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Economics is a social science which focuses on the broad questions of how societies produce, distribute and consume goods and services. The study of economics involves theoretical analysis, statistical inference and the study of economic history and institutions. As one thinks about improving the quality of life–from the local to the global level–it is virtually impossible to avoid contact with “the economic way of thinking.”
The Economics program is designed to serve the general student as well as majors and minors. The
Department’s goals are threefold: 1) acquaint students with economic aspects of society; 2) familiarize students
with models and techniques for analyzing economic problems; and 3) enable students to develop critical skills
for evaluating economic policy and institutions.
Economics majors find employment in diverse areas of the economy (e.g. banking, finance, management,
teaching, government). Some majors pursue graduate training in economics while others pursue MBA, law or
other advanced professional degrees.
Augustana has a chapter of Omicron Delta Epsilon, the international economics honor society, which encourages student-faculty interaction and recognizes scholastic attainment in economics.
ECONOMICS MAJOR: 36 credit hours
Required Courses: 25 credit hours
ECON 120 - Principles of Economics I (3 cr)
ECON 121 - Principles of Economics II (3 cr)
ECON 270 - Statistics (4 cr)
ECON 320 - Intermediate Microeconomics (3 cr)
ECON 321 - Intermediate Macroeconomics (3 cr)
ECON 337 - History of Economic Thought and Methodology (3 cr)
ECON - Elective courses (6 cr)
Required Supportive Courses: 11 credit hours
ACCT 210 - Principles of Accounting I (4 cr)
MATH 151 - Calculus (4 cr)GOVT 120 - Politics in a Diverse World (3 cr)
– OR –
HIST 111 - Western Civilization II (3 cr)
– OR –
PHIL 230 - Our Philosophical Heritage II (3 cr)
ECONOMICS MINOR: 15 credit hours
ECON 120 - Principles of Economics I (3 cr)
ECON 121 - Principles of Economics II (3 cr)
ECON 320 - Intermediate Microeconomics (3 cr)
ECON 321 - Intermediate Macroeconomics (3 cr)
ECON - Elective course (3 cr)
ECON 120 - PRINCIPLES OF ECONOMICS I (Area 3.3) (3 credits)
A study of the historical evolution of economic thought and economic systems with major emphasis on the “market system” (capitalism). Topics include scarcity, economic systems, supply and demand, competition,
monopoly power, income distribution and the role of government in the economy.
NOTE: OFFERED EVERY SEMESTER
ECON 121 - PRINCIPLES ECONOMICS II (3 credits)
A study of the aggregate economy (including the international economy). Topics include national income
accounting, economic indicators, business cycles, economic growth, the role of money in the economy, and
monetary and fiscal policies. Alternative schools of economic thought are also presented.
NOTES: PREREQUISITE: ECON 120
OFFERED EVERY SEMESTER
ECON 270 - STATISTICS (4 credits)
The basic course in statistical inference oriented toward the elements of description, estimation, and the
testing of hypotheses. Topics include probability distributions, confidence intervals, tests of means,
proportions, and differences, correlation and regression, analysis of variance, and chi-square tests of
qualitative data. Principles are applicable to both social and physical sciences.
NOTES: CROSS-LISTED WITH BSAD 270 AND PSYC 270
RECOMMENDED PREREQUISITE: INTRODUCTORY COURSE IN MATHEMATICS
OFFERED EVERY SEMESTER
ECON 301 - MONEY, BANKING, AND FINANCIAL INSTITUTIONS (3 credits)
Development of the monetary and financial system: nature and functions of money, organization and operation
of commercial banks and the Federal Reserve System and an introduction to monetary theory and policy.
NOTES: PREREQUISITE: ECON 120, ECON 121, AND A COLLEGE MATH COURSE
OFFERED OCCASIONALLY
ECON 320 - INTERMEDIATE MICROECONOMICS (3 credits)
Intermediate Microeconomics applies economic analysis to the process of managerial decision making.
Topics include consumer theory, production theory, supply and demand, elasticity, and managerial decision
making under various market structures. Additional topics may include regression analysis, alternative
explanations of wage rate determination, income inequality, and discrimination.
NOTES: PREREQUISITE: ECON 120, ECON 121, AND ECON 270
OFFERED MOST YEARS
ECON 321 - INTERMEDIATE MACROECONOMICS (3 credits)
An analysis of aggregate production, employment, income, and price level from different theoretical
perspectives.
NOTES: PREREQUISITE: ECON 120, ECON 121, ECON 270, AND A COLLEGE MATH COURSE
OFFERED EVERY OTHER YEAR
ECON 333 - INTERNATIONAL POLITICAL ECONOMY (3 credits)
Analysis of the historical and theoretical basis for international trade and the politico-economic institutions
that facilitate and impede it. Critical survey of themes associated with economic “globalism.”
NOTES: PREREQUISITE: ECON 120 AND ECON 121
OFFERED OCCASIONALLY
ECON 337 - HISTORY OF ECONOMIC THOUGHT AND METHODOLOGY (3 credits)
The study of economic concepts and doctrines within the social context of the past and their impact on the
development of economic theory and methodology.
NOTES: CROSS-LISTED WITH HIST 337
PREREQUISITE: ECON 120 AND ECON 121
OFFERED EVERY OTHER YEAR
ECON 350 - SOCIAL SCIENCE RESEARCH METHODS (W – Area 2.1B) (4 credits)
A course in basic social science research methods using an interdisciplinary approach. The course is
designed to introduce students to the several research methodologies and procedures frequently used within
the social sciences. Students will have an opportunity to participate in various stages of a research project
including the formulation of the research design, instrument construction, collecting data, analysis of data
and reporting findings.
NOTES: CROSS-LISTED WITH GOVT 350, PSYC 350 AND SOCI 350
OFFERED EVERY SEMESTER
ECON 370 - INTERMEDIATE STATISTICS (3 credits)
A review of introductory inferential statistical methods (including estimation and hypothesis testing) and
consideration of advanced topics such as causality, two-way analysis of variance, analysis of covariance,
modeling using multiple regression, regression diagnostics, time series analysis, nonlinear regression, and
logistic regression.
NOTES: CROSS-LISTED WITH BSAD 370
PREREQUISITE: ECON 270
OFFERED OCCASIONALLY
ECON 490 - SENIOR SEMINAR (W - Area 2.1B) (4 credits)
An overview of various economic concepts and approaches to current problems; seminar setting with both
faculty and students convening the sessions; synthesizing reports.
NOTES: PREREQUISITES: ECON 120, ECON 121, AND THREE OTHER ECON COURSES
OFFERED OCCASIONALLY
ECON 495 - INTERNSHIP IN ECONOMIC ANALYSIS (3-4 credits)
An internship permits an individual to explore and obtain practical experience in a professional area of
interest. Consult a department member for available opportunities. Plans for an internship must be made
well inadvance of the term in which the internship is to be carried out.
NOTES: PREREQUISITE: CONSENT OF THE DEPARTMENT CHAIR
OFFERED AS NEEDED
ECON 197, 297, 397, 497 - TOPICS IN ECONOMICS (2-4 credits)
ECON 199, 299, 399, 499 - INDEPENDENT STUDY (3-4 credits)