Students Should Be Familiar With Microeconomic Concepts And Tools
Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics has been called “the bottom-up view of the economy”, or “how people deal with money, time, and resources.” Graduates will be able to use money, time, and resources effectively in both their professional and personal lives.
Indicator
Sample Question Approach
Utilizing an embedded question methodology, we drew a sample of questions that match with the themes of “what economics majors should know”. Our criteria for an acceptable response is set at 70% correct; below that correct response rate is not acceptable.
Criterion
Minimum Score On Sample Questions
Our criteria for an acceptable response is set at 70% correct; below that correct response rate is not acceptable.
Finding
Resulsts From Embedded Questions Asked In ECON 3357 & ECON 4357 Spring 2013
Student's are exposed to the concept of elasticity in several economics classes. Somehow they are not carrying their knowledge over from one class to the next. A collective effort needs to be made to highlight the importance of elasticity as a concept. One way to do this is to add more questions on the topic to exams and homeworks.
Objective
Students Should Be Familiar With Macroeconomic Concepts And Tools
Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. Macroeconomics can be used to analyze how best to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments. Graduates will be able to use their skills to influence government policy goals.
Indicator
Sample Question Approach-Macroeconomics
Utilizing an embedded question methodology, we drew a sample of questions that match with the themes of “what economics majors should know about macroeconomics”.
Criterion
Sample Question Approach
Our criteria for an acceptable response is set at 70% correct; below that correct response rate is not acceptable.
Finding
Resulsts From Embedded Questions Asked In ECON 4357 Spring 2013
Macroeconomic concepts/topics 77.5% Nature and workings of economic institutions 83.5% International issues/events 73.5%
Action
Macroeconomics Themes That All Economics Majors Should Know
Although our students performed well in this area, one reason may be that the questions dealt with topics which could be memorized rather than analyzed. We need to ask more analytical questions.
Objective
Students Should Be Able To Analyze Data
Data analysis is an integral part of the research process. We examine the data using different lenses to answer different questions – to describe a phenomena or event or population, to capture the development of skills and characteristics, or to determine differences based on a proscribed set of variables. We examine, define, conceptualize, and quantify the data in order to answer our questions about who, what, when, where, why, how and how much. Data analysis is a crucial tool that can be used to improve business decisions and help students become better citizens. Graduates will be able to use developed skills to conduct data analysis.
Indicator
Data Analysis Indicators From Embedded Questions In ECON 4357
Questions were embedded in ECON 4357 (managerial economics).
Criterion
70% Or Better Response Rate On Embedded Questions
Our criteria for an acceptable response is set at 70% correct; below that correct response rate is not acceptable.
Finding
ECON 4357 Response Rate On Data Analysis Type Questions
Data Analysis 53.5% correct response rate
Action
Improvements In Student Quantitative Skill Set
A 52.5% correct response rate is unacceptable. Suggestions for making improvements in this area include:
Changing the economics electives to mandate an additional quantitative analysis course in either forecasting or econometrics.
Requiring quantitative analysis projects in certain courses
Produce more online support materials dealing with quantitative skills used by economics majors. Although we have developed some of these materials already, their use has been limited. We want to increase student awareness and use of these materials.
Objective
Students Should Understand How International Issues Affect The Economy
International economics describes and predicts production, trade, and investment across countries. Wages and income rise and fall with international commerce even in large rich developed economies like the US. A firm understanding of how international issues affect individuals, firms, and the government is increasingly necessary in our global economy. Graduates will be able to use international economics in product production, trade, and investments across countries.
Indicator
Embedded Questions Dealing With International/Global Issues In ECON 4357
Questions dealing with international/global issues were embeded in Spring 2013 ECON 4357 (managerial economcs). Managerial economics is considered the capstone course in the Economics BBA curriculum.
Criterion
70% Or Better Response Rate On Embedded Questions Dealing With International/Global Issues
70% or better correct response rate is considered to be acceptable. Anything below 70% is considered to be unacceptable.
Finding
Results For Embeded Questions Dealing With International Issues In ECON 4357
International issues/events correct response rate 73.5%
Action
Students Perfomance On International/Gloabal Issues Is Acceptable
In general, we blieve that our students' knowledge of international/global economic issues is acceptable. We are not convinced that any changes are currently necessary.