Academics

Requirements for the Economics Major and Minor

Economics Major
The study of economics is concerned with two basic questions faced in any human society:  (1) how available resources are to be allocated among productive uses to yield the greatest total product and (2) how the fruits of the productive processes are to be distributed among members of society. Since no universal form of socio-economic organization exists, economics examines and compares the different ways in which human societies have sought answers to these questions.

The study of economics at Lake Forest College can begin during either the first or second year. The curriculum of the first year includes an introductory course designed for potential majors and those desirous of a single survey course. In addition, lower-level course offerings include a number of problem- or issue-oriented courses. Qualified junior and senior majors are encouraged to engage in independent study projects, both within economics and across disciplinary lines. Economics majors have been admitted to some of the top graduate and professional schools in economics, business administration, public policy, and law. Majors contemplating graduate or professional training are urged to consult with their economics department advisors concerning their selection of courses.

The requirements for the economics major are:

Economics 110 (Principles of Economics)  with a grade of C- or better.

Mathematics 110 (Calculus I) with a grade of C- or better, completed by the end of the first year. (Students without strong high school preparation in mathematics may need to complete Mathematics 105 as a prerequisite.) Note that Mathematics 110 will also satisfy one of the breadth requirements for the GEC.

Economics 180 (Quantitative Methods for Economics and Business) with a grade of C- or better. Students who have taken this course will not receive credit for any other basic statistics course, including Mathematics 150. Students who have already taken such a statistics course may be able to count it toward the major if approved by the department.

Economics 210 (Microeconomic Theory)  with a grade of C- or better.

Economics 220 (Macroeconomic Theory)  with a grade of C- or better.

Three other economics courses, two of which must be at or above the 300 level. Internships do not count as economics elective courses.

During the senior year, an additional economics course designated as Senior Studies (a specially designed course with limited enrollments and preference given to senior majors) or a senior thesis.

Economics Minor
Six courses to include the following:

110 (Principles of Economics); 210 (Microeconomic Theory) or 220 (Macroeconomic Theory); four other economic courses with the exclusion of internships.