Economics

“Graceland pushed me to think larger. I was asked questions like, ‘If you like econ that much, why don’t you triple major?’ Questions like that made me set goals that seemed unreasonable anywhere else, but on Graceland’s campus, it was possible. Then, what made the experience really special was the staff who helped me achieve those lofty goals. Without their help, I would not have reached those goals that have set my career on a great trajectory.” 

Justin Kaminski ’15 

Senior Manager Merchandise, Walmart 

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Learn more about our program...

This program is being phased out at Graceland and incoming students will not be able to major or minor in Economics effective Fall 2022. Current students and transfer students may still declare this major/minor, so long as they work with their Academic Advisor to be sure to complete the degree requirements by Spring 2026.

Graceland University’s ECONOMICS degree is built around a core group of courses, including microeconomics and macroeconomics. Students in the Economics major develop their understanding of economic theory alongside a strong set of analytical, critical and quantitative thinking skills that are applicable to a broad range of careers.
While studying under PhD-credentialled faculty, students can tailor their education to specific interests by choosing from a wide variety of upper-division electives and can even complete a second major within a four-year timeframe. Graduates enter careers in areas such as business and finance or pursue graduate degrees in law, business or economics.

Offerings
Major, Minor
Field of Study
Business
Format
Lamoni Campus
Curriculum
  • BA Degree — Economics Major

    In addition to the essential education requirements, majors in Economics must complete 33 semester hours in Economics, and Mathematics including:

    An Economics major must also complete:

    Courses Offered
    • BUAD1420Math for Decision Making
      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.

    • ECON1300Principles of Macroeconomics
      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

    • ECON1320Principles of Microeconomics
      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

    • ECON3350Intermediate Microeconomic Theory
      ECON3350 Intermediate Microeconomic Theory - 3 s.h.

      A study of contemporary consumption, production, pricing resource allocation, and distribution theory. Prerequisite: ECON1320. Goal 1C

    • ECON3360Intermediate Macroeconomic Theory
      ECON3360 Intermediate Macroeconomic Theory - 3 s.h.

      A study of national income determination theory and stabilization policies. Prerequisite: ECON1320. Goal 1C

    • ECON4300Research Seminar
      ECON4300 Research Seminar - 3 s.h.

      Students investigate theoretical and applied topics and present their findings. Prerequisites: ECON3350, ECON3360. Goal 1C

    • MATH1380Introduction to Statistics
      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

    • MATH1510Calculus I
      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

    BUAD1420Math for Decision Making ECON1300Principles of Macroeconomics ECON1320Principles of Microeconomics ECON3350Intermediate Microeconomic Theory ECON3360Intermediate Macroeconomic Theory ECON4300Research Seminar MATH1380Introduction to Statistics MATH1510Calculus I
    Course Descriptions
    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

    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

    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

  • Economics Minor

    A minor in Economics consists of 18 semester hours including:

    Courses Offered
    • ECON1300Principles of Macroeconomics
      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

    • ECON1320Principles of Microeconomics
      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

    • ECON3350Intermediate Microeconomic Theory
      ECON3350 Intermediate Microeconomic Theory - 3 s.h.

      A study of contemporary consumption, production, pricing resource allocation, and distribution theory. Prerequisite: ECON1320. Goal 1C

    • ECON3360Intermediate Macroeconomic Theory
      ECON3360 Intermediate Macroeconomic Theory - 3 s.h.

      A study of national income determination theory and stabilization policies. Prerequisite: ECON1320. Goal 1C

    ECON1300Principles of Macroeconomics ECON1320Principles of Microeconomics ECON3350Intermediate Microeconomic Theory ECON3360Intermediate Macroeconomic Theory
    Course Descriptions
    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

    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

  • Course list - Economics
    Courses Offered
    • ECON1300Principles of Macroeconomics
      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

    • ECON1320Principles of Microeconomics
      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

    • ECON2000Individual Study (Goal 1C)
      ECON2000 Individual Study (Goal 1C) - 1-3 s.h.
    • ECON3000Individual Study (Goal 1C)
      ECON3000 Individual Study (Goal 1C) - 1-3 s.h.
    • ECON3200Public Finance
      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. +This course is only offered every other year.

    • ECON3220Economics of Sports
      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.

    • ECON3250Entrepreneurship and Free Enterprise (Also BUAD3250)
      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. +This course is only offered every other year.

    • ECON3280Economic Development (also GEOG3280)
      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

    • ECON3320Money and Banking
      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 +This course is only offered every other year.

    • ECON3350Intermediate Microeconomic Theory
      ECON3350 Intermediate Microeconomic Theory - 3 s.h.

