of ECON321. Under the proposed curriculum, students will be able to substituteSTAT401 for ECON321. Because the prerequisite for STAT401 is STAT400, we expect fewer students to use a substitute course for ECON321compared to current rates, because doing so would require students to take two courses rather than one. We expect that the majority of studentswho replace ECON321 with STAT401 will be students who are double majors with Mathematics, and these students would be taking STAT401 already.Thus, this changed requirement should have a minimal impact on the number of students enrolled in STAT401.
Accreditation and Licensure. Will the program need to be accredited? If so, indicate the accrediting agency. Also, indicate if students will expect to belicensed or certified in order to engage in or be successful in the program’s target occupation.
n/a
Describe any cooperative arrangements with other institutions or organizations that will be important for the success of this program.
n/a
Supporting DocumentsAttachments
ECON BS Grad Plan.pdfMATH-ECON-emails-August-2020.pdf
Reviewer Comments
Kristi Hall (khall) (Fri, 07 Aug 2020 15:35:09 GMT): Rollback: approved in error
Key: 507
Catalog Pages Using this Program
Economics Major
Proposed Ac on Curriculum Change
Program Name
Date Submi ed: 07/24/20 9:19 am
Viewing:
Last approved: 06/08/20 5:07 pm
Last edit: 09/21/20 10:00 am
Changes proposed by: Erin Moody (emoody)
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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Economics Major
Program Status Ac ve
Effec ve Term Fall 2021
Catalog Year 2021‐2022 2020‐2021
Program Level Undergraduate Program
Program Type Undergraduate Major
Delivery Method On Campus
Departments Department
Economics
Colleges College
Behavioral and Social Sciences
Program/Major
Code
22040, 2204S
MHEC Inventory
Program
Economics
CIP Code 450603 ‐ Econometrics and Quan ta ve Economics.
HEGIS 220400
MHEC Recognized
Area(s) of
Concentra on
Degree(s) Awarded
Degree Awarded
Bachelor of Arts
Bachelor of Science
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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If other, new
degree award:
Proposal Contact
Erin Moody
Proposal Summary
(PCC Log Number 20031) Changing CIP code.
Provide the catalog descrip on of the proposed program. As part of the descrip on, please indicate any areas of
concentra on or specializa ons that will be offered.
Economists study a wide range of phenomena using analy cal methods which describe how people and
collec ons of people behave and interact. Many economists define their profession as the analysis of decisions
made in the context of scarcity. Economics can also be described as the study of the produc on, pricing, and
distribu on of goods and services within socie es. Economists study such issues as infla on, unemployment,
poverty, environmental quality, financial markets, and interna onal trade. Economists also apply their methods of
analysis to such diverse areas as crime, health care, discrimina on, and the problems of developing countries.
Courses offered by this department may be found under the following acronym: ECON. As a large, diverse
department, courses are offered in many of the major fields of economic study. Several courses analyze the role
of the government policies impac ng economic outcomes, while others focus on developing advanced
applica ons of economic theories and methodologies.
Students can learn about the methods of analysis that economists use and about the various fields of inquiry
where economists have been most produc ve. Undergraduate economics majors choose between two
curriculums, one leading to a Bachelor of Arts degree and the other to a Bachelor of Science. In the BA track,
students learn how to apply economic analysis to a variety of social issues, as well as, the fundamental
methodological tools. In the BS track, students focus more a en on on the methodology of economic analysis,
which requires more emphasis on quan ta ve skills.
Economics majors have a wide variety of career op ons, including posi ons in state and local government, federal
and interna onal agencies, business, finance and banking, journalism, teaching, poli cs and law. Many economics
majors pursue graduate work in economics or another social science, law, business or public policy.
Catalog Program Requirements:
In addi on to the university's general educa on requirements, students must earn a minimum of 39 credits via a
combina on of founda on and elec ve courses in Economics and Math as listed below. Both the Bachelor of Arts
and the Bachelor of Science tracks require a sequence of courses star ng with introductory micro and
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
4 of 12 11/12/2020, 1:13 PM
macroeconomics, as well as, calculus. Students then proceed to intermediate level courses in theory and
sta s cs. Finally, students take at least one upper‐level course focused on quan ta ve analysis plus several
upper‐level courses where you explore specific topics in more depth. Both tracks require the same number of
courses.
All courses must be passed with a grade of "C‐" or be er to count towards the founda on and elec ve
requirements. Students must have a minimum 2.0 cumula ve grade point average across all courses used to
sa sfy major degree requirements. A course used to fulfill one requirement for the major may not count towards
any other economics major requirement.
