Discover how to draw conclusions from data and become indispensable in a variety of careers. Discover how to draw conclusions from data and become indispensable in a variety of careers. Discover how to draw conclusions from data and become indispensable in a variety of careers. Discover how to draw conclusions from data and become indispensable in a variety of careers. Discover how to draw conclusions from data and become indispensable in a variety of careers.

School of Business & Entrepreneurship

Department of Economics

Economics

Questions?

Undergraduate Admission

(630) 637-5800

admissions@noctrl.edu

Why pursue an economics degree at North Central College?

Working closely with our well-respected faculty, you’ll develop not only your quantitative skills but also your reasoning and decision-making skills when pursuing an economics major at our college. Using examples from today’s headlines to evaluate the theories that affect public policy and market forces, you’ll discover how best to draw conclusions from data and present your findings convincingly. This careful training from our economics courses will serve you well in virtually any career, since thoughtful decision makers are always in demand. If you are ready to pursue a bachelor of economics, North Central College is here to guide you on the path of higher education. Our economics program offers more than elective courses and business classes. At North Central College, we strive to prepare our students with both analytical skills and problem-solving skills so they can be as prepared as possible when entering the workforce. Our degree program gives students the opportunity to receive hands-on experience, apply internships, and learn from top faculty members while studying at our college of business.

You can also:

  • Apply for competitive internships and job opportunities arranged through faculty and alumni networks or through our Career Development office.
  • Join student organizations like the Invisible Hand Economics Club, which arranges networking events and guest speakers.
  • Visit the nearby Chicago Board of Trade, Chicago Board Options Exchange and Federal Reserve.
  • Work with local schools through the newly established Center for Financial Literacy.
  • Research your interests alongside faculty and present your findings on campus or at national conferences.
  • Simulate trades and access thousands of proprietary reports and data screens in the Bloomberg Finance Lab, where 10 workstations are equipped with the Bloomberg Terminal software, the iconic dual monitors and Bloomberg’s unique keyboards. You can also choose to become “Bloomberg certified” by completing a series of modules that cover economic theory, economic indicators, currencies, fixed income vehicles, options, equities and more.

More Department information

Economics, B.A.

The Bachelor of Arts (B.A.) degree is most appropriate for students planning to seek general business careers or entry-level government positions.

For additional programs and courses in this department, see Economics.

Major Requirements

  • ECON 200 - Principles of Microeconomics

    ECON 200 - Principles of Microeconomics

    4.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms and market structure, and other applied microeconomic topics.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 205 - Principles of Macroeconomics

    ECON 205 - Principles of Macroeconomics

    4.00 credit hours

    Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment and inflation. Other topics include money and banking, fiscal and monetary policies, distribution of income and economic crises.

    Prerequisite(s)

    MATH 130 or higher; ECON 200 recommended.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 365 - Econometrics

    ECON 365 - Econometrics

    4.00 credit hours

    This course provides exposure to the estimation and testing of economic models using statistical methods and appropriate empirical data. Emphasis is placed on model construction and the use of multiple linear regression for interpretation, analysis and forecasting.

    Prerequisite(s)

    ECON 200ECON 205; BUSN 265 or MATH 340.

    Schedule Of Classes

  • ECON 400 - Intermediate Microeconomics

    ECON 400 - Intermediate Microeconomics

    4.00 credit hours

    An economic analysis of consumers, firms, and markets. Consumer theory includes indifference curve analysis with applications related to a wide range of consumer behavior. Firm costs and revenue decisions are analyzed within the context of market structure and public policy.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

  • ECON 405 - Intermediate Macroeconomics

    ECON 405 - Intermediate Macroeconomics

    4.00 credit hours

    An analysis of consumption, investment, government, international trade, and the financial system in their relationships to the national economy and its stability.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

  • ECON 450 - Economics Capstone Seminar

    ECON 450 - Economics Capstone Seminar

    2.00 credit hours

    The capstone course for economics majors includes advanced investigation of the ways in which economists approach and practice their craft. The course centers around a research project.

    Prerequisite(s)

    One 300 or 400-Level Economics Course, Senior Standing.

    Schedule Of Classes

    • Ten credit hours of ECON electives, at least eight of which are at the 300-level or above
  • BUSN 265 - Business and Economics Statistics *

    BUSN 265 - Business and Economics Statistics

    4.00 credit hours

    Provides an overview of basic statistics as it applies to business. The focus is on learning statistical concepts by applying analytical reasoning to business applications. Examples illustrating the relevance of statistics to broad areas of business are used. The course requires students to use spreadsheet programs, statistical programs, the Internet and other computer tools in analyzing statistics. The focus is on application of the material and on solving problems. Only one of BUSN 265 and PSYC 250 may be taken for credit.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Quantitative Analysis.

