http://econ.neiu.edu

The Economics program offers courses of study leading to the degree of Bachelor of Arts. 

Economics is the social science that analyzes the basic problem of scarce resources and the necessity of choice. This basic problem is faced by businesses, households, governments and nations. Courses in Economics focus on how markets operate and how policies and choices affect market activity. Economics provides useful insights into problems of recession and inflation, international economic relations, environmental issues, economic growth, public policy, financial markets, and labor market developments among others. A major in economics provides an excellent preparation for careers in business and public organizations. Students who major in Economics are also well prepared for graduate study in business and law. Further graduate study in Economics is necessary for careers in university teaching and other professions requiring masters or doctoral degrees. The introductory courses (ECON-215 and ECON-217) are designed to provide basic knowledge and to serve as a foundation for other courses in economics and business.

A concentration in economics provides an excellent background for students who wish to pursue careers in business and management, law, government or teaching. The prerequisite for a major in economics is satisfactory completion of three years or equivalent of high school mathematics. Students planning to do graduate work in economics are urged to complete at least two years of college mathematics, including differential and integral calculus. Students not planning study beyond the baccalaureate level should complete at least one year of college level mathematics. Economics majors and minors are also encouraged to take quantitative economics courses beyond the minimum requirements. Majors are strongly encouraged to take ECON-303 and ECON-304 prior to enrolling in upper division electives. All courses in the economics program carry three hours of credit. 

Please contact the faculty advisors in the Department of Economics to develop a plan of study.

Students should meet with a faculty advisor upon joining the program and throughout their academic careers to develop a plan of study.  The economics curriculum is organized around five specialized subfields, including Applied Microeconomics, Applied Macroeconomics, Urban, International, and Financial/Quantitative Economics.  Specialization in one of these fields is not required but can help prepare students for career and graduate study. 

Students should also be aware of the University requirements for the Bachelor's degree.

Erick Howenstine, Ph.D., Professor, Chair
Michael Wenz, Ph.D., Associate Professor, Advisor, Coordinator
Christina Ciecierski, Ph.D., Professor, Advisor
Ryan Gallagher, Ph.D., Associate Professor, Advisor
Scott Hegerty, Ph.D., Associate Professor, Advisor
Hardik Marfatia, Ph.D., Assistant Professor, Advisor

ECON-100. Financial Literacy. 3 Hours.

This course will provide students with an introduction to basic financial literacy. Students will cover the basics of the financial system, including basic banking, investment, budgeting, contracting and debt management. This course will cover both personal finance, small business organization and the relationships between households and businesses in the economy.

ECON-109. First Year Experience: Money Matters: The Chicago Economy. 3 Hours.

This course is designed to provide students with an introduction to surviving in the Chicago economy. The five foundations of the First Year Experience (Future Planning, Integral Preparation, Research, Self-discovery and Transitions) are interwoven with the introductory field-specific concepts and terminology of economics. Students will be introduced to economic and financial literacy while learning what makes Chicago one of the greatest economic engines in the world. Students will examine the Chicago economy and collect data on major economic sectors in Chicago today with an eye on what it will take for workers, households and businesses to succeed in Chicago's future.

ECON-200. Essentials Of Economics. 3 Hours.

This course will provide students with an overview of general economic issues, principles and concepts in both microeconomics and macroeconomics. Through its integrated design, students will have the opportunity to analyze individual firms and markets as well as aggregate economic indicators. Topics to be covered include: inflation, unemployment and economic growth, with a focus on the government's role in its attempts to regulate the economy. Upon completion of the course, students will have gained a basic understanding of how people make decisions, how people interact, and how the economy as a whole works so that they may be able to conceptualize how the economy works, make better business decisions and establish a framework for viewing and interpreting the economic world around them.
Prerequisite: MATH-091 minimum grade of D.

ECON-215. Principles Of Macroeconomics. 3 Hours.

Elementary aggregate economics. Among the topics covered are economic instability, countercyclical economic policies, money, the banking system, government economic activity, fiscal policy, monetary policy and national income theory.

ECON-217. Principles Of Microeconomics. 3 Hours.

Among the topics covered are supply, demand, prices, the working of markets, the markets of labor and for other factors of production, distribution of the product and contemporary economic problems.

ECON-220. Business And Economics Statistics I. 3 Hours.

Introduction to the principal methods of statistical analysis as applied to business and economic problems. Topics covered include descriptive statistics, introductory probability and probability distributions, statistical estimation, hypothesis testing and regression and correlation analysis with computer applications.
Prerequisite: MATH-165 minimum grade of D or MATH-110 minimum grade of D.

ECON-221. Writing Intensive Program: Tools For Economists. 3 Hours.

This course introduces students to a wide variety of resources used by academic and applied economists. Students will learn the basics of word processing and spreadsheet design, with particular emphasis placed on the written description of data, tables and graphs, as well as academic and business writing styles. Students will also learn how to locate, interpret, and present publicly available economic data that are commonly cited in academic, business, and mass-audience publications. This is a reading- and writing-intensive course that satisfies NEIU's Writing Intensive Program (WIP) requirement for economics majors.
Prerequisites: ((ECON-215 minimum grade of C or ECON-217 minimum grade of C) and ENGL-101 minimum grade of C.