Course List
Course Title Credits
College Requirements
Founda on Courses
ECON200 Principles of Microeconomics 3
ECON201 Principles of Macroeconomics 3
MATH120 Elementary Calculus I 3‐4
or MATH140 Calculus I
ECON230 Applied Economic Sta s cs 3
or BMGT230 Business Sta s cs
ECON305 Intermediate Macroeconomic Theory and Policy 3
ECON306 Intermediate Microeconomic Theory & Policy 3
Economics Courses of Choice
Select one of the following: 1 3
ECON402 Macroeconomic Models and Forecas ng
ECON414 Game Theory
ECON424 Applied Econometrics
ECON425 Mathema cal Economics
ECON426 Economics of Cost‐Benefit Analysis
Select two 300 or 400 level ECON courses designated for BA 6
Select three 400 level ECON courses designated for BA 9
Select one of the following: 3
ECON386 Experien al Learning
Other experien al learning course(s)
300 or 400 level ECON course designated for the BA
Total Credits 39‐40
The Economics curriculum may be updated over me, given college and campus approval. Students will be
no fied as other appropriate courses are approved that fulfill the requirements for the major.
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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Course List
Course Title Credits
College Requirements
Founda on Courses
ECON200 Principles of Microeconomics 3
ECON201 Principles of Macroeconomics 3
MATH140 Calculus I 4
MATH141 Calculus II 4
ECON300 Methods and Tools for Economic Analysis 3
or MATH241 Calculus III
ECON321 Economic Sta s cs 3
or STAT401 Applied Probability and Sta s cs II
ECON325 Intermediate Macroeconomic Analysis 4
ECON326 Intermediate Microeconomic Analysis 4
ECON422 Econometrics I 3
ECON423 Econometrics II 3
ECON406 Advanced Microeconomics 3
or ECON407 Advanced Macroeconomics
Economics Courses of Choice
Select three 400 level ECON courses designated for the BS 9
Select one 400 level ECON course designated for the BS or BA 3
Select one 300 or 400 level ECON course designated for the BS or BA 3
Total Credits 42
The Economics curriculum may be updated over me, given college and campus approval. Students will be
no fied as other appropriate courses are approved that fulfill the requirements for the major.
Those students planning to pursue graduate study in economics must begin to prepare themselves analy cally for
graduate work by focusing on theory, sta s cs, and mathema cs in their undergraduate curriculum. These
students should consider the full econometrics sequence of ECON422 and ECON423. Mastery of advanced
calculus and linear algebra is essen al for entrance into graduate schools, and therefore students must take
MATH140, MATH141, MATH240, MATH241 and MATH246. Students should also plan on taking MATH410 and
MATH411.
In accordance with the University's policies, the Department of Economics expects students to make mely
progress towards gradua on. To help measure progress during the early stages of a student's studies in
economics, students will have to complete courses designated as benchmarks within a specified number of
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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semesters in order to con nue in their major.
Bachelor of Arts
Students must complete the following five courses within two semesters of entering the major:
ECON200, ECON201, and MATH120 or MATH140 with grades of C‐ or higher
One addi onal GenEd course with a D‐ or higher
Academic Wri ng with a C‐ or higher
Bachelor of Science
Students must complete the following six courses within two semesters of entering the major:
ECON200, ECON201, MATH140, and ECON300MATH141 with grades of C‐ or higher
One addi onal GenEd course with a D‐ or higher
Academic Wri ng with a C‐ or higher
These benchmark deadlines may not be appropriate for all incoming students (depending upon credit earned
prior to entering the major and math placement). All students complete an individualized benchmark contract
with an ECON advisor, either at orienta on or in the process of declaring the major. Freshmen wishing to declare
an Economics major should see an advisor as soon as possible in order to set appropriate benchmarks and
establish a coherent gradua on plan.
Sample plan. Provide a term by term sample plan that shows how a hypothe cal student would progress
through the program to comple on. It should be clear the length of me it will take for a typical student to
graduate. For undergraduate programs, this should be the four‐year plan.
See a ached sample 4 yr gradua on plan.
Regarding MATH141 being replaced with ECON300, students need li le content from
MATH141 but do need content from MATH241. Rather than requiring addi onal courses from
the math department, we will replace the MATH141 requirement with ECON300: Methods
and Tools of Economic Analysis. This course was required in a previous version of the
curriculum.
We propose to accept STAT401 as a subs tute for ECON321 instead of STAT400. Due to the
evolu on of course content over me, STAT400 is no longer a sufficient subs tute for
ECON321.
