Economics is the study of the best allocation of scarce resources to meet unlimited wants. Making good decisions is key to economic reasoning; good decisions require an understanding of opportunity cost.
Indicator
Understanding Opportunity Cost
Pass rate in ECO 233, 234
Criterion
Understanding Opportunity Cost
75% of students will attain a grade of "C" or better in ECO 233, 234
Finding
Understanding Opportunity Cost
68% of students attained a grade of "C" or better in ECO 230, 233, 234
Action
Understanding Opportunity Costs
Adopt embedded questions instead of passing rates
Objective
Understanding The Invisible Hand Of The Market
Prices and the market system act with very little intervention to coordinate the production and consumption decisions of thousands of firms and millions of consumers. An understanding of the market system is fundamental to good decision making, in business and in life.
Indicator
Understanding The Invisible Hand Of The Market
Pass rate in ECO 233, 234, 367
Criterion
Understanding The Invisible Hand Of The Market
75% of students will attain a grade of "C" or better in ECO 233, 234, 367
Finding
Understanding the Invisible Hand
68% of students attained "C" or better in ECO 233, 234, 367
Action
Understanding the Invisible Hand of the Market
Use embedded questions instead of pass rates
Objective
Identify The Basic Institutions Of The U.S. Economy
Government influences markets and outcomes through policy initiatives. The student should be able to describe the effects of monetary and fiscal policy and to assess the consequences of government regulation of economic activities.
Indicator
Identifying Basic Institutions
Pass rate in ECO 233, 234, 362, 463, 370
Criterion
Identifying Basic Institutions
75% of students will attain a passing grade in ECO 233, 234, 362, 463, 370
Finding
Identifying Basic Institutions
70% of students in ECO 233, 234, 362, 463, 370 have attained "C" in this course
Action
Identify The Basic Institutions
Use embedded questions instead of pass rates
Objective
Assess The Increasing Integration Of The Global Economy
The increasing integration of the U.S. economy with the rest of the world affects the well-being of consumers and business firms here and abroad. To assess these effects requires an understanding of conditions leading to economic development and the distribution of gains from international trade and investment.
Indicator
Assessing The Global Economy
Pass rate in ECO 335, 374, 468, 480
Criterion
Assessing the Global Economy
75% of students will aattain a "C" or better in ECO 335, 374, 468, 480
Finding
Integration of the Global Economy
78% of students attained a "C" in ECO 335, 374, 468, 480