    Schedule Of Classes

Note:

* PSYC 250 may be substituted for BUSN 265.

Additional Requirements for the B.A. Degree

Foreign Language

Students must demonstrate elementary competence in a foreign language. For more information, see the B.A. Degree Requirements within the Academic Regulations section of this catalog.

Economics Course

  • ECON 370 - History of Economic Thought

    ECON 370 - History of Economic Thought

    4.00 credit hours

    An examination of economic thought with major concentration on the selected writings of economists from the mercantilists through the end of the 20th Century, such as Smith, Ricardo, Malthus, Marx, Veblen, Keynes and more recent schools of thought.

    Prerequisite(s)

    ECON 200 and ECON 205.

    Cardinal Directions Designation(s)
    Writing Intensive.
    iCon(s)
    Being Human.

    Schedule Of Classes

Economics, B.S.

The Bachelor of Science (B.S.) degree is most appropriate for students planning to seek careers which demand a quantitative focus, or who intend to pursue graduate study. The B.S. degree is often paired with a minor in math.

For additional programs and courses in this department, see Economics.

Major Requirements

  • ECON 200 - Principles of Microeconomics

    ECON 200 - Principles of Microeconomics

    4.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms and market structure, and other applied microeconomic topics.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 205 - Principles of Macroeconomics

    ECON 205 - Principles of Macroeconomics

    4.00 credit hours

    Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment and inflation. Other topics include money and banking, fiscal and monetary policies, distribution of income and economic crises.

    Prerequisite(s)

    MATH 130 or higher; ECON 200 recommended.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 365 - Econometrics

    ECON 365 - Econometrics

    4.00 credit hours

    This course provides exposure to the estimation and testing of economic models using statistical methods and appropriate empirical data. Emphasis is placed on model construction and the use of multiple linear regression for interpretation, analysis and forecasting.

    Prerequisite(s)

    ECON 200ECON 205; BUSN 265 or MATH 340.

    Schedule Of Classes

  • ECON 400 - Intermediate Microeconomics

    ECON 400 - Intermediate Microeconomics

    4.00 credit hours

    An economic analysis of consumers, firms, and markets. Consumer theory includes indifference curve analysis with applications related to a wide range of consumer behavior. Firm costs and revenue decisions are analyzed within the context of market structure and public policy.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

  • ECON 405 - Intermediate Macroeconomics

    ECON 405 - Intermediate Macroeconomics

    4.00 credit hours

    An analysis of consumption, investment, government, international trade, and the financial system in their relationships to the national economy and its stability.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

  • ECON 450 - Economics Capstone Seminar

    ECON 450 - Economics Capstone Seminar

    2.00 credit hours

    The capstone course for economics majors includes advanced investigation of the ways in which economists approach and practice their craft. The course centers around a research project.

    Prerequisite(s)

    One 300 or 400-Level Economics Course, Senior Standing.

    Schedule Of Classes

    • Ten credit hours of ECON electives, at least eight of which are at the 300-level or above
  • BUSN 265 - Business and Economics Statistics *

    BUSN 265 - Business and Economics Statistics

    4.00 credit hours

    Provides an overview of basic statistics as it applies to business. The focus is on learning statistical concepts by applying analytical reasoning to business applications. Examples illustrating the relevance of statistics to broad areas of business are used. The course requires students to use spreadsheet programs, statistical programs, the Internet and other computer tools in analyzing statistics. The focus is on application of the material and on solving problems. Only one of BUSN 265 and PSYC 250 may be taken for credit.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Quantitative Analysis.

    Schedule Of Classes

Note:

* PSYC 250 may be substituted for BUSN 265.

Additional Requirements for the B.S. Degree

  • ECON 355 - Mathematical Economics

    ECON 355 - Mathematical Economics

    4.00 credit hours

    Focus on the application of mathematics to the theoretical aspects of economic analysis. Topics may include equilibrium analysis, comparative statics, optimization problems and dynamic analysis.

    Prerequisite(s)

    ECON 200, ECON 205 and MATH 151.

    Schedule Of Classes

  • MATH 151 - Calculus I

    MATH 151 - Calculus I

    4.00 credit hours

    An exploration of the fundamental concepts of single-variable calculus including limits, continuity, differentiation and integration with applications.

    Prerequisite(s)

    MATH 140 or placement; Four years of math including algebra, geometry and trigonometry recommended.

    Cardinal Directions Designation(s)
    Quantitative Analysis.

