2 | P a g e STUDENT LEARNING OUTCOMES INSTITUTIONAL OUTCOMES I. Students will use reasoning skills to analyze and solve problems. II. Students will demonstrate knowledge of diverse cultures and value systems. PROGRAM OUTCOMES I. Students will use reasoning skills to analyze and solve problems. II. Students will demonstrate knowledge of diverse cultures and value systems. COURSE OUTCOMES 1. Apply basic economic principles to job-related situations and/or future academic pursuits. 2. Effectively analyze the truthfulness and accuracy of widely-dispersed economic statements. 3. Knowledge of and respect for diverse economic realities across cultures. ASSESSMENT TASKS (FOR COURSE OUTCOMES) • Participate in in-class activities demonstrating knowledge of markets, costs, and other key topics. • Exams: Complete examinations demonstrating mastery of both concepts and process skills. • Textbook: Complete textbook readings, questions, and problems (both individually and collaboratively) demonstrating mastery of both concepts and process skills. PROCESS SKILLS • Evaluate the decision-making process using marginal benefit and marginal cost • Construct a budget line and a production possibilities curve. • Differentiate between command systems and market systems. • Construct market equilibrium diagrams using supply and demand. • Calculate price elasticity of demand. • Determine utility-maximizing combinations of goods. • Calculate accounting and economic profit. • Calculate short-run production data. • List characteristics of four main market structures. • Determine profit-maximization, loss-minimization and shut-down cases for all market structures. • List common barriers to entry.

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