ECON-303. Intermediate Macroeconomic Theory. 3 Hours.

Consumption and investment theory, the definitions and determination of national income, employment and the price level. Also considered are the economic effects of fiscal and monetary policy.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ((MATH-165 minimum grade of D or MATH-110 minimum grade of D or MATH-177 minimum grade of D).

ECON-304. Intermediate Microeconomic Theory. 3 Hours.

A systematic study of the role of the price system in organizing economic activity and an evaluation of its effectiveness; price determination and resource allocation under competition, monopoly, oligopoly and monopolistic competition; theories of demand, cost, partial, and general equilibrium.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ((MATH-165 minimum grade of D or MATH-110 minimum grade of D or MATH-177 minimum grade of D).

ECON-306. Labor Economics. 3 Hours.

Analysis of supply and demand for labor, the determination of wage rates, employment, working hours and labor force participation; with emphasis on the effects of unionism and government activities on these areas.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-307. Money And Banking. 3 Hours.

The nature and functions of money and the role of the monetary sector in the determination of income and employment with particular attention on the institutional framework, money markets, commercial banking, deposit expansion, the Federal Reserve System and monetary policy and its instruments.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-308. Comparative Economic Systems. 3 Hours.

Analysis of the structure, institutions and performance of alternative economic systems: capitalism, socialism, communism. Selected countries are studied as examples of each system.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-309. Public Finance. 3 Hours.

An investigation of the economic effects of governmental activities. The major types of taxes and expenditure proposals are considered. In addition, intergovernmental fiscal relations and fiscal policy are discussed. The course will emphasize, but not be restricted to American fiscal institutions.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-310. Writing Intensive Program: Business And Economic Statistics II. 3 Hours.

This course is a continuation of ECON-220. Topics to be covered include analysis of variance, multiple regression and correlation, time series analysis, nonparametric tests, and decision theory with computer applications.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ECON-220 minimum grade of D and ENGL-101 minimum grade of C.

ECON-312. Mathematical Economics. 3 Hours.

Conventional macro- and microeconomic theories are set out in mathematical form utilizing algebra and calculus. Topics to be covered include sets, functions, matrices, differential and integral calculus and optimization.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ((MATH-165 minimum grade of D or MATH-110 minimum grade of D or MATH-177 minimum grade of D).

ECON-313. Economic History Of Europe. 3 Hours.

Development of the modern economic systems and institutions of Europe from their late medieval and Renaissance beginnings; the revival of trade, the growth of towns, the commercial revolution, the development of new systems of economic thought to support capitalism, the industrial revolution, the rise of new economic forms such as socialism, modified capitalism, and "mixed" economies in the twentieth century.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-314. The Development Of Economic Thought. 3 Hours.

Historical survey of the major streams of economic thought including classical, Marxian, Institutionalist, neoclassical, radical and monetarist thought. The course covers the origins, methods and validity of economic theories.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-316. Independent Study In Economics. 3 Hours.

Intensive study of special topics of economics; faculty guidance.

ECON-318. Introduction To Econometrics And Forecasting. 3 Hours.

Introduction to the methods by which economic theories are tested with emphasis on applications. Topics include bivariate and multiple regression techniques, hypothesis testing, and violation of the common assumptions. Computer usage.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ECON-220 minimum grade of C and ((MATH-165 minimum grade of D or MATH-110 minimum grade of D or MATH-177 minimum grade of D).

ECON-320. Writing Intensive Program: Non Profit Management, Administration & Communications. 3 Hours.

Writing Intensive Program. This course is designed to prepare students to make professional contributions in the non-profit world and with community organizations, and to introduce the principles of effective communications. Students will identify non-profit and community organizations and use written communication to target and develop partnership capacities, and to complete a service learning project.
Prerequisite: ENGL-101 minimum grade of C.

ECON-321. International Monetary Theory & Relations. 3 Hours.

This course will provide an analysis of the international monetary system and the institutions that link national economies through exchange rates, balance of payments, and international asset transactions. Particular attention will be paid to the evolving international monetary system of flexible exchange rates and highly mobile international capital. This course will be valuable to students interested in careers in international economic policy, international banking, and finance, and in international political economy.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C.

ECON-322. International Economics. 3 Hours.

This course will examine international trade in goods and services, and international movements of labor capital, with a focus on the role of domestic and international political forces, regional issues, and urban systems. Traditional trade theories and policies will be discussed, as well as topical issues such as immigration, foreign direct investment, environmental policy, international political economy, and "global cities.".
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C.

ECON-323. Writing Intensive Program: Economic Development. 3 Hours.

This course will examine the process of economic development primarily at the nation level throughout the world. Students will study important theories of development and will be expected to apply these to writing and research on a specific country, and to disseminate their work to the class.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D and ENGL-101 minimum grade of C.

