For a program in economics to be considered as "High Quality", it should provide students with the foundation of knowledge necessary to interpret the economic events happenning around them.
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
Intermediate Macroeconomics Final Exam
Intermediate Macroeconomics is a course required of all economics majors. Performance on the final exam is an indicator of how well students understand the key concepts of macroeconomics.
Criterion
Average Score On Selected Questions From Intermediate Macroeconomics Exam
The average subscore on the selected questions will be at least 70%.
Finding
Spring 2014 Intermediate Macroeconomics Final Exam Results
Three questions were selected. The first question discusses economic growth, the second question discusses the ISLM model of the economy, and the third question discusses the Open Economy model. 18 students took the exam. The average score on the first question was 62.59%. On the second question the average score was 53.52%. On the third question the average score was 77.92%.
Action
Macroeconomics
It appears that students are understanding the Open Economy model the best and the Keynesian ISLM model the least. Agreement amongst the faculty as to the amount of emphasis on the various models is difficult to achieve. The curriculum review process currently underway will address this issue.
Objective
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
Microeconomics Principles Assessment
A set of 10 questions was administered to students in 5 different sections of ECON 2302 (Principles of Economics).
Criterion
Average Score On Microeconomics Principles Assessment
The average score on the Microeconomics Principles Assessment should at least 70%.
Finding
Fall 2013 Results On The Microeconomics Principles Assessment
A total of 308 students in five sections of ECON 2302 (Principles of Economics) were given the assessment. Not all of the students were economics majors, but the results should be considered representative of the economics students.
The overall average on the 10 questions together was 60.1% correct. The attached report provides the average correct response on each of the 10 questions. The averages were highest on question 3 - understanding the factors that affect equilibrium, and question 7 - understanding the difference between the economic concept of cost and the accounting concept of cost. Students performed above 70% on both of these questions.
Students performed the worst on questions 1 and 9. Both questions deal with the characteristics of a perfectly competitve market.
See the attached report for more details.
Action
Emphasis On The Characteristics Of Perfect Competition
The faculty agree that understanding the Perfect Competition model is essential to understanding the more realistic Imperfect Competition models of economic behavior. More time/emphasis will placed on the Perfect Competition model.
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
Economics - Data Analysis Assessment Indicator
The average of the data analysis assessment indicator of those students who take ECON 3357 and ECON 4357.
Criterion
Average Score On Data Analysis Assessment
The average assessment score will be greater than 70%.
Finding
Results From ECON 3357 (Intermediate Microeconomics)
38 students were given the quiz (Quiz 3). The twelve questions on the quiz covered a variety of topics taught in the BANA 2372 class.The performance on this quiz was disappointing. The avearage was 36.9%. It illustrates that the majority of students do not internalize the lessons taught in BANA 2372.
Finding
Results From ECON 4357 (Managerial Economics)
75 students were given the quiz, which consisted of 12 questions covering a variety of topics taught in both BANA 2372 and BANA 3363. The average percentage of correct responses for each question was 39.2%.
Action
Data Analysis Skills
The results from administrating the data analysis quiz in the ECON 3357 and ECON 4357 classes was disappointing. Perhaps a 70% criterion is too much to expect.
We have no specific recommendations for change at this time. In the process of conducting a curriculum review for the Economics BBA, the faculty have suggested adding another quantitative methods course as a requirement for all Economics majors. This has not yet been finalized.
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
International Issues Assessment Indicator
Economics students in ECON 4340 (International Economics) were asked, on their final exam, questions covering five key areas of international economics. These areas are as follows: 1) Determining the pattern of comparative advantage 2) How welfare changes through trade 3) Effects of a tariff on trade 4) Consequences of global economic integration 5) Trade implications of changes in international monetary exchange rates
Criterion
Average Score On International Issues Assessment
The average assessment score will be at least 70%.
Finding
Results From ECON 4340 (International Economics) Assessment
9 of the students in the Fall 2013 ECON 4340 (International Economics) class were economics majors.
The average score is indicated at the end of each item below: 1) Determining the pattern of comparative advantage 100 2) How welfare changes through trade 82.4 3) Effects of a tariff on trade 77.2 4) Consequences of global economic integration 81.8 5) Trade implications of changes in international monetary exchange rates 100
Action
International Economic Issues
At this time, the economics students appear to understand the five key issues. No changes are planned at this time.