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
Students will respond correctly to at least 70% of imbedded questions concerning opportunity cost in ECO 233, 234, 367
Finding
Understanding Opportunity Cost
Students responded 70% correct to embedded questions regarding the concept of Opportunity Cost
Action
Opportunity Cost across the curriculum
Ensure that opportunity cost is a component in the objective set for each course in the curriculum.
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
Students will respond correctly to at least 70% of imbedded questions concerning opportunity cost in ECO 233, 234, 367
Finding
Understanding the Invisible Hand
Students responded 66% correctly to embedded questions regarding the Invisible Hand of the Market
Action
Markets across the Curriculum
Ensure that understanding of Market processes is a component in the objective set for each course in the curriculum.
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
Students will respond correctly to at least 70% of imbedded questions concerning opportunity cost in ECO 233, 234, 362, 463, 370
Finding
Identifying Basic Institutions
Students responded 71% correctly to embedded questions regarding the Basic Institutions of the U.S. Economy
Action
Institutions across the curriculum
Ensure that Basic Institutions are components in the objective set for each course in the curriculum.
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
Students will respond correctly to at least 70% of imbedded questions concerning opportunity cost in ECO 335, 374, 468, 480
Finding
Assessing the Global Economy
Students responded 65% correctly to embedded questions regarding the Global Economy
Action
Glaobal Economy across the curriculum
Ensure that assessing the global economy is a component in the objective set for each course in the curriculum.