Economics

Upon completion of this course, the student will be able to:

• SLO 1: Understand basic terminology used in Economics. This includes:
• identifying common terms and definitions used in economics. Examples include: Ceteris Paribus, Opportunity Cost, Scarcity, Recession, Law of Supply, Law of Demand, Marginal Cost, GDP, Inflation, and the Federal Reserve.
• SLO 2: Understand basic Economic Models and how they are used to analyze the allocation of scarce resources. This includes:
• investigating the allocation of scarce resources using several Economic models. Examples include the Production Possibilities Curve, the market mechanism using Supply and Demand, Aggregate Demand and Aggregate Supply, Perfectly Competitive Markets and Imperfect Competition.
• SLO 3: Demonstrate a basic understanding of a global economy. This includes:
• defining common terms and models used in economics to discuss a global economy. Examples: Net Exports, Specialization, NAFTA, International Trade, Exchange Rates, Comparative Advantage, Absolute Advantage, Tariffs, and Quotas.

Upon completion of this course, the student will be able to:

• SLO 1: Demonstrate an understanding of basic terminology used in Economics.
• identifying common terms and definitions used in economics (Ceteris Paribus, Opportunity Cost, Scarcity, Recession, Law of Supply, Law of Demand, Marginal Cost, GDP, Inflation, and the Federal Reserve...).
• SLO 2: Identify basic Economic Models and how they are used to analyze the allocation of scarce resources.
• investigating the allocation of scarce resources using several Economic models. Examples include the Production Possibilities Curve, the Market Mechanism using Supply and Demand, Aggregate Demand and Aggregate Supply, Perfectly Competitive Markets and Imperfect Competition.
• SLO 3: Demonstrate a basic understanding of a global economy.
• defining common terms and models used in economics to discuss a global economy. Examples: Net Exports, Specialization, NAFTA, International Trade, Exchange Rates, Comparative Advantage, Absolute Advantage, Tariffs, and Quotas.

Upon completion of this course, the student will be able to:

• SLO 1: Describe and apply basic economic principles and concepts to macroeconomic issues. This includes the ability to:
• Analyze graphical and numerical representations of resource allocation in the presence of scarcity.
• Analyze graphical and numerical representations of a macroeconomic equilibrium using the tools of aggregate supply and aggregate demand analysis.
• SLO 2: Demonstrate the use of numerical methods to quantify common terms used in macroeconomics. This includes an ability to:
• Calculate GDP and economic growth rates.
• Calculate unemployment rates.
• Calculate inflation rates using a price index.
• SLO 3: Demonstrate the ability to think critically and analyze solutions to major macroeconomic problems including Economic (Growth) Decline, Unemployment and Inflation. This includes an ability to:
• Analyze the strengths and weaknesses of major macroeconomic policy tools.
• SLO 4: Discuss the global nature of macroeconomic issues. This includes an ability to:
• Describe the common features of international trade as it is related to GDP.
• Analyze different international trade theories and their implications for specialization.

Upon completion of this course, the student will be able to:

• SLO 1: Describe and apply basic economic principles and concepts to microeconomic issues. This includes the ability to:
• Analyze graphical and numerical representations of a microeconomic equilibrium using the tools of supply and demand analysis.
• Analyze the effect on quantity demanded and quantity supplied when prices are above or below the equilibrium price.
• SLO 2: Demonstrate the ability to think critically and analyze the allocation of scare resources using different market structures. This includes an ability to:
• Illustrate how prices and production levels (output) are determined in different markets including monopoly and perfectly competitive markets.
• Illustrate how prices, consumption and production levels (output) are affected by externalities.
• SLO 3: Demonstrate comprehension in analyzing consumer behavior. This includes an ability to:
• Analyze the effects of a price or income change on consumer demand and quantity demanded using graphical representations and measures of elasticity.
• SLO 4: Evaluate the behavior of a firm. This includes an ability to:
• Calculate various measures of cost including fixed cost, variable cost, total cost, average cost and marginal cost.
• Graph various measures of cost including fixed cocst, variable cost, total cost, average cost and marginal cost.
• Compare and contrast the level of profit for a firm in the short run and in the long run.