ECON-324. The Economics Of The European Union. 3 Hours.

This course will provide an overview of the history, objectives and economics policy issues of the European Union. The focus of the course will be on a theoretical analysis of the principal economic problems facing the European Union. These problems include: agricultural policy, trade policy, the creation of a single market and single currency, further expansion, and relations with the United States. The course requires that students have a background and sound understanding of the principles of macro and micro economics.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-332. Industrial Organization. 3 Hours.

Analysis of the competitive structure of industries and the major determinants of industrial organization such as economies of scale, mergers, vertical integration, advertising and their effects on competitive firm behavior. Examination of the economic foundations and effects of government policies to regulate monopoly.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-333. Urban Economics. 3 Hours.

Presentations of fundamental economic tools applicable to urban problems; identification of the economic causes of these problems and analysis of policies designed to correct them.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-334. Cost-Benefit Analysis. 3 Hours.

Alternative economic policies resulting from weighing the merits of spending public expenditures on various public projects. A systematic approach to the evaluation of individual projects in the selection of the best project to accomplish a given purpose, and in the establishment of priority order among the projects competing for limited funds.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-336. Health Economics. 3 Hours.

This is a course in applied economic theory that examines the determinants of health status as well as the determinants of the market quantity and price of health care services. Specific topics covered include: consumer factors which determine demand for health and health care utilization; the role of health insurance in determining health and health care utilization; behavior of health care providers under various types of financial reimbursement mechanisms and market structures.
Prerequisites: ECON-217 minimum grade of C and MATH-091 minimum grade of C.

ECON-337. Environmental Economics. 3 Hours.

This course allows students to explore and understand the role of economics in analyzing environmental issues and in the development of environmental policy. Some of the topics covered include: air and water pollution, transitioning from depletable to renewable resources; biodiversity and issues of sustainability, energy and transportation.
Prerequisites: ECON-217 minimum grade of C and ECON-215 minimum grade of C.

ECON-340. Managerial Economics. 3 Hours.

The application of economic theory to the analysis of business decision-making. Topics include the theory of production, cost, pricing, and capital budgeting. Specific tools such as constrained maximization and regression analysis are applied in a case approach to the estimation and forecasting of revenues and costs, and to the preparation of budget forecasts.
Prerequisites: ECON-215 minimum grade of D and ECON-217 minimum grade of D.

ECON-343. Macroeconomic Data Analysis. 3 Hours.

The manipulation, presentation, and interpretation of real macroeconomic data. Concepts include GDP, inflation, interest rates, exchange rates, and nominal and real variables. Students will gain experience applying formulas, preparing graphs, and uncovering basic statistical relationships among data series.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C and MATH-165 minimum grade of C.

ECON-344. Financial Economics. 3 Hours.

This course will provide students with the economic tools that are critical to understanding the idea of risk and return and how various factors affect the valuations of assets like bonds, stocks, mutual funds or houses. These concepts are also useful for the types of analysis done by financial experts in banks, financial institutions, and companies who also have to understand the risk-return of various assets and overall financial decisions. This course also emphasizes the deep interconnections of finance with macroeconomics more generally.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C.

ECON-345. The U.S. Federal Reserve. 3 Hours.

This is an applied course on the U.S. Federal Reserve policy and practices. Students will be expected to research Fed policy and prepare briefings on the state and trajectory of the U.S. economy. The class will collaborate on a presentation to the Chicago Fed as part of the Student Fed Challenge, a competition involving Universities throughout the Chicago Fed district.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C.

ECON-377. Real Estate Economics. 3 Hours.

This course provides an overview of the economics of real estate markets. Primary focus is on the interaction of supply and demand in determining real estate property valuations and other real estate-related assets such as mortgage-backed securities. Different methods of determining real estate valuations are examined, including residential, cost, hedonic, and income-based approaches for commercial and residential properties. Additionally, the link between real estate markets and the broader economy is examined, including emphasis on the mortgage industry and mortgage markets.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C.

ECON-3953. Internship In Economics. 3 Hours.

The internship in economics is designed for students in the Department of Economics with a declared major or minor and who are approaching the terminus of their program and wish to apply their learned knowledge within a non-academic and professional setting. For many students, an internship constitutes a first glimpse into "how economists work" outside of the classroom and, consequently, serves as a guide for future career goals and opportunities. Additionally, well-received interns often obtain strong letters of recommendation and/or the option of permanent employment.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C and ECON-303 minimum grade of C and ECON-304 minimum grade of C.

ECON-3956. Internship In Economics. 6 Hours.

See course description for ECON-3953.
Prerequisites: ECON-215 minimum grade of C and ECON-217 minimum grade of C and ECON-303 minimum grade of C and ECON-304 minimum grade of C.

ECON-401. Fundamentals Of Business Economics. 4 Hours.

Provides knowledge of microeconomic and macroeconomic theory necessary for advanced business analysis.