Economic Course Outcomes

Learning Outcomes for EC 101 Contemporary Economic Issues

1. Apply basic economic cost-benefit analysis to contemporary social, political and economic issues.  Understand the uses and limits of cost-benefit analysis. 
2. Use basic economic vocabulary to read and understand newspaper and magazine articles about political and economic topics.
3. Apply economic knowledge to social problems of personal interest.
4. Build on the economic knowledge and experiences gained in this course to continue life-long learning about our diverse social world.
5. Understand the roles of the diverse array of people and institutions that make up the American capitalist system.
6. Appreciate the historical origins of contemporary economic institutions.
7. Apply economic reasoning to the civic and social obligations of citizenship in a democracy.

EC 201 Microeconomics Course Outcomes

1. Understand the difference between microeconomics and macroeconomics.
2. Appreciate the role of economic systems in directing economic behavior.
3. Understand the mechanics of supply and demand in allocating goods, services and resources.
4. Evaluate how changes in supply and demand affect markets.
5. Distinguish between effective and ineffective government interventions into the American market system.
6. Identify the relationships between production, costs and cost curves.
7. Describe the short and long run equilibriums in perfect competition.
8. Evaluate the efficiency and equity of competitive and uncompetitive markets.
9. Compare and contrast the social consequences of perfect competition and imperfect competition (monopoly, oligopoly and monopolistic competition).
10. Identify the key characteristics and consequences of monopoly, monopolistic competition and oligopoly
11. Describe the role of government in protecting the environment, promoting competitive markets, diminishing poverty and providing public goods.
12. Explain the general roles of the free market and government in the American mixed economy.

Learning Outcomes for EC 202 Macroeconomics

1. Understand the difference between microeconomics and macroeconomics.
2. Explain how scarcity causes individuals and groups to evaluate opportunity costs.
3. Understand the uses and limits of Gross Domestic Product (GDP) and real GDP.
4. Discuss the three basic macroeconomic problems: recession, unemployment and inflation.
5. Recognize the importance of national economic growth.
6. Discuss the problems facing underdeveloped nations along with possible strategies to overcome these problems.
7. Use the aggregate-demand and aggregate-supply model to analyze national economic conditions and macroeconomic policy options.
8. Explain the uses and limits of fiscal policy.
9. Define the basic structure and functions of the Federal Reserve System.
10. Explain the uses and limits of monetary policy.
11. Appreciate the historical evolution of current Macroeconomic thinking.
12. Demonstrate how beneficial international trade is based on comparative advantage.
13. Recognize the costs and benefits of international free trade.