Program and Student Learning Outcomes - Econ 2302 - Principles of Microeconomics

 

Course Student Learning Outcomes (CSLOs) - Econ 2302 - Principles of Microeconomics

 

Upon completion of ECON 2302, 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.  Summarize the law of diminishing marginal utility; describe the process of utility maximization

4.  Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.

5.  Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production

6.  Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.

7.  Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis

8.  Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods

 

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