Department of Economics Department of Economics Department of Economics Department of Economics Department of Economics

School of Business & Entrepreneurship

Department of Economics

Questions?

Diane Anstine, Dean, School of Business and Entrepreneurship; Chair of Economics Department

630-637-5246

dganstine@noctrl.edu

Economics

The Economics department strives for excellence in education by providing a challenging and supportive environment for students to: (1) comprehend, analyze and apply economic theory, (2) develop the practical and social skills to be successful professionals, and (3) become responsible citizens and leaders. The department further engenders to prepare students for advanced studies in graduate programs through the encouragement of critical thinking, development of life-long learning habits and the promotion of leadership and social responsibility.

Economists are active advisors to government at all levels, corporations and the financial services sector. Economics is the study of how individuals, firms and societies make decisions about the allocation of scarce resources. Many students select an economics major because it develops skills that are widely valued in finance, business, government and law. An economics major is also excellent preparation for students who seek advanced degrees in economics, finance, business and law.

The Economics Department offers three degrees: a Bachelor of Arts (B.A.) in economics, a Bachelor of Science degree (B.S.) in economics, and a Bachelor of Business Administration degree (B.B.A) in business economics. The B.A. degree is most appropriate for students who are planning on general business or entry-level government positions or graduate degrees in areas such as law or public administration. The B.S. degree is advisable for students who seek careers which demand a technical or quantitative focus, or who intend to pursue graduate study in economics. The B.B.A. provides broad preparation and exposure to all areas of business through the required business core in addition to the coursework in economics, preparing students for many potential careers in business.

Program and Degree Options

The Department of Economics offers Bachelor of Arts and Bachelor of Science degrees in Economics, as well as a minor. Learn more about studying Economics at North Central here!

Economics Courses

NOTE: This page contains all of the regular course descriptions for this discipline or program. Academic credit for each course is noted in parenthesis after the course title. Prerequisites (if any) and the general education requirements, both Core and All-College Requirements (ACRs), which each course fulfills (if any) are noted following each course description. Not all courses are offered every year. Check Merlin, our searchable course schedule, to see which courses are being offered in upcoming terms.

ECON 100 - Economics of Social Issues

4.00 credit hours A survey of basic economic theory with an emphasis on the basics of the market system, this course shows the application of economics to real world problems such as pollution, inflation, health care and unemployment. This course may not be taken after completing either ECON 200 or ECON 205.

Cardinal Directions Designation(s): Social Science.

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.
 

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.
 

ECON 230 - Feminist Economics

4.00 credit hours

Feminist economics analyzes both economic theory and economic life through the lens of gender and advocates various forms of economic transformation. In this course, students explore this new field in economics through a theoretical and empirical introduction to the subject, critical assessment of mainstream analyses of gender differences and inequality, and implications of feminist economics to access, equity and the environment.

Cardinal Directions Designation(s): U.S. Power Structures.
iCon(s): Challenging Inequity, Sustaining Our World.
 

ECON 240 - Introduction to Environmental Economics

4.00 credit hours

(Same as: ENVI 240.) Environmental Economics primarily examines the impact of economic activity on the environment and the shortcomings of the market system in valuing environmental costs and benefits. The focus of the course is the recent development and application of new and potential economic instruments to improve environmental quality.

Cardinal Directions Designation(s): Social Science.
iCon(s): Sustaining Our World.

ECON 290 - Special Topics: Contemporary Issues in Economics

1.00-4.00 credit hours

Topics vary depending on student interest and faculty expertise. Topics and prerequisites are announced in advance and placed in the course schedule.
 

ECON 297 - Internship

0.00-12.00 credit hours

ECON 299 - Independent Study

1.00-12.00 credit hours

ECON 310 - Economics of Sports

2.00 credit hours

The industry of sports is analyzed from an economics perspective through the lens of league competitiveness and collusion, revenue-sharing, player compensation, salary caps, free agency, antitrust issues surrounding both professional and collegiate athletics, as well as the economics of sports stadiums and arenas.

Prerequisite(s): ECON 200.

ECON 320 - Industrial Structure and Public Policy

4.00 credit hours

An application of microeconomics which involves analysis of the structure, conduct and performance of firms within industries. The empirical evidence and economic theory relating to pricing practices and policies under various market structures are also examined. Special emphasis is placed on theory and precedents within U.S. anti-trust policy and regulation of industry.

Prerequisite(s): ECON 200.

ECON 325 - Health Economics

4.00 credit hours

An application of economics analyzing health and healthcare topics. Topics include the economics of healthcare expenditures, health behaviors, insurance markets, the hospital industry, public policy and regulation issues, among other related topics.

Prerequisite(s): ECON 200.
iCon(s): Examining Health.

ECON 330 - Labor Economics

2.00 credit hours

An application of the economic theory related to labor markets with an emphasis on policy implications and how the market determines employment and wages.

Prerequisite(s): ECON 200.

ECON 335 - Behavioral Economics

2.00 credit hours

The theory and analysis of how market agents make economic decisions utilizing a combination of economic and psychology insights. Topics related to consumer and business firm decision making are analyzed though the application of understanding irrational behavior and mental biases.

Prerequisite(s): ECON 200.
iCon(s): Being Human.

ECON 340 - International Economics

4.00 credit hours

The theory of international trade and the behavior of international institutions. Examination of how trade, trade restrictions and international monetary systems affect domestic business and economic prospects.

