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.
Finding
Responses To Questions On Opportunity Cost
58% of students in principles of economics responded correctly to embedded questions on opportunity cost
Action
Understanding Opportunity Cost
More emphasis will be placed on opportunity cost in the economics courses through lecture and assignments. However, the department will be expanding and re-defining its learning objectives in the coming academic year so as to better establish a body of knowledge consistent with the goals of the college and with the discipline.
Action
Management Of AOL
The department will be standardizing and streamlining the Assessment of Learning procedure during the coming academic year. Formerly, each instructor administered questions as they saw fit. In future, sections for assessment will be handled in an identical manner.
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 234, 362.
Finding
Responses To Questions On Basic Institutions
87% of students in ECO 362 responded correctly to embedded questions regarding basic institutions; 63% of students in ECO 234 responded correctly to similar questions
Action
Basic Institutions
Identifying basic economic institutions will continue to be stressed as an essential element of an economics education. However, the department will be expanding and re-defining its learning objectives in the coming academic year so as to better establish a body of knowledge consistent with the goals of the college and with the discipline.
Action
Management Of AOL
The department will be standardizing and streamlining the Assessment of Learning procedure during the coming academic year. Formerly, each instructor administered questions as they saw fit. In future, sections for assessment will be handled in an identical manner.
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.
Finding
Responses To Questions On Markets
52% of students in ECO 233 responded correctly to embedded questions regarding role of markets in allocating resources
Action
Market Economics
More emphasis will be placed on market economics in ECO 233 through lecture and assignments. Other pedagogical strategies will be discussed in the fall.
Action
Management Of AOL
The department will be standardizing and streamlining the Assessment of Learning procedure during the coming academic year. Formerly, each instructor administered questions as they saw fit. In future, sections for assessment will be handled in an identical manner.
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
Responses To Questions On Global Economy
Students were able to achieve a correct response rate in excess of 70% in 28 of 34 questions on the global economy.
Action
Global Economy
The global economy will continue to be stressed as an essential element of an economics education. However, the department will be expanding and re-defining its learning objectives in the coming academic year so as to better establish a body of knowledge consistent with the goals of the college and with the discipline.
Action
Management Of AOL
The department will be standardizing and streamlining the Assessment of Learning procedure during the coming academic year. Formerly, each instructor administered questions as they saw fit. In future, sections for assessment will be handled in an identical manner.