Students Should Understand The Concept Of Opportunity Cost
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
Embedded Questions Concerning Opportunity Cost
Students will be assessed by way of embedded questions on final exams.
Criterion
Correct Response Rate On Embedded Questons Concerning: Understanding Opportunity Cost
At least 70% of the students will respond correctly to embedded questions concerning opportunity cost in ECO 233, 234, 367.
During Fall 2008, two sections (63 students in total) of ECO 233 were assessed by way of embedded questions on the final exam. One question incorporated the concept of opportunity cost by testing whether the student understands the meaning of absolute versus comparative advantage. Approximately 19% of the students answered the question correctly.
Action
Re-evaluations Of Learning Objectives
All learning objectives for the Economics BBA will be re-evaluated during 2009-2010.
Objective
Students Should Understand The Concept Of 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
Embedded Questions Concerning: Understanding The Invisible Hand Of The Market
Embedded questions in ECO 233 will be used to this concept.
Criterion
Correct Response Rate On Embedded Questons Concerning: Understanding The Invisible Hand Of The Market
At least 70% of the students will respond correctly to embedded questions concerning the "invisible hand of the market" in ECO 233, 234, 367.
Finding
Embedded Questions Assessing Student Understanding Of The
During Fall 2008, two sections (63 students in total) of ECO 233 were assessed by way of embedded questions on the final exam. Three questions incorporated the concept of the "Invisible Hand". 71% of the students answered correctly the question comparing Monopoly to Perfect Competition. 59% of the students answered correctly the question about Monopoly and Efficiency. 97% of the students responded correctly to the question about equilibrium pricing in competitive markets.
Action
Re-evaluations Of Learning Objectives
All learning objectives for the Economics BBA will be re-evaluated during 2009-2010.
Objective
Students Should Be Able To 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
Embedded Questions Testing Student Ability To Identify Basic Institutions
Embedded questions in various courses will be used to test students' ability to identify the basic economic institutions.
Criterion
Correct Response Rate On Embedded Questons Concerning: Identifying And Understanding The Role Of The Basic Economic Institutions
At least 70% of students will respond correctly to embedded questions concerning economic institutions in ECO 233, 234, 362, 463, 370.
Finding
Embedded Questions Assessing Student Understanding Of The Role Of Economic Institutions
Sections of ECO 234 were assessed Fall 2008 and Spring 2009. In both semesters, three questions involved the role of the Federal Reserve. The correct response rate for the three questions was 67%, 59%, and 61% for Fall 2008 and 75%, 63%, and 56% for Spring 2009.
Action
Re-evaluations Of Learning Objectives
All learning objectives for the Economics BBA will be re-evaluated during 2009-2010.
Objective
Students Should Be Able To 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
Embdded Questions Assessing The Global Economy
Questions embedded in final exams will be used to determine the ability of students to assess the global economy. Courses where questions could be embedded include ECO 335, 374, 468, and 480.
Criterion
Correct Response Rate On Embedded Questons Concerning: The Growing Integration Of The Global Economy
At least 70% of the students will respond correctly to embedded questions concerning the integration of the global economy in ECO 335, 374, 468, 480.
Finding
ECO 335 Assessed This Academic Year
Nine questions dealing with the world economic view were embedded in the ECO 335 (Comparative Economics) Spring 2009 Final Exam. The combined average score was 77% correct.
Action
Re-evaluations Of Learning Objectives
All learning objectives for the Economics BBA will be re-evaluated during 2009-2010.