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 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 department faculty strive to teach economics majors the basic conceptual framework needed for advancement in their careers and to inspire students  to cultivate quantitative analytical skills and to communicate precisely and elegantly.

At North Central College you can earn either a B.A. or a B.S. in economics. The B.A. requires 24 hours (or 8 courses) in economics, while the B.S. degree adds one course in economics to those included for the B.A., plus some additional coursework in mathematics and computer science. Because of this flexibility, economics is an excellent complement to other majors.

You can also earn a minor in economics.

Economics, B.A.

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

Major Requirements

At least 24 economics credit hours, including:

  • ECN 241 - Business and Economic Statistics *

    ECN 241 - Business and Economic Statistics

    3.00 credit hours

    This course is designed to provide students with the ability to apply and interpret descriptive and inferential procedures, probability distributions, statistical sampling and design, hypothesis testing and regression. Primary objectives are to improve the statistical capabilities of students as well as their abilities to apply statistical concepts in a business setting.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement.

    Core

    Mathematics.

    Schedule Of Classes

  • ECN 250 - Microeconomic Principles

    ECN 250 - Microeconomic Principles

    3.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms under pure competition and monopoly and applied microeconomic topics.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement.

    Core

    Social Science.
    IAI

    S3 902

    Schedule Of Classes

  • ECN 252 - Macroeconomic Principles

    ECN 252 - Macroeconomic Principles

    3.00 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 and fiscal and monetary policies.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement; ECN 250 recommended.

    Core

    Social Science.
    IAI

    S3 901

    Schedule Of Classes

  • ECN 423 - Intermediate Microeconomics

    ECN 423 - Intermediate Microeconomics

    3.00 credit hours

    An economic analysis of consumers, firms and markets. Consumer theory includes indifference curve analysis with selected applications related to a wide range of consumer behavior. The costs and revenue decisions of the firm are analyzed within the context of standard assumptions about economic behavior.

    Prerequisite(s)


    ECN 250.

    Schedule Of Classes

  • ECN 427 - Intermediate Macroeconomics

    ECN 427 - Intermediate Macroeconomics

    3.00 credit hours

    An analysis of income, consumption, investment, interest and money in their relationships to the national economy, equilibrium and level of employment and prices.

    Prerequisite(s)


    ECN 250 and ECN 252.

    Schedule Of Classes

  • ECN 445 - Econometrics is not required but is strongly recommended

    ECN 445 - Econometrics

    3.00 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)


    ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.

    Schedule Of Classes

Note:

* PSY 250 or MTH 342 may be substituted for ECN 241, but do not count toward the total number of required credit hours in economics.

Economics, B.S.

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

Major Requirements

At least 27 economics credit hours, including:

  • ECN 241 - Business and Economic Statistics *

    ECN 241 - Business and Economic Statistics

    3.00 credit hours

    This course is designed to provide students with the ability to apply and interpret descriptive and inferential procedures, probability distributions, statistical sampling and design, hypothesis testing and regression. Primary objectives are to improve the statistical capabilities of students as well as their abilities to apply statistical concepts in a business setting.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement.

    Core

    Mathematics.

    Schedule Of Classes

  • ECN 250 - Microeconomic Principles

    ECN 250 - Microeconomic Principles

    3.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms under pure competition and monopoly and applied microeconomic topics.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement.

    Core

    Social Science.
    IAI

    S3 902

    Schedule Of Classes

  • ECN 252 - Macroeconomic Principles

    ECN 252 - Macroeconomic Principles

    3.00 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 and fiscal and monetary policies.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement; ECN 250 recommended.

    Core

    Social Science.
    IAI

    S3 901

    Schedule Of Classes

  • ECN 423 - Intermediate Microeconomics

    ECN 423 - Intermediate Microeconomics

    3.00 credit hours

    An economic analysis of consumers, firms and markets. Consumer theory includes indifference curve analysis with selected applications related to a wide range of consumer behavior. The costs and revenue decisions of the firm are analyzed within the context of standard assumptions about economic behavior.

    Prerequisite(s)


    ECN 250.

    Schedule Of Classes

  • ECN 427 - Intermediate Macroeconomics

    ECN 427 - Intermediate Macroeconomics

    3.00 credit hours

    An analysis of income, consumption, investment, interest and money in their relationships to the national economy, equilibrium and level of employment and prices.

    Prerequisite(s)


    ECN 250 and ECN 252.

    Schedule Of Classes

  • ECN 445 - Econometrics

    ECN 445 - Econometrics

    3.00 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)


    ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.

    Schedule Of Classes

Note:

* PSY 250 or MTH 342 may be substituted for ECN 241, but do not count toward the total number of required credit hours in economics.

Additional Requirements for the B.S. Degree

  • CSC 140 - Fundamentals of Computational Problem Solving or higher-level CSC course

    CSC 140 - Fundamentals of Computational Problem Solving

    3.00 credit hours

    An introduction to computing focusing on problem solving, algorithm construction, data organization and program development using Python. Topics include basic programming fundamentals and constructs such as variables and assignment statements; arithmetic, relational and logical operators; decisions and loops; modularization with functions; files; and data structures such as lists and dictionaries. Prior programming experience is not required. This course does not count toward a major in computer science, but may apply to a minor. May not be taken after successful completion of any higher level computer science course.

    Prerequisite(s)


    MTH 121 (or concurrent enrollment) or higher or appropriate placement.

    Schedule Of Classes

  • MTH 152 - Calculus II

    MTH 152 - Calculus II

    3.00 credit hours

    Continuation of Calculus I with emphasis on integration and its applications. Required for the B.S. degree in any department.

    Prerequisite(s)


    MTH 141 or MTH 151.

