PART A: PROGRAM SUMMARY, 2005-06 UPDATE DATA SHEET … · 1. Internal factors: STRENGTHS: Our internal strength comes primarily from a faculty dedicated to providing students with

FOOTHILL COLLEGE PROGRAM PLANNING PART A: PROGRAM SUMMARY, 2005-06 UPDATE

ECONOMICS I. DATA SHEET EVALUATION: Review the Program Review Data Sheet provided for this program:

1. Are there any major changes in this program that would require major adjustments to the enrollment and WSCH projections? If yes, then write comments or corrections on this sheet and submit response to the Office of Instruction and Research.

ECON 12 has been offered sporadically and will be inactivated as of Fall 2006. This may have a marginal negative impact on WSCH.

2. Please review the full-time and part-time FTEF. If this data is incorrect please work with the dean

and submit what is believed to be the actual assignments in the program.

3. Please reflect on the data provided:

a. Student Success Evaluation: Briefly discuss how the program is performing relative to program and college projections for student success. Comment on specific student success programs or services provided by the college that are perceived as particularly valuable to the program’s students. Identify unmet needs related to student success. (References: Educational Master Plan; Curriculum Sheet; Department and All-College Program Review Data Sheets (Success); 2002-03 Program Planning Summary; Other)

Economics success rates have ranged between 68 – 75% over the last 3 years. This is roughly 10-15% lower than the overall Foothill student success rate. The material typically covered in Economics is quite difficult due to its quantitative nature. It combines disciplines ranging from Mathematics and Statistics to History, Psychology, and Sociology. Due to these inherent complexities it is not surprising that the success rates are relatively low. The tutorial center is seen as an effective program to assist under-performing students. We encourage the tutorial center to continue to have Econ and Math tutors.

b. Student Equity/Diversity Analysis: Student equity may already be defined as a factor in the

above assessments. Use this section to offer additional observations and to specify other needs related to bringing your program into alignment with college and program goals for student equity. (References: Educational Master Plan; Division and All-College Program Review Data Sheets (Success by Ethnicity, Gender, Age); Other)

We find that minority students (particularly Black and Hispanic) are under-represented relative to their overall population (and also tend to have lower success rates). We suspect that many of these students do not have sufficient computational skills to achieve success. The faculty strongly encourages all students to come by office hours and seek outside help. As of Fall 2005 a Math advisory was implemented. This may not increase minority representation but should improve success rates.

c. Productivity: The district operational budget is built around a target WSCH/FTE number in order

to reach enrollment goals within our financial means. That number has ranged from 535 to 565. Discuss how the program is performing relative to the goal and if measures are needed that could improve productivity such as restructuring the lecture hours to include lab time, embedded hours, additional time-on-task work as in the 300 level zero unit credit courses, or other related ideas. (References: Division and All-College Program Review Data Sheets; Other)

Productivity levels have ranged between 729 and 798 over the last 3 years. This greatly exceeds the school average productivity numbers (as well as goals). A one-hour “lab” has recently been included which either has or will be contributing to a one-time jump in WSCH and productivity. The BSS Dean has changed the online enrollment policy from allowing unlimited enrollment in a single course to opening up new sections once enrollment rises above the 50 seat count. This presumably has lowered productivity numbers in all BSS online courses.

II. ACTION PLANS AND PROPOSED PROGRAMMATIC CHANGES: Review the Education Master Plan (EMP)

Quality Indicators & Goals, Program Curriculum Sheet, and Department Program Review Data. Using measurable terms, describe the program's goals related to these documents. (Examples: "The number of students issued a Career Certificate will increase by five over last year's figure." "The program will initiate an advisory board." "Faculty will examine learning goals for their programs and courses.” Etc.)

1. Program Goals Related to Educational Master Plan:

The faculty encourages students to take advantage of the Honor’s program in order to maximize their chance of transfer. We believe many students have followed this lead and have done very well. The faculty would love to increase success and retention rates but are unwilling to lower standards in order to achieve that goal.

2. Other Program Improvement Plans:

We are now offering 2 honors seminars as opposed to 1