Economics Major: Intended Student Outcomes
The curriculum of the economics major is designed to enable you learn to make balanced judgments in analyzing and interpreting current economic problems by studying the development of economic movements and theories. The principles underlying contemporary economic organizations, the problems of labor, and the problems of the consumer are considered in the curriculum.
The successful economics major shall be expected to:
- Understand the basic provisions associated with relationships involving both supply and demand
- Recognize how business decisions are determined based upon consumer behavioral implications associated with elasticity (reactions) and utility (satisfaction)
- Identify how profit-maximizing decisions are made based upon cost and revenue conditions
- Contemplate the impacts of dynamic market forces associated with the assorted forms of competitive models (perfect and imperfect competition)
- Use empirical models to determine: pricing structures, consumer satisfaction, and possible reactions to changes in the market
- Identify the basics of economic systems based upon models associated with capitalism, socialism, and command based economies.
IACBE Outcomes Assessment Annual Reports