    Core

    Mathematics.
    IAI

    M1 900

    Schedule Of Classes

    • Mathematics above MTH 152 

Economics Minor

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

Minor Requirements

At least 18 credit hours in economics, at least three of which must be at the 400-level.

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.

ECN 100 Economics of Social Issues (3.00)

This course surveys the basic principles of economic theory with a special emphasis on applications of economics to practical problems. Use of supply and demand analysis enables the student to better understand how the market system works. Included among other issues to be covered are inflation, unemployment, pollution, heath care, international trade, and income distribution. May not take ECN 100 after ECN 250 or 252. Core: Social Science.

ECN 210 History of Economic Thought (3.00)

An examination of economic thought with major concentration on the selected writings of economists from the mercantilists through the early 20th century, such as Smith, Ricardo, Malthus, Marx, Veblen, Keynes, and Schumpeter. Core: Humanities.

ECN 241 Business and Economics Statistics (3.00)

This course is designed to provide students with the ability to apply and interpret descriptive and inferential procedures, probability distributions, statistical sampling and design, hypothesis testing, and regression. Primary objectives are to improve the statistical capabilities of students as well as their abilities to apply statistical concepts in a business setting. Students may not receive credit for both ECN 241 and PSY 250. Same as: BUS 241. Core: Mathematics. Prerequisite(s): MTH 121 or higher or appropriate placement.  

ECN 250 Microeconomic Principles (3.00)

Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms under pure competition and monopoly, and applied microeconomic topics. Core: Social Science. Prerequisite(s): MTH 121 or higher or appropriate placement.  

ECN 252 Macroeconomic Principles (3.00)

Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment, and inflation. Other topics include money and banking, and fiscal and monetary policies. Core: Social Science. Prerequisite(s): MTH 121 or higher or appropriate placement; ECN 250 recommended.  

ECN 290 Special Topics: Contemporary Issues in Economics (1.00-3.00)

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): ECN 250 and/or ECN 252; or ECN 100.  

ECN 297 Internship (0.00-9.00)

Instructor consent required.

ECN 299 Independent Study (1.00-9.00)

Instructor consent required.

ECN 310 Economics of Sports (3.00)

This course will analyze and explains the industry of sports from an economics perspective. Topics covered will include league competitiveness and collusion, what factors determine franchise profitability and market value, and how central are these issues to owner's decision making, 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): ECN 100 or ECN 250.  

ECN 320 Industrial Structure and Public Policy (3.00)

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 is also examined. Special emphasis is placed on the theory and precedents in U.S. anti-trust policy and the problems associated with the regulation of industry. Prerequisite(s): ECN 100 or ECN 250.  

ECN 324 International Political Economy (3.00)

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. Same as: PSC 324. ACR: Intercultural. Prerequisite(s): ECN 250 and ECN 252; or ECN 100.  

ECN 330 Labor Economics (3.00)

The economic theory and policy pertaining to the market for labor. Stress on how the market determines employment and income and how human resources contribute to individual and national economic welfare. Prerequisite(s): ECN 250 and ECN 252; or ECN 100.  

ECN 340 International Economics (3.00)

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): ECN 250 and ECN 252; or ECN 100.  

ECN 350 Public Finance and Social Welfare (3.00)

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): ECN 250 and ECN 252; or ECN 100.  

ECN 360 Money and Banking (3.00)

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 macroeconomy. Prerequisite(s): ECN 250 and ECN 252; or ECN 100.  

ECN 370 Economic Growth and Development (3.00)

This course will analyze and explain various reasons why some countries are rich and some countries poor. Topics covered will include comparative economic development, poverty and inequality, economic growth theory, factor accumulation, technology, the role of the government and NGO's, culture, geography, and institutions, among others. We will discuss how these factors are related and contribute to the overall success of failure of a country's attempt to develop and grow its economy. Prerequisite(s): One of ECN 250, ECN 252 or ECN 100.  

ECN 390 Special Topics: Contemporary Issues in Economics (1.00-3.00)

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): ECN 250 and/or ECN 252; or ECN 100.  

ECN 397 Internship (0.00-9.00)

Instructor consent required.

ECN 399 Independent Study (1.00-9.00)

Instructor consent required.

ECN 423 Intermediate Microeconomics (3.00)

An economic analysis of consumers, firms, and markets. Consumer theory includes indifference curve analysis with selected applications related to a wide range of consumer behavior. The costs and revenue decisions of the firm are analyzed within the context of standard assumptions about economic behavior. Prerequisite(s): ECN 250.  

ECN 427 Intermediate Macroeconomics (3.00)

An analysis of income, consumption, investment, interest, and money in their relationships to the national economy, equilibrium, and level of employment and prices. Prerequisite(s): ECN 250 and ECN 252.  

ECN 440 Mathematical Economics (3.00)

This course focuses 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): ECN 250; ECN 252; MTH 141 or MTH 151.  

ECN 445 Econometrics (3.00)

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): ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.  

ECN 497 Internship (0.00-9.00)

Instructor consent required.

ECN 499 Independent Study (1.00-9.00)

Instructor consent required.

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

Assistant Professor of Economics
Economics
+1 630 637 5458
Necati Celik
Necati Celik

Visiting Assistant Professor
Economics
+1 630 637 5478
Ryan Decker

Visiting Assistant Professor of Economics
Economics
+1 630 637 5248
John Colletti

Half-Time Assistant Professor of Economics
Economics
+1 630 637 5240
Patrick Gray

Half-Time Assistant Professor of Economics and Finance
Economics
+1 630 637 5499
Brenden Mason

Assistant Professor of Economics
Economics
+1 630 637 5420

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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