Download Assessment of Expected Outcomes:

School of Economic Sciences
Column II: Measurement and Assessment Activity – Service Courses
Logistics:
(1) The School of Economic Sciences offers multiple sections of Fundamentals of
Microeconomics and Fundamentals of Macroeconomics every semester. Core topical coverage
will be standardized across sections. Instructors will choose teaching materials in a way that
facilitates coverage of the common core topics, matches their own approach to teaching, and
appreciates the use of particular student and teacher interests for motivation and explication.
(2) The School of Economic Sciences will develop common assignments pertaining to the topics
encompassed by the intended outcomes and these will be part of the evaluation of all students in
the multiple sections of this class. Grading standards in this class will be tied to achieving
learning goals in introductory economics principles classes, so that a “C” or better requires a
basic understanding of introductory core economic principles topics and an “A” indicates
mastery of all learning goals relating to core economics principles -- as demonstrated by student
performance on the common assignments.
Decision Rules:
Fundamentals of Microeconomics
(1) Students will learn the basic terminology of microeconomics. Common (multiple choice)
assignments will require that students define (implicitly or explicitly) the following fundamental
concepts: scarcity, choice, opportunity costs, supply, demand, market structure, equilibrium,
utility, costs and profit.
Marginal
Low
1
2
3
4
5
6
<30%
50%
60%
70%
80%
90%
40%
Basic
Mastery
High
100%
(2) Students will be able to apply the concepts of choice and opportunity cost to basic
situations involving scarcity and clearly identify feasible choices. Common (multiple choice)
assignments will ask students to apply the concepts of scarcity, choice and opportunity cost as
illustrated, for example, by the production possibility frontier (PPF).
Marginal
Low
1
Basic
2
Can identify feasible and
infeasible outcomes with a
PPF
3
4
5
Can use a PPF to illustrate
scarcity and the need for
choice.
6
Mastery
High
Can identify opportunity
costs with a PPF.
(3) Students will understand how markets operate and be able to identify welfare outcomes
for consumers and firms. Common (multiple choice) assignments will ask students to analyze
market, household and firm behavior.
Marginal
Low
1
Basic
2
Supply and Demand:
Can identify supply and
demand curves.
3
4
5
6
Mastery
High
Can identify equilibrium
conditions.
Can analyze effects of
supply and demand shifts
on equilibrium outcomes.
Can relate changes in
quantity demanded to price
changes.
Understands substitutes
and complements for price
changes, normal and
inferior goods for income
changes.
Profit maximization:
Can identify cost and
revenue functions.
Can identify the conditions
for profit maximization.
Can analyze how changes
in technology, input and
output prices affects profit
maximizing output.
Surplus values:
Can define consumer and
producer surplus.
Can identify consumer and
producer surpluses
Can analyze effects of
supply and demand shifts
on surplus values.
Utility maximization:
Understands that people
will generally pay less for
more but cannot apply or
analyze
4) Students will understand how different market structures, firm technologies and
economic and social policies affect market equilibrium and welfare outcomes. Common
(multiple choice) assignments will ask students to analyze market, household and firm behavior.
Marginal
Low
1
Basic
2
Can identify the primary
types of market structures.
3
4
Can identify how market
structure affects output and
price.
5
6
Mastery
High
Can identify how market
structure affects surplus
values.
Fundamentals of Macroeconomics
(1) Students will learn the basic terminology of macroeconomics. Common (multiple choice)
assignments will ask students to define the following fundamental concepts: scarcity, choice,
opportunity costs, comparative advantage, GDP, GNP, national income, business cycles, money
supply, monetary policy, fiscal policy, inflation, unemployment, trade deficits and exchange
rates.
Marginal
Low
1
2
3
4
5
6
<30%
50%
60%
70%
80%
90%
40%
Basic
Mastery
High
100%
(2) Students will be able to apply the concepts of choice and opportunity cost to basic
situations involving scarcity and clearly identify feasible choices. Common (multiple choice)
assignments will ask students to apply the concepts of scarcity, choice and opportunity cost as
illustrated by the production possibility frontier (PPF).
Marginal
Low
1
Basic
2
Can identify feasible and
infeasible outcomes with a
PPF
3
4
5
Can use a PPF to illustrate
scarcity and the need for
choice.
6
Mastery
High
Can identify opportunity
costs with a PPF.
(3) Students will understand the circular flow of the economy. Common (multiple choice)
assignments will ask students to apply the circular flow model of the economy.
Marginal
Low
1
Basic
2
Can identify the different
sectors in the model.
3
4
Understands and can
identify injections and
leakages.
5
6
Mastery
High
Understands national
income accounting and the
concept of added value.
(4) Students will understand how the level of economic activity in an economy is
determined. Common (multiple choice) assignments will ask students about the basic models of
national income determination, including models that include an international sector, understand
the concept of equilibrium in the context of these models, and be able to apply the models to
analyze the effects of monetary, fiscal and exchange rate policies on national income
determination and the sectors that make up the economy.
Marginal
Low
1
Basic
2
Can identify Aggregate
Expenditure, and
Aggregate Supply and
Aggregate Demand
models.
3
4
5
Can define equilibrium in
the model, including the
difference between long
run and short run
equilibrium.
6
Mastery
High
Understands the effect of
monetary, fiscal and
exchange rate policies on
short run and long run
equilibrium.
(5) Students will understand the gains from international trade. Common (multiple choice)
assignments will ask students about comparative advantage and the gains from trade.
Marginal
Low
1
Basic
2
Can define absolute and
opportunity costs, and
understands how they
differ.
3
4
Understands the difference
between absolute and
comparative advantage.
5
6
Mastery
High
Can identify the gains from
trade, including relevant
and possible rates of
exchange.