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Economics, Business, and Finance

Economics

Economics can be broadly defined as the study of how people and institutions allocate scarce resources. It involves learning how people respond to incentives, how the scarcity of resources affects people’s choices, and how government and industry affect consumption of resources. Economics helps us to understand historical trends, interpret today’s headlines, and predict future trends.

Lake Forest College’s economics major is a strong traditional program with a reputation for rigor, breadth and depth, allowing students to develop the analytical skills that virtually all employers desire. Students select electives from a wide variety of topics including labor economics, environmental and natural resource economics, law and economics, and the economics of sports to supplement the core program in macroeconomics, microeconomics, and statistics. Opportunities for further research with faculty who are experts in their fields are available to students. Most students also partake in internships in Chicago-area businesses. Students who complete the major are well prepared to work in the private or public sector and attend graduate school for their MBA or PhD.

Department News

  • Amanda Gaulke '09
    Dr. Amanda Gaulke ’09, Assistant Professor of Economics at Kansas State University, researched the association of type 1 diabetes in schoolchildren with standardized test scores. Her results were published this month in the Journal of the American Medical Association.
  • Lillian Shehadi
    Lillian Shehadi ’19, a double major in Business and International Relations, has studied at the Universite Grenoble in France.