    Schedule Of Classes

  • MGMT 325 - Data Analytics

    MGMT 325 - Data Analytics

    4.00 credit hours

    Provides in-depth knowledge about quantitative data analysis methods in order to tackle business problems. Students gain hands-on experience through the data analysis process, starting from analyzing problems in order to identify data requirements and analysis needs, applying appropriate data analysis methods and interpreting results within the given context. Data analysis software such as spreadsheet, optimization and simulation programs are used to support the skill building within this course.

    Prerequisite(s)

    BUSN 265 and MGMT 305.

    Schedule Of Classes

Economics Minor

For additional programs and courses in this department, see Economics.

Minor Requirements

At least 20 credit hours in Economics, including:

Core Requirements

  • ECON 200 - Principles of Microeconomics

    ECON 200 - Principles of Microeconomics

    4.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms and market structure, and other applied microeconomic topics.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 205 - Principles of Macroeconomics

    ECON 205 - Principles of Macroeconomics

    4.00 credit hours

    Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment and inflation. Other topics include money and banking, fiscal and monetary policies, distribution of income and economic crises.

    Prerequisite(s)

    MATH 130 or higher; ECON 200 recommended.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

    • Twelve additional credit hours in Economics, with at least eight credit hours at the 300-level or higher
Note:

BUSN 265  can count toward the economics elective hour requirement.

Business Economics, B.B.A.

The Bachelor of Business Administration degree is most appropriate for students planning to seek entry level careers in all business areas who desire both a strong foundation in economic theory as well as broad exposure to all areas of business including accounting, finance, management and marketing.

Major Requirements

Common SBE Core

  • SBEN 100 - Globalization and Society

    SBEN 100 - Globalization and Society

    4.00 credit hours

    An introductory course identifying the role of the business institution in our society, how business behavior is shaped and influenced by its stakeholders-managers, consumers, employees, government and community members. Key topics include: business systems, corporate governance, the business and society relationship, business and public issues, ethical dilemmas in business, corporate social responsibilities in relation to stakeholders, globalization, ecological and sustainability issues and the influence of technology on business and society.

    Cardinal Directions Designation(s)
    Social Science, Ethical Dimensions, Global Understanding.

    Schedule Of Classes

  • ACCT 201 - Financial Accounting

    ACCT 201 - Financial Accounting

    4.00 credit hours

    An introduction to accounting principles and procedures as they are employed in the communication of financial information to various users, such as management, stockholders and government agencies. Topics include accounting for assets, liabilities, owner's equity and other reporting issues.

    Schedule Of Classes

  • ACCT 202 - Managerial Accounting

    ACCT 202 - Managerial Accounting

    4.00 credit hours

    Analysis of accounting for managerial decision-making, planning and control. Topics include budgeting, variance analysis, traditional and nontraditional product costing methods and cost-volume profit analysis.

    Prerequisite(s)

    ACCT 201.

    Schedule Of Classes

  • BUSN 205 - Business Law and Ethics

    BUSN 205 - Business Law and Ethics

    4.00 credit hours

    Surveys the major aspects of the law governing business and commerce including the domestic and international legal environment, the range of dispute resolution processes, legal liability including torts and negligence, contracts, employment law including employment discrimination, business entities, commercial transactions and intellectual property—all with particular emphasis on business ethics and ethical decision making.

    Cardinal Directions Designation(s)
    Ethical Dimensions.

    Schedule Of Classes

  • BUSN 265 - Business and Economics Statistics

    BUSN 265 - Business and Economics Statistics

    4.00 credit hours

    Provides an overview of basic statistics as it applies to business. The focus is on learning statistical concepts by applying analytical reasoning to business applications. Examples illustrating the relevance of statistics to broad areas of business are used. The course requires students to use spreadsheet programs, statistical programs, the Internet and other computer tools in analyzing statistics. The focus is on application of the material and on solving problems. Only one of BUSN 265 and PSYC 250 may be taken for credit.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Quantitative Analysis.

    Schedule Of Classes

  • BUSN 485 - Business Strategy

    BUSN 485 - Business Strategy

    4.00 credit hours

    The capstone course requirement for all business majors. As befits a capstone, student skills in business strategy are developed in a highly integrative manner such that students use knowledge and frameworks from all functional areas of business to develop a holistic perspective of firms and competitive advantage. The knowing component of this course is focused on theoretical knowledge and frameworks applied in the critical analysis of business case studies. The doing component of this course centers on an online simulation where students compete to run a successful business.

    Prerequisite(s)

    FINA 350, MGMT 305, MKTG 300 and Senior standing.

    Schedule Of Classes

  • ECON 200 - Principles of Microeconomics

    ECON 200 - Principles of Microeconomics

    4.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms and market structure, and other applied microeconomic topics.

