Economics Student Learning Outcomes

Econ 2: Principles of Macroeconomics:

  1. Using employment and national income statistics students will be able to describe and analyze the economy in quantitative terms.
  2. Students will be able to utilize a simple contemporary economic model such as the aggregate supply/aggregate demand model and describe the interrelationships among prices, income and interest rates as they affect consumption, saving and investment.
  3. Students will be able to explain and evaluate the economic challenges of unemployment, inflation, and economic growth.
  4. Students will be able to describe the contemporary banking and monetary system, and analyze the role of money, credit, and Federal Reserve monetary policy.
  5. Students will be able to assess the historical and contemporary use of monetary and fiscal policy.
  6. Students will be able to describe the role of international trade and finance on domestic economic activity.
  7. Students will be able to identify and analyze the factors that contribute to or hinder economic growth and development.

 

Econ 4: Principles of Microeconomics:

  1. Define scarcity, and show how it relates to the concepts of choice and cost;
  2. Outline the role of comparative advantage in exchange;
  3. Identify the key elements of the demand and supply model and use the model to critically analyze real world examples.
  4. Explain the role of prices in allocating goods, services and factors of production;
  5. Define and apply the concept of elasticity;
  6. Explain the economic behavior of individual firms in the short run and long run;
  7. Use microeconomic models to illustrate how prices and output are determined in various market structures (perfect competition, monopoly, imperfect competition);
  8. Define economic efficiency and compare the implications for economic efficiency under different market structures; and
  9. Identify instances of market failure and evaluate alternative strategies to improve outcomes.