Economics

About the Program

Economics is a vital part of the curriculum at the Colorado School of Mines. It may seem surprising that economics matters at a university focused on engineering; however, economists and engineers care about many of the same questions. What is the best way to solve a problem? How can we do things more efficiently? How can we optimize the way we make and distribute goods and services?

Students at Mines have a number of options for integrating economics into their studies. These options range from a single required core course, Principles of Economics, to a BS degree in Economics. Students may take more economics and businesses classes as electives, pursue a minor in economics and business or add an economics degree to their degree in engineering, mathematics or applied science.

Program Objectives

PROGRAM OBJECTIVES

​The three main distinctives of the Mines economics degree are:

  • A strong focus on energy and environmental economics;
  • Mathematical rigor that builds on the Mines math and science core; and
  • A focus on developing practical tools for applying economics to real problems.

The Colorado School of Mines is focused on three key areas:

  • Earth
  • Energy
  • Environment

The Mines B.S. in Economics emphasizes these same key areas. Economics faculty also teach in our world-renowned graduate program in Mineral and Energy Economics, and we are able to leverage their expertise in our undergraduate classes. Within the economics degree, we offer an optional specialization in Energy and Environmental Economics for students who want an explicit focus on these important topics.

Curriculum

CURRICULUM

The BS in Economics requires 124 credit hours of study.

 

  • The Mines core of 58 credit hours covers math, science, engineering design, humanities and social sciences
  • The Economics and Business core of 7 courses / 21 credit hours covers microeconomic and macroeconomic theory, statistical modeling, optimization, engineering economics, and mathematical economics
  • Economics and Business electives, 8 courses / 24 credit hours, includes energy economics, environmental economics, economics and technology, strategy, regional economics, accounting, corporate finance and many others
  • Free electives are 7 courses / 21 credit hours. Because of our flexible curriculum, many Mines economics majors pursue a dual degree or a minor.

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Economics for Non-Majors

Knowledge about economics and business is very important for the engineers and applied scientists. Most engineers and scientists are also managing and making decisions about projects, budgets and teams. It’s important to know about markets, decision-making, business principles and optimization—all topics that we cover in economics and business. There are a number of opportunities for students at Mines to learn more about economics and business courses even if you aren’t pursuing a degree in economics:
Economics in the Mines Core
Economics is an important part of the curriculum for every student at the Colorado School of Mines. All students will take at least one economics course as part of the Mines core along with courses in mathematics, physics, chemistry, engineering design and humanities. Many students take more economics classes like Energy Economics, Environmental Economics and Economics and Technology as part of the Humanities and Social Science General Education requirement. Economics is part of the core curriculum because it is a central part of an engineering education. Economics at Mines addresses 6 of the 11 student outcomes for engineering programs required by the Accreditation Board for Engineering and Technology (ABET). Specifically, we help students to attain

  • an ability to apply knowledge of mathematics, science, and engineering
  • an ability to design and conduct experiments, as well as to analyze and interpret data
  • an ability to communicate effectively
  • the broad education necessary to understand the impact of engineering solutions in a global, economic, environmental, and societal context
  • a recognition of the need for, and an ability to engage in life-long learning
  • a knowledge of contemporary issues

Economics plays two specific roles in the Mines core curriculum:

  • Principles of Economics: Principles of Economics (EBGN201) is a required one-semester introduction to economic decision-making, microeconomics and macroeconomics.
  • Humanities and Social Science General Education electives: Every student at Mines will take at least three upper-division humanities and social science courses. Several economics courses count for this requirement.
Economics as part of the Humanities & Social Science requirement
All Mines students must complete a 19-credit-hour curriculum in the Humanities and Social Sciences, ranging from freshman through senior levels of course work. These courses are offered by the Division of Humanities, Arts and Social Sciences (HASS) and by the Division of Economics and Business (EB). The 10-credit humanities and social sciences core curriculum consists of

  • Nature & Human Values (LAIS 100) – 4 credits
  • Human Systems (SYGN 200) – 3 credits
  • Principles of Economics (EBGN 201) – 3 credits

The remaining 9 credits—three courses—must be chosen from the Humanities and Social Sciences General Education restricted electives. Here are the rules:

  • The three courses must be chosen from the approved courses listed in the HASS section of the catalog.
  • At least one of the three courses must be taken in HASS.
  • Single majors in Economics must take all three courses in HASS.
  • At least one of the three courses must be an approved 400-level course. No 100-level courses may be used for these restricted electives (except foreign language courses).
  • AP and/or IB credit may not be applied to the restricted electives.