Upon completion of this course, the student will be able to:

• Describe and apply basic economic principles and concepts to environmental issues (SLO-1).This includes the ability to:
• Analyze graphical and numerical representations of a market equilibrium using the tools of supply and demand analysis.
• Analyze resource allocation in the context of environmental externalities compared to a market solution (SLO-2). This includes the ability to:
• Compare the quantity produced and the market price that prevails when externalities are included in the analysis with that of those that are observed in standard supply and demand analysis.
• Analyze resource allocation in an intertemporal context (SLO-3). This includes the ability to:
• Describe how resource allocation is affected by time.
• Describe how the discount rate effects resource allocation between two time periods in a two period model with finite resources.
• Evaluate alternative policy instruments used to correct for market failure (SLO-4). This includes the ability to:
• Analyze the use of taxes, marketable permits, technological standards and pollution limits, including uniform and non-uniform standards on the incentives of a firm.
• Analyze the effects of taxes, marketable permits, technological standards and pollution limits, including uniform and non-uniform standards on the quantity produced.
• Discuss the global nature of environmental issues (SLO-5). This includes an ability to:
• Describe the nature of divergent pollution issues in terms of their effects at local, state, regional and global levels.

Upon completion of this course, the student will be able to:

• SLO1: Define common statistical terms.
• SLO2: Organize and display data. This includes the ability to:
• Identify methods used to collect and generate data and identify advantages and disadvantages of each. Construct tables, frequency distributions, pie charts, and plot histogram, stem and leaf plots, boxplots, and scatterplots. Identifying different scales of measurement including Nominal, Ordinal, Interval, and Ratio.
• SLO3: Calculate and analyze descriptive statistics. This includes the ability to:
• Identify and calculate means, standard deviation, percent, probabilities, and values using tables, formulas, and technologies for discrete and continuous random variables including binomial and normal distributions. Calculate point estimates for the mean, standard deviation and proportion for finite and infinite sampling distributions.
• SLO4: Conduct and interpret hypotheses tests. This includes the ability to conduct:
• Tests for a one population proportion, tests for a one population mean, tests for a one population variance/standard deviation, tests for two population means, tests for two population proportions, and tests for regression. Distinguish differences between type I and type II errors. Construct and interpret confidence intervals. Determine and interpret levels of statistical significance including p-values. Interpret statistics used in linear regression and ANOVA analysis for estimation and inference.
• SLO5: Identifying Basic Relationships of Probability. This includes the ability to:
• Identify counting rules. Distinguish between complements, unions, intersections, mutually exclusive events and Bayes Theorem. Identify discrete, continuous and binomial probability distributions.
• SLO6: Use appropriate statistical techniques to analyze and interpret applications based on data from disciplines including business, social sciences, psychology, life science, health science, and education.

Upon completion of this course, the student will be able to:

• SLO #1: DEMONSTRATE COMPREHENSION IN ECONOMIC PRINCIPLES AND PLANNING, AS INDICATED BY COURSE OUTCOMES OF THE SUBJECT AREA.
• Apply economic principles and concepts of individual economic planning.
• SLO #2: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS.
• Analyze the changing economic environment.
• Analyze the conceptual basis of various economic tools available to the individual as well as the terminology used in their development and implementation.
• Evaluate economic needs and goals and design financial models to achieve them.

Upon completion of this course, the student will be able to:

• SLO #1: Actively engage in intellectual inquiry beyond that required in order to pass a course of study (College Wide Learning Outcome – Area 4).
• Discuss and outline a proposal of study (that can be accomplished within one semester term) with a supervising instructor qualified within the discipline.
• Design an independent study (to be completed individually or by collaboration of a small group) to foster special knowledge, skills, and experience that are not available in any one regularly scheduled course.
• Use information resources to gather discipline-specific information.
• SLO #2: Utilize modes of analysis and critical thinking to apply theoretical perspectives and/or concepts in the major discipline of study to significant problems and/or educational activities (College Wide Learning Outcome – Area 3).
• Analyze and apply the knowledge, skills and experience that are involved in the independent study to theoretical perspectives and/or concepts in the major discipline of study.
• Explain the importance of the major discipline of study in the broader picture of society.
• SLO #3: Communicate a complex understanding of content matter of the major discipline of study (College Wide Outcome – Area 3).
• Demonstrate competence in the skills essential to mastery of the major discipline of study that are necessary to accomplish the independent study.
• SLO #4: Identify personal goals and pursue these goals effectively (College Wide Outcome – Area 4).
• Utilize skills from the “academic tool kit” including time management, study skills, etc., to accomplish the independent study within one semester term.