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Economics

Economics is the study of how individuals and societies use limited resources to maximize welfare. As an economics major, you’ll study all the factors that affect business growth and personal investments. With this knowledge, you’ll be able to explain how external and internal forces affect markets, which in turn impact businesses.

Preparing You for Success

In today’s global economy, technical and problem-solving skills are more important than ever. Economics provides an excellent foundation in both. Economics shows you how the world works and gives you the tools to be successful in the new economy. A Foster College degree prepares you for a business career.

By the time you graduate, your experiences include:

  • Professional development and networking through Economics Club, Omicron Delta Epsilon honor society and student organizations such as Women in Business.
  • Mentoring relationships with faculty who are active in local business development.
  • Students engagement including a broad variety of internships including Caterpillar, Greater Peoria Economic Development Council, Northern Trust, JUMP Simulation Center, ConAgra and many others.
  • A senior research capstone project where under the guidance of a faculty advisor, you produce a tangible research paper on a topic that is interesting to you. 

Making Your Mark

Economics majors are valued in all business settings. In recent years, all Foster College of Business economics graduates found jobs or continued to graduate school within six months of graduation. They are working for nationally recognized firms such as Accenture, Caterpillar, IDEX, Sprint, FDIC, Epic Systems, and the Federal Reserve Bank.

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Major Requirements

Required Courses - 18 hrs.

  • ECO 100: Introduction to Economics - 3 hrs.
    or ECO 221: Principles of Microeconomics - 3 hrs.
  • ECO 222: Principles of Macroeconomics - 3 hrs.
  • ECO 300: Economics Colloquium for Juniors - 1 hr.
  • ECO 332: Intermediate Microeconomics - 3 hrs.
  • ECO 333: Intermediate Macroeconomic Theory - 3 hrs.
  • ECO 400: Economics Colloquium for Seniors - 1 hr.
  • ECO 498: Senior Seminar in Economics I - 1 hr.
  • ECO 499: Senior Seminar in Economics II - 3 hrs.

Philosophy Courses (choose one) - 3 hrs.

  • PHL 103: An Inquiry Into Values - 3 hrs.
  • PHL 201: Philosophy Proseminar I - 3 hrs.
  • PHL 202: Philosophy Proseminar II - 3 hrs.
  • PHL 203: Logic - 3 hrs.
  • PHL 300: Ancient and Medieval Philosophy - 3 hrs.
  • PHL 304: Renaissance and Modern Philosophy - 3 hrs.
  • PHL 306: Recent Philosophy - 3 hrs.
  • PHL 307: Classical Political Philosophy - 3 hrs.
  • PHL 308: Modern Political Philosophy - 3 hrs.
  • PHL 311: Existentialism - 3 hrs.
  • PHL 320: Symbolic Logic - 3 hrs.
  • PHL 344: Philosophy of Religion - 3 hrs.
  • PHL 347: Ethics - 3 hrs.
  • PHL 350: Art in Human Experience - 3 hrs.
  • PHL 360: Topics in Philosophy - 3-6 hrs.
  • PHL 403: Seminar in Philosophy - 3 hrs.
  • PHL 551: Reading in Philosophy - 1-3 hrs.
  • PHL 552: Reading in Philosophy - 1-3 hrs.

Elective Courses (choose three) - 9 hrs.

  • ECO 301: Money and Banking - 3 hrs.
  • ECO 305: Public Expenditure and Finance - 3 hrs.
  • ECO 309: History of Economic Thought - 3 hrs.
  • ECO 310: Labor Problems - 3 hrs.
  • ECO 313: American Economic History - 3 hrs.
  • ECO 319: Introduction to Econometrics - 3 hrs.
  • ECO 325: Urban Economics - 3 hrs.
  • ECO 335: Managerial Economics - 3 hrs.
  • ECO 345: Comparative Economic Systems - 3 hrs.
  • ECO 351: Economic Development - 3 hrs.
  • ECO 352: Industrial Organization - 3 hrs.
  • ECO 355: Supply Chain Economics - 3 hrs.
  • ECO 360: The Economics of Healthcare - 3 hrs.
  • ECO 362: Economics and Law - 3 hrs.
  • ECO 370: Game Theory - 3 hrs.
  • ECO 391: International Trade - 3 hrs.
  • ECO 399: Special Topics in Economics - 3 hrs.
  • ECO 418: Mathematical Economics - 3 hrs.
  • ECO 434: Readings in Economics - 1-6 hrs.

Additional Requirements

  • Majors must receive a grade of “C” or better in Economics 332, 333 and 499.
  • Minimum of 27 semester hours in economics and a minimum of 21 hours at the junior/senior level.

Students must also complete Foster College's business core.