Prerequisite(s): ECON 200 and ECON 205.
Cardinal Directions Designation(s): Global Understanding.
iCon(s): Thinking Globally.

ECON 350 - Public Finance and Social Welfare

4.00 credit hours

An examination of the economic role of the public sector in the United States with an emphasis on theory and policy analysis of the effects of government spending and taxation. Topics include the role of government intervention in the market, the tax system, income redistribution programs, social security and deficit financing, among other current policy issues.

Prerequisite(s): ECON 200 and ECON 205.

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.

ECON 360 - Money and Banking

2.00 credit hours

An examination of the function of money, credit and financial institutions in the U.S. economy, and an analysis of Federal Reserve policy and its impact on the economy.

Prerequisite(s): ECON 200 and ECON 205.

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.

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.

ECON 375 - International Political Economy

2.00 credit hours

Analyses of the problems and prospects challenging the global community at a time of political and economic change through the study of the roles of industrialized countries, former socialist bloc states and the Third World. Attention is given to the interplay of political and economic power as components of planetary well-being.

Prerequisite(s): ECON 370.
iCon(s): Thinking Globally.

ECON 380 - Economic Development

2.00 credit hours

This course analyzes and explains various reasons behind the wealth of nations. Topics covered include economic development, poverty and inequality, economic growth, considering the role of culture, agents and institutions, among others.

Prerequisite(s): ECON 370.
Cardinal Directions Designation(s): iCon: Experiencing Place, iCon: Challenge Inequity
iCon(s): Challenging Inequity, Experiencing Place.

ECON 390 - Special Topics: Contemporary Issues in Economics

1.00-4.00 credit hours

Topics vary depending on student interest and faculty expertise. Topics and prerequisites are announced in advance and placed in the course schedule. May be taken more than once with different content.

Prerequisite(s): One Course in Economics

ECON 397 - Internship

0.00-12.00 credit hours

ECON 399 - Independent Study

1.00-12.00 credit hours

ECON 400 - Intermediate Microeconomics

4 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

ECON 405 - Intermediate Macroeconomics

4 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

ECON 450 - Economics Capstone Seminar

2 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

ECON 497 - Internship

0.00-12.00 credit hours

ECON 499 - Independent Study

1.00-12.00 credit hours

Diane Anstine

Dean of the School of Business and Entrepreneurship; Professor of Economics
School of Bus & Entreprnshp
+1 630 637 5246
Peter Barger

Assistant Provost; Director of Institutional Effectiveness and Planning
Academic Affairs
+1 630 637 5362
Natalia De Lima Bracarense

Associate Professor of Economics
Economics
+1 630 637 5458
Ryan Decker

Assistant Professor of Economics; Director of the Center for Financial Literacy
Economics
+1 630 637 5248
Brenden Mason

Assistant Professor of Economics
Economics
+1 630 637 5420
Gwendolyn Tedeschi

Professor of Economics
Economics
+1 630 637 5478

Faculty Emeriti

Thomas M. Love
Professor of Economics Emeritus
tmlove@noctrl.edu

Allen Vander Meulen
Professor of Economics Emeritus
avandermeulen@noctrl.edu

Extra-curricular and professional activities that will enrich your education.

You’ll have opportunities to add to your understanding of your major both inside and outside the classroom by taking advantage of these special opportunities.

Double majors
The economics degree is a flexible major that complements majors (and minors) in other disciplines. With only 8 courses required for the B.A., you’ll have ample opportunity to take additional courses in other areas of interest. If you’re interested in law school, for example, you might want to consider economics along with a political science major. If you’re considering graduate school in economics, think about a math major or minor. If you’re majoring in finance, you can acquire an economics major with as few as two additional courses.

Internships
To gain that edge that will place you ahead of others, consider an internship in the local area. Our location in the “Silicon Prairie,” and only a 45-minute train ride from Chicago, offers extraordinary opportunities for internships with large companies, government agencies, and everything in between. Recent graduates have interned at such places as the Federal Reserve Bank of Chicago, the City of Naperville, Merrill Lynch and Harris Bank.

Independent Study
To pursue an area outside the courses already available, you can design your own research project with a professor in the department. Faculty are available and eager to assist you in developing ideas and conducting your independent research. Recent graduates have participated in the Richter Fellowship Program that provides funding for study all over the world--or right in our backyard.

Omicron Delta Epsilon
Omicron Delta Epsilon is the International Honor Society for Economics and is one of the world’s largest academic honor societies. Currently, Omicron Delta Epsilon has 681 chapters located in the United States, Canada, Australia, the United Kingdom, Mexico, Puerto Rico, South Africa, Egypt, France, Kazakhstan, and United Arab Emirates recognizing outstanding scholastic achievement in economics.

Invisible Hand Economics Association
Economics faculty and students formed the Invisible Hand Economics Association. Consider joining and come to meetings to help plan activities and events. Several events held last year included a networking event and tours of the Chicago Board Options Exchange and the Federal Reserve Bank of Chicago.

NCC Bulls & Bears Finance Club
If you are majoring in either Finance or Economics or minoring in Finance, consider joining this club. This group provides a way to find out more about careers in finance, network with other finance and economics students, and network with professionals in the real world.

Enactus - (formerly Students in Free Enterprise)
Do you want to be part of one of the most consistently successful student groups in the nation? Then join North Central’s award-winning ENACTUS team and develop leadership, teamwork and communication skills through learning, practicing and teaching the principles of free enterprise.


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