While ECON406, ECON407, and ECON423 are no longer required courses, students will s ll
have the op on to take these courses as upper‐level Economics courses of choice.
Use the space below for any addi onal comments on the courses or other requirements selected for the revised
curriculum. Typical comments may be clarifica ons of why certain courses are being replaced or added.
List the intended student learning outcomes. In an a achment, provide the plan for assessing these outcomes.
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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Learning Outcomes
Understanding of the key terminology used within the discipline.
Ability to use the fundamental methods and tools of the discipline to model economic behavior and to describe
and analyze rela onships between economic variables.
Ability to interpret and apply descrip ve and inferen al sta s cs.
Ability to analyze the effect of government policies on the economy using both conceptual and quan ta ve
tools.
BA track: Ability to ar culate how economic analysis can be used to improve decision‐making in various
situa ons.
BS track: Ability to carry out various techniques for evalua ng hypotheses regarding economic phenomena.
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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We propose to modify three aspects of the BS program.
First, we propose to bring back a course that was required in a previous version of the
curriculum, ECON300: Methods and Tools of Economic Analysis. The current math
requirement, MATH141, does not provide students with the necessary skills to be successful
in the program. MATH141 is focused on methods of integra on. Most of these methods are
not necessary for economics. However, students in the BS track do need to know
mul variable calculus, which is taught in MATH241. Rather than requiring students to take
MATH140, MATH141, and MATH241, we propose that students take MATH140 and ECON300.
ECON300 will cover the relevant content from MATH141 and MATH241 as well as some
probability and sta s cs.
Our second modifica on is to change the acceptable subs tutes for ECON321. ECON321 is an
introduc on to economic sta s cs and is the prerequisite for ECON422: Econometrics.
Students need to have been exposed to linear regression prior to taking ECON422. Over me,
the content of STAT400 has evolved, and it does not cover regression. We propose to accept
STAT401as a subs tute for ECON321.
Finally, we propose to modify our upper‐level course requirements to allow greater flexibility
for our students in choosing courses to complete the degree. We currently require students
to take an econometrics sequence of ECON321, ECON422, and ECON423. We also require that
students take either ECON406 (Advanced Microeconomics) or ECON407 (Advanced
Macroeconomics) as one of their upper‐level Economics courses of choice. Ul mately, this
constrains students in subop mal ways. Some students choose not to pursue the BS track,
because scheduling these specific courses prevents them from taking other required courses
or because it will take too many semesters to complete the econometrics sequence. We
propose to move ECON406, ECON407, and ECON423 from required courses to courses of
choice. Students will be required to take the same number of upper‐level economics courses,
but they will have more choice over which specific courses to take. We will also modify
ECON321 and ECON422 to cover some of the material currently covered in ECON423, and
ECON423 will cover special topics in econometrics. This change should allow our students
greater flexibility and poten ally increased breadth of knowledge without sacrificing the
rigor of the program.
Descrip on and Ra onale for Modifica ons.
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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For new or modified courses, please provide the course catalog informa on (credits, descrip on, prerequisites,
etc.). Suffixed "Selected" or "Special" topics courses should be avoided. New courses and course modifica ons
must be submi ed through the course approval process at h ps://courseleaf.umd.edu/courseadmin. You may
submit individual course changes through the course approval process concurrently with the program proposal;
however, the course change approvals may be held un l the program proposal is approved.
ECON300: Methods and Tools of Economic Analysis is a 3 credit course that was offered in a prior version of the
economics curriculum.
Prerequisites: 1 course with a minimum grade of C‐ from (ECON200, ECON201) and minimum grade of C‐ in
MATH140.
Restric ons: Must be in Economics Bachelor of Science Program; and must not have completed MATH241.
Descrip on: Economic applica on of mathema cal tools and concepts necessary for intermediate and
advanced coursework in economics. Topics include: mul variable calculus, constrained op miza on,
founda onal coverage of probability theory, and exponen al/logarithmic func ons.
Our proposed changes will impact current students in small but easily manageable ways.
Changing ECON406, ECON407, and ECON423 from required courses to courses of choice
simply adds flexibility to the major. Thus, it would not impact students who declare the
major prior to the implemented changes. Regarding ECON321, we will con nue to allow
current students to subs tute STAT400 for ECON321, but they will be advised that their
prepara on for ECON422 may not be adequate. Similarly, we will allow current students to
subs tute MATH141 for ECON300, but they will be advised that ECON300 would provide
be er prepara on for future courses. Addi onally, we will allow students with an A‐ or
be er in MATH120 special permission via advising to take ECON300. This will allow more
students who come to the major from a community college to declare the BS track.