    Prerequisite(s)

    MATH 130 or higher.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • ECON 205 - Principles of Macroeconomics

    ECON 205 - Principles of Macroeconomics

    4.00 credit hours

    Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment and inflation. Other topics include money and banking, fiscal and monetary policies, distribution of income and economic crises.

    Prerequisite(s)

    MATH 130 or higher; ECON 200 recommended.

    Cardinal Directions Designation(s)
    Social Science.

    Schedule Of Classes

  • FINA 350 - Corporate Finance

    FINA 350 - Corporate Finance

    4.00 credit hours

    An introduction to corporate financial management. Topics include financial statement analysis, discounted cash flow analysis, bond and stock valuation, common stock/debt financing, risk and return, cost of capital, and capital budgeting.

    Prerequisite(s)

    ACCT 201 and ECON 200; BUSN 265 or MATH 152 or concurrent enrollment.

    Schedule Of Classes

  • MGMT 305 - Management and Organizational Behavior

    MGMT 305 - Management and Organizational Behavior

    4.00 credit hours

    Provides a formal overview of why organizations exist and how they operate within the context of society. Basic management issues such as the structure of organizations are explored. In many cases management topics are covered in a generic manner that can be applied to any organization. Other issues are addressed with specific applications to certain firms. This course examines our role as individuals as it pertains to organizations. It is generally meant to provide a framework to analyze organizations that exist in the U.S. but will also cover some international topics.

    Prerequisite(s)

    BUSN 265 and ECON 200.

    Schedule Of Classes

  • MKTG 300 - Principles of Marketing

    MKTG 300 - Principles of Marketing

    4.00 credit hours

    Presents an overview of Marketing as a principle, a discipline, and as a profession. Students examine all elements of Marketing including integrated promotional strategies, consumer behavior, and ethics and social responsibility. Emphasis is placed on the Marketing Mix (Product, Place, Promotion and Price) as students design and implement a comprehensive marketing plan.

    Prerequisite(s)

    SBEN 100 and ECON 200.

    Schedule Of Classes

Economics Courses

  • ECON 365 - Econometrics

    ECON 365 - Econometrics

    4.00 credit hours

    This course provides exposure to the estimation and testing of economic models using statistical methods and appropriate empirical data. Emphasis is placed on model construction and the use of multiple linear regression for interpretation, analysis and forecasting.

    Prerequisite(s)

    ECON 200ECON 205; BUSN 265 or MATH 340.

    Schedule Of Classes

  • ECON 400 - Intermediate Microeconomics

    ECON 400 - Intermediate Microeconomics

    4.00 credit hours

    An economic analysis of consumers, firms, and markets. Consumer theory includes indifference curve analysis with applications related to a wide range of consumer behavior. Firm costs and revenue decisions are analyzed within the context of market structure and public policy.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

  • ECON 405 - Intermediate Macroeconomics

    ECON 405 - Intermediate Macroeconomics

    4.00 credit hours

    An analysis of consumption, investment, government, international trade, and the financial system in their relationships to the national economy and its stability.

    Prerequisite(s)

    ECON 200, ECON 205; Junior Standing.

    Schedule Of Classes

    • Eight credit hours of ECON electives, at least four credit hours at the 300-level or above

Economics Internships and Jobs

A North Central education integrates career preparation with rich academic study. Our faculty encourages you to refine and apply your knowledge in an interconnected world. Here you'll learn to think independently and work globally to solve problems and lead.

Internships

Recent graduates in economics have served as:

  • Research analyst, Waddell and Reed, Naperville
  • Public Finance Intern, Robert W. Baird and Company
  • Intern, Professional Liability Area, USLI Insurance
  • Retirement planning, Northwestern Mutual, Lombard, Ill.
  • Intern, finance department, OfficeMax, Naperville
  • Intern, Siegfried Investment Fund, LLC
  • Chicago climate exchange regulatory extern, Financial Industry Regulatory Authority, Chicago
  • Intern, International Credit Risk Management, Northern Trust

Graduate Schools

Recent graduates in economics have been accepted at:

  • Clemson University
  • Depaul University
  • Indiana University School of Law
  • Loyola University Chicago School of Law
  • Marquette University
  • Northwestern University
  • University of Illinois
  • University of Iowa
  • University of Kentucky
  • University of Oregon
  • University of Wisconsin
  • Valparaiso University
  • Vanderbilt University

Careers

Recent graduates in economics include:

  • Consultant, NFP Insurance Solutions
  • Market Intelligence Analyst, Portland Cement Association
  • Financial Analyst, Gallagher Bassett
  • Associate Wealth Management Advisor, Spahn Financial 
  • Data Analytics Specialist, MB Financial 

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