Upon completion of this program, the student will be able to:
PSLO 1: Describe and apply basic economic principles and concepts to economic 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 microeconomic and macroeconomic equilibrium using the tools of supply and demand and aggregate supply and aggregate demand analysis.
PSLO 2: Demonstrate the use of numerical methods to quantify common terms used in economics. This includes an ability to:
• Calculate GDP and economic growth rates.
• Calculate unemployment rates.
• Calculate inflation rates using a price index.
• Calculate profits, total cost, variable cost, and fixed cost.
PSLO 3: Demonstrate the ability to think critically and analyze solutions to major economic questions. This includes an ability to:
• Analyze the strengths and weaknesses of major macroeconomic policy tools including fiscal and monetary policy. Evaluation of Monetary and Fiscal Policy will focus on the impact on unemployment, GDP, and inflation.
• Comparing perfectly competitive markets and imperfectly competitive markets and their effect on profits, prices and quantities produced.
PSLO 4: Discuss the global nature of economic 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.