Program and Student Learning Outcomes - Econ 2301 - Principles of Macroeconomics
Course Student Learning Outcomes (CSLOs) - Econ 2301 - Principles of Macroeconomics
Upon completion of ECON 2301, the student will be able to:
- Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
- Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
- Define and measure Gross Domestic Product and national income and rates of unemployment and inflation
- Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy
- Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
- Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
- Explain the mechanics and institutions of international trade and their impact on the macro economy.
- Define economic growth and identify sources of economic growth.
Program Student Learning Outcomes (PSLOs)
After completing a course of study in Economics, students should have acquired a level of proficiency in the following areas:
- Core economics concepts
- Discuss the economic decision-making process using the concepts of scarcity and opportunity cost.
- Identify and discuss the key concepts underlying trade.
- Explain the function of markets and prices as allocative mechanisms as well as their limitations (market failures).
- Critical thinking
- Explain and apply the concept of marginal thinking
- Analyze economic data and real-world situations based on fundamental economic concepts.
- Apply economic reasoning and concepts to individual decisions, business environment(s) and policy issues.
- Scientific method
- Discuss economic theory and empirical research and how they impact economic policies.
- Define and differentiate between positive and normative economics
- Define and discuss the fundamentals of scientific and empirical analysis in economics contexts
- Additional Learning Outcomes
- Communicate economic concepts in a clear and substantive manner orally and/or in written form
- Develop students’ quantitative skills and data literacy.
- Use of effective teamwork and collaboration skills
- Recognize ethical issues in economic decisions