Ul mately, we are not removing any ECON courses, so current students can s ll complete the
major under the previous requirements if they wish.
Impact on current students. It should be specifically acknowledged that students enrolled in the program prior
to the effec ve date of any curriculum change may complete their program under the old requirements if they
wish. The courses required must remain available, or suitable subs tu ons specifically designated.
Linked Programs
n/a
Indicate in the space below all programs to which this program is formally linked (e.g., approved combined
bachelor's/master's programs, dual master's programs, or joint‐programs with other universi es). If the
proposed modifica on will affect the linked program, provide as an a achment the new curriculum for each
arrangement and provide suppor ng correspondence from the director of the linked program.
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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Rela onship to Other Units or Ins tu ons
A achments
ECON BS Grad Plan.pdf
MATH‐ECON‐emails‐August‐2020.pdf
Administra ve
Documents
n/a
Describe any selec ve admissions policy or special criteria for students interested in this program.
Under the current curriculum, students can use STAT400 in place of ECON321. Under the
proposed curriculum, students will be able to subs tute STAT401 for ECON321. Because the
prerequisite for STAT401 is STAT400, we expect fewer students to use a subs tute course for
ECON321 compared to current rates, because doing so would require students to take two
courses rather than one. We expect that the majority of students who replace ECON321 with
STAT401 will be students who are double majors with Mathema cs, and these students
would be taking STAT401 already. Thus, this changed requirement should have a minimal
impact on the number of students enrolled in STAT401.
If a required or recommended course is offered by another department, discuss how the addi onal students
will not unduly burden that department’s faculty and resources. Discuss any other poten al impacts on another
department, such as academic content that may significantly overlap with exis ng programs. Use space below
for any comments. Otherwise, a ach suppor ng correspondence.
n/a
Accredita on and Licensure. Will the program need to be accredited? If so, indicate the accredi ng agency. Also,
indicate if students will expect to be licensed or cer fied in order to engage in or be successful in the program’s
target occupa on.
n/a
Describe any coopera ve arrangements with other ins tu ons or organiza ons that will be important for the
success of this program.
Suppor ng Documents
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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Reviewer
Comments
Kris Hall (khall) (08/07/20 11:35 am): Rollback: approved in error
Key: 507
507: Economics Major https://courseleaf.umd.edu/courseleaf/courseleaf.cgi?page=/programadm...
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ECONOMICS BS-Four Year Academic Plan
Year 1 Fall Spring
Course Credit Course Credit
ENGL 101 (AW: Academic Writing) 3 OC (Oral Communication) 3
MATH 140 (MA: Math / AR: Analytic Reasoning) 4 ECON 201 (HS: History/Social Sciences) 3
ECON 200 (HS: History/Social Sciences) 3 HU (Humanities)* 3
UNIV 100 1 Elective 3
Elective 3 Elective 3
Elective 1
Total 15 Total 15
Year 2 Fall Spring
Course Credit Course Credit
ECON300 3 NL (Natural Sciences Lab)* 4
HU (Humanities)* 3 ECON326 4
3 ECON 321 3
Elective 3 Elective 3
Elective 3 Elective 1
Total 15 Total 15
Year 3 Fall Spring
Course Credit Course Credit
PW (Professional Writing) 3 3
SP (Scholarship in Practice)* 3
SP (Scholarship in Practice)*
3
ECON 325 4 3
ECON422
3 3
Elective 3
Elective
3Elective
Total 16 Total 15
Year 4 Fall Spring
Course Credit Course Credit
CC (Cultural Competency) or UP (Understanding Plural Societies) 3 NS (Natural Sciences)* 3
ECON Course of Choice: 400 Level BS Course 1
3 ECON Course of Choice: 400 Level BS Course 3 3 ECON Course of Choice: 400 Level BS Course 2
3 ECON Course of Choice: 400 Level BA or BS Course 3
Elective 3 Upper Level Elective 3
Elective 3 Elective 2
Total 15 Total 14
Cumulative Credits + Planned Credits = Total Credits 120 *Important Planning Notes:
All students must take two Distributive Studies courses that will also count for the I-Seriesrequirement. (I-Series are not listed separately in this plan)
Understanding Plural Societies courses may also fulfill a Distributive Studies category.
ECON Course of Choice: 300 or 400 Level
Upper Level Elective
UP (Understanding Plural Societies)