This part of the humanities and social science requirement is often a source of confusion. Part of the problem is that this requirement has had many names over the years and may be called different things by different departments:  LAIS credit, Clusters, H&SS, LAIS/EBGN electives, Distributed Humanities and Social Sciences. Another source of confusion is that not all EBGN courses may be used to satisfy this requirement. The approved EBGN courses are the following:

  • EBGN301 Intermediate Microeconomics
  • EBGN302 Intermediate Macroeconomics
  • EBGN310 Environment & Resource Economics
  • EBGN320 Economics and Technology
  • EBGN330 Energy Economics
  • EBGN340 Energy and Environmental Policy
  • EBGN342 Economic Development
  • EBGN 434 Property Rights and Natural Resources
  • EBGN437 Regional Economics
  • EBGN441 International Economics
  • EBGN443 Public Economics
  • EBGN470 Environmental Economics

No other EBGN courses may be used for the H&SS requirement.

Minor in Business and Entrepreneurship
Undergraduate programs within the Department of Economics and Business include a minor in Business and Entrepreneurship. All Mines students must complete, for their major, nine credits of H&SS electives. You will notice many EBGN classes in the list of approved courses. Students are able to count up to six hours of EBGN credits towards the HS&S electives and apply the credits towards a minor. The Minor in Business and Entrepreneurship provides the opportunity for students to gain skills and knowledge in business and entrepreneurship. The minor requires that students complete 6 business courses for a total of 18.0 credit hours.

Requirements

18 credit hours of EBGN courses (6 courses) as detailed:

  • Required Courses – 6 credit hours (2 courses)
    • Principles of Economics (EBGN201) and
    • Engineering Economics (EBGN321)
  • EBGN elective courses – 12 credit hours (4 courses)*
    • Introduction to Business (EBGN298)
    • Personal Finance (EBGN304)
    • Financial Accounting (EBGN305)
    • Principles of Corporate Finance (EBGN345)
    • Investments (EBGN346)
    • Introduction to Entrepreneurship (EBGN360)
    • Special Topics in Business (EBGN398)**
    • Business Analytics (EBGN425)
    • Supply Chain Management (EBGN459)
    • Business Model Development (EBGN460)
    • Business Strategy (EBGN485)
    • Special Topics in Business (EBGN498)**

*At least 9.0 of the hours required for the minor must not be used for any part of the degree other than Free Electives.
** Requires approval

Minor in Economics
Undergraduate programs within the Department of Economics and Business include a minor in Economics. Use your minor to broaden your technical major with economics skills. Join more than 200 students pursuing a minor in Economics. All Mines students must complete, for their major, nine credits of H&SS electives. You will notice many EBGN classes in the list of approved courses. Students are able to count up to six hours of EBGN credits towards the HS&S electives and apply the credits towards a minor.

Requirements

18 credit hours of EBGN courses (6 courses) as detailed:

  • Required Courses – 6 credit hours (2 courses)
    • Principles of Economics (EBGN201) and
    • Either Intermediate Microeconomics (EBGN301) or Intermediate Macroeconomics (EBGN302).
  • EBGN elective courses – 12 credit hours (4 courses)*

*At least 9.0 of the hours required for the minor must not be used for any part of the degree other than Free Electives.

Area of Special Interest in Economics and Business
Requirements

  • 12 credit hours/4 courses in EBGN.
  • Complete Principles of Economics EBGN201
  • Take 3 other EBGN courses*

*At least 9.0 of the hours required for the ASI must not be used for any part of the degree other than Free Electives.