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Examine the behaviors characteristic to participants of a market economy
Assessment Strategies
participate in class discussions
complete homework assignments and quizzes
Criteria
investigate the concept of "opportunity costs"
identify the supplier and demander in a market
estimate the equilibrium price in a competitive market accurately
sketch a production possibilities curve identifying points on the graph representing inefficient, maximum and infeasible production levels
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Distinguish between the conditions of perfect competition and market failure
Assessment Strategies
complete current events projects
complete homework assignments and quizzes
Criteria
identify the example of "market failure"
explain the implications for interference with optimum resources allocation
identify examples of monopolies resulting in market failure
identify examples of imperfect information or irrational behavior leading to market failure
identify examples of economic externalities leading to market failure
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Identify examples of environmental externalities.
Assessment Strategies
attend class and participate in discussions
complete reading assignments and written homework assignments
complete written responses on exams
Criteria
identify the elements of a healthy ecosystem
identify elements of environmental degradation
identify cause-effect relationships between economic activity and environmental impact
recognize instances where the cost of some environmental impact is not included in the economic transaction surrounding that economic activity
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Compare the costs and benefits of various economic projects using a variety of quantitative methodologies.
Assessment Strategies
complete homework assignments
accurately complete calculations on quantitative problems
Criteria
identify the full range of costs and benefits in a project
utilize a discount rate to adjust costs and benefits over time
calculate a net present value of costs and benefits
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Integrate environmental impacts in the quantitative analysis of economic projects.
Assessment Strategies
complete quantitative homework assignments
complete quantitative exam problems
Criteria
demonstrate a variety of quantitative techniques to quantify environmental impacts
adjust supply and demand functions to internalize quantitative changes in social surplus
review a variety of methodologies for internalizing externality costs
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Compare and contrast positive and normative criteria for economic policy.
Assessment Strategies
participate in class activities
complete written assignments
Criteria
identify examples of positive economic analysis
identify examples of normative economic analysis
compare and contrast normative and positive analysis identifying the appropriate use of these analyses in economics
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Debate the theory that the optimal allocation of societies' factors of production is the result of rational self- interest in a competitive market
Assessment Strategies
participate in class discussions
complete written assignments
Criteria
examine competing political views
defend an assigned intellectual position
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Develop a personal position towards the integration of environmental impacts in economic analysis
Assessment Strategies
submitting a written paper assignment or presentation
provide feedback on other students’ presentations
Criteria
differentiate between objective and subjective analysis
defend a personal conclusion with both economic and ethical arguments