Graceland offers a Bachelor of Arts in Economics degree on the Lamoni campus. The economics degree is built around a group of core courses, including courses in microeconomics and macroeconomics. Students develop an understanding of economic theory and quantitative methods and learn how to apply this economic way of thinking to a broad range of real world topics.
These core courses are supplemented by a series of electives that enable students to focus on their specific areas of interest. These electives include: Money & Banking, Economics of Sports, International Economics, Economic Development, Managerial Economics, Investment Analysis, Entrepreneurship & Free Enterprise, and Contemporary Economic Issues. The student's program of study culminates in a senior research seminar. Graduates enter careers in areas such as business and finance or pursue graduate degrees in law, business or economics.
BA Degree — Economics Major
In addition to the essential education requirements, majors in Economics must complete 33 semester hours in Economics, and Mathematics including:
- ECON1300 Principles of Macroeconomics 3 s.h.
- ECON1320 Principles of Microeconomics 3 s.h.
- ECON3350 Intermediate Microeconomic Theory 3 s.h.
- ECON3360 Intermediate Macroeconomic Theory 3 s.h.
- ECON4300 Research Seminar 3 s.h.
- Upper Division Electives in Economics 12 s.h.
An Economics major must also complete:
- BUAD1420 Math for Decision Making 3 s.h. or
MATH1510 Calculus I 4 s.h.
- MATH1380 Introduction to Statistics 3 s.h.
Courses for Economics
BUAD1420 Math for Decision Making 3 s.h.
A beginning course in finite mathematics and calculus for students in business, economics, management, and the social and life sciences. Prerequisites: Two years of high school algebra.
ECON1300 Principles of Macroeconomics 3 s.h.
Analysis of the fundamental principles of the American economic system, centering on price, national income, international trade and finance, fiscal policy, monetary policy, money, and banking. Prerequisite: 1 year high school algebra; geometry recommended. Goal 1C, ELO5 Social Science - World Citizenship, ELO5 Social Science - Innovation
ECON1320 Principles of Microeconomics 3 s.h.
Analysis of the fundamental principles of the American economic system, centering on price, production, market structures, and a survey of contemporary economic problems, e.g. sustainability. Goal 1C, ELO5 Social Science - Sustainability
ECON2000 Individual Study Goal 1C 1-3 s.h.
ECON3000 Individual Study Goal 1C 1-3 s.h.
+ ECON3200 Public Finance 3 s.h.
An examination of the taxation policies and expenditure programs of the public sector. Related topics include public goods, income distribution, and public choice theory. Prerequisite: ECON1320. Goal 1C, ELO5 Social Science - Equality, ELO5 Social Science - Equality and Peace. Offered odd years Spring.
ECON3220 Economics of Sports 3 s.h.
An application of economic theory to the business of sports. Areas include labor economics, public finance, and the theory of the firm. Prerequisite: ECON1320 and either two MATH courses or MATH1380. Goal 1C
+ ECON3250 Entrepreneurship and Free Enterprise (Also BUAD3250) 3 s.h.
To study and hear from the cast of entrepreneurs who have been, or are involved, in the drama of U.S. business. To help each student evaluate their own spirit and personality to see if they have entrepreneurial skills and talents. Prerequisite: ECON1320. Goal 1C
ECON3280 Economic Development (also GEOG3280) 3 s.h.
A survey of various analytic approaches to the problem of economic development in Asia, Africa, and Latin America, and an examination of their significant policy problems. Goal 4, ELO5 Social Science - Innovation
+ ECON3320 Money and Banking 3 s.h.
A study of monetary institutions, monetary theory and policy implications, and the principles of our banking system. Prerequisite: ECON1320. Goal 1C
ECON3350 Intermediate Microeconomic Theory 3 s.h.
A study of contemporary consumption, production, pricing resource allocation, and distribution theory. Prerequisite: ECON1320. Goal 1C
ECON3360 Intermediate Macroeconomic Theory 3 s.h.
A study of national income determination theory and stabilization policies. Prerequisite: ECON1320. Goal 1C
+ ECON3430 Managerial Economics 3 s.h.
Considers the business enterprise as an economic and social institution. Particular attention is given to the theory of the firm and the application of the theory in problem-solving. Prerequisites: MATH1380 and ECON3350. Goal 1C
+ ECON3440 International Economics 3 s.h.
Theories of international trade, foreign exchange markets, resource movements and international economic policies. Prerequisite: ECON1300. Goal 1C, ELO4 Global Learning - World Citizenship, ELO4 Global Learning - Equality and Peace
ECON3900 Topics in Economics 1-3 s.h.
Study of selected topics from areas in economics such as industrial, agricultural, governmental, and historical economics. Topics are announced prior to each semester they are offered. May be repeated for credit when the topics vary. Goal 1C
ECON4000 Individual Study Goal 1C 1-3 s.h.
+ECON4100 Investment Analysis (also BUAD4100) 3 s.h.
A study of the fundamental principles underlying the analysis of investments. Prerequisites: ACCT2320, BUAD3380, and ECON1320. Goal 1C
ECON4300 Research Seminar 3 s.h.
Students investigate theoretical and applied topics and present their findings. Prerequisites: ECON3350, ECON3360. Goal 1C
MATH1380 Introduction to Statistics 3 s.h.
Data analysis and measures of central tendency, dispersion, and correlation. Introduction to probability. Estimation and hypothesis testing. Bivariate regression. Elementary ANOVA. Introduction to nonparametric techniques. Prerequisite: 1 year high school algebra. Goal 3A, ELO6 Math
MATH1510 Calculus I 4 s.h.
Limits, continuity, differentiation, and applications including exponential, logarithmic, trigonometric, and inverse functions. Mean value theorem, curve sketching, Riemann sums, and the fundamental theorem of calculus. Prerequisite: 2 years high school algebra. Goal 3A, ELO6 Math
+ Denotes an alternate year course.