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:

1. Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
2. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
3. Define and measure Gross Domestic Product and national income and rates of unemployment and inflation
4. Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy
5. Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
6. 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.
7. Explain the mechanics and institutions of international trade and their impact on the macro economy.
8. 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: 

1. Core economics concepts
   1. Discuss the economic decision-making process using the concepts of scarcity and opportunity cost.
   2. Identify and discuss the key concepts underlying trade. 
   3. Explain the function of markets and prices as allocative mechanisms as well as their limitations (market failures).
2. Critical thinking
   1. Explain and apply the concept of marginal thinking
   2. Analyze economic data and real-world situations based on fundamental economic concepts.
   3. Apply economic reasoning and concepts to individual decisions, business environment(s) and policy issues.
3. Scientific method
   1. Discuss economic theory and empirical research and how they impact economic policies.
   2. Define and differentiate between positive and normative economics
   3. Define and discuss the fundamentals of scientific and empirical analysis in economics contexts
4. Additional Learning Outcomes 
   1. Communicate economic concepts in a clear and substantive manner orally and/or in written form
   2. Develop students’ quantitative skills and data literacy.
   3. Use of effective teamwork and collaboration skills
   4. Recognize ethical issues in economic decisions