      A study of contemporary consumption, production, pricing resource allocation, and distribution theory. Prerequisite: ECON1320. Goal 1C

    • ECON3360Intermediate Macroeconomic Theory
      ECON3360 Intermediate Macroeconomic Theory - 3 s.h.

      A study of national income determination theory and stabilization policies. Prerequisite: ECON1320. Goal 1C

    • ECON3430Managerial Economics
      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 +This course is only offered every other year.

    • ECON3440International Economics
      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 +This course is only offered every other year.

    • ECON3900Topics in Economics
      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

    • ECON4000Individual Study (Goal 1C)
      ECON4000 Individual Study (Goal 1C) - 1-3 s.h.
    • ECON4100Investment Analysis (also BUAD4100)
      ECON4100 Investment Analysis (also BUAD4100) - 3 s.h.

      A study of the fundamental principles underlying the analysis of investments. Prerequisites: ACCT2320, BUAD3380, and ECON1320. +This course is only offered every other year.

    • ECON4110Internship in Economics
      ECON4110 Internship in Economics - 1-3 s.h.

      An internship that allows students to work with professionals who are in career areas relating to the field of economics. The student will play an active role in identifying potential field sponsors. Repeatable to a maximum of 12 hours. (Graded on a Pass/ Fail basis.) Prerequisite: Instructor’s consent.

    • ECON4300Research Seminar
      ECON4300 Research Seminar - 3 s.h.

      Students investigate theoretical and applied topics and present their findings. Prerequisites: ECON3350, ECON3360. Goal 1C

    ECON1300Principles of Macroeconomics ECON1320Principles of Microeconomics ECON2000Individual Study (Goal 1C) ECON3000Individual Study (Goal 1C) ECON3200Public Finance ECON3220Economics of Sports ECON3250Entrepreneurship and Free Enterprise (Also BUAD3250) ECON3280Economic Development (also GEOG3280) ECON3320Money and Banking ECON3350Intermediate Microeconomic Theory ECON3360Intermediate Macroeconomic Theory ECON3430Managerial Economics ECON3440International Economics ECON3900Topics in Economics ECON4000Individual Study (Goal 1C) ECON4100Investment Analysis (also BUAD4100) ECON4110Internship in Economics ECON4300Research Seminar
    Course Descriptions
    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. +This course is only offered every other year.

    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. +This course is only offered every other year.

    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 +This course is only offered every other year.

    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 +This course is only offered every other year.

    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 +This course is only offered every other year.

    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. +This course is only offered every other year.

    ECON4110 Internship in Economics - 1-3 s.h.

    An internship that allows students to work with professionals who are in career areas relating to the field of economics. The student will play an active role in identifying potential field sponsors. Repeatable to a maximum of 12 hours. (Graded on a Pass/ Fail basis.) Prerequisite: Instructor’s consent.

    ECON4300 Research Seminar - 3 s.h.

    Students investigate theoretical and applied topics and present their findings. Prerequisites: ECON3350, ECON3360. Goal 1C

Exceptional Faculty
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Career Growth Ahead

An Economics degree from Graceland can help to prepare you for these careers: 

  • Financial analyst 
  • Research analyst 
  • Business manager/executive 
  • Management consultant 
  • Portfolio manager 
  • Lawyer 
  • Policy analyst 

       …and many other exciting fields. 

 “Economics allowed me to apply higher-level reasoning to better understand what I’m going to see every day in the business world. Being a part of the economics program at Graceland has allowed me to craft better relationships with professors who go above and beyond to help me realize my potential.” 

Jacob Ross ’20 

Jacob Ross

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Tuition & Aid

An education from Graceland is one of the greatest investments you can make but we understand that cost is often a concern. See our direct undergraduate tuition costs, room and board and other student fees and use our tuition calculator to get an estimate of what your cost will be. Find out how what a sample Graceland financial aid award package looks like.

ExpenseAnnual CostSemester Cost
Tuition$31,250$15,625
Room (based on a two-person room)$3,770$1,885
Board$6,040$3,020
Activity Fee $370$185
University Technology Fee$300$150
TOTAL DIRECT COSTS$41,730$20,865

Why Graceland

 • Students have the ability to double major in other programs within the C.H. Sandage School of Business, giving Graceland graduates an advantage in the marketplace. 

• Graceland’s robust alumni network and strong record of job placement gives graduates access to contacts in Fortune 500 companies across the United States. 

• The experiential-learning focus of the C.H. Sandage School of Business provides students the opportunity to work on competitive simulations, hear from guest lecturers from the industry, and interact with real-world companies. 

• Small class sizes allow students to get to know faculty and work directly with them on projects. 

Find out more!