Economics Learning Outcomes
LO 1: Students have been introduced to basic micro and macro concepts. They should be able to identify and apply fundamental theories, quantitative concepts, distinguish consumer choices from producer choices, differentiate across market structures, describe the key macroeconomic institutions and their functions, use and identify the shortfalls of fundamental economic performance measures for example. Students should be able to identify these concepts, theories and ideas in articles in the news media. Relevant courses: EC101 Principles of Macroeconomics and EC103 Principles of Microeconomics.
LO 2: Students have been introduced to statistical and mathematical tools. They should be able to understand algebra, elementary statistical theory, pre-calculus, and differential calculus. Students should be able to apply these quantitative tools to answer theoretical and empirical questions encountered in Macroeconomic Theory, Microeconomic Theory, and economic sub-fields. Relevant courses: EC205 Statistics for Economists, and MA130/150.
LO 3A: Students develop their understanding of macroeconomic concepts to follow higher level standard macroeconomic models to analytically and conceptually analyze questions and make predictions about the responses of the macro-economy to external shocks, fiscal and monetary policies. They should be able to identify assumptions that underlie different macroeconomic models, and how these differences can produce diverging analytical predictions. Students develop their grasp of microeconomic concepts to follow higher level microeconomic models represented graphically, mathematically and verbally. They should be able to demonstrate the basic process of optimization using calculus in consumer and producer theories. Relevant courses: EC311 Macroeconomic Theory and EC312 Microeconomic Theory
LO 3B: In an applied setting, students should be able to draw upon and integrate knowledge from their prior coursework to analyze economic behavior using the relevant model, and then determine whether that prediction is supported or refuted by simple descriptive statistics from the real world. Students should be able to use graphs or tables of quantitative information to answer simple questions about possible causes or effects of economic phenomena. Relevant courses: Economics electives (EC2XX, EC3XX)
LO 4: By the time of graduation, students use their mastery of economic theory, analysis, and practice to explore research topics, identify research questions within those topics, identify the most appropriate economics approach and concomitant methodology in order to conduct independent research. Students should be able to conduct their research using procedures which are not limited to quantitative methodologies but can range from simple descriptive statistics, computational analysis, hypothesis testing, regression techniques, surveys, cases and policy analysis, theoretical frameworks to answer their research questions. They must be able to present their results, both written and oral, in a timely, evidence based, clear and well organized format. Relevant Courses: EC410 Economics Senior Seminar (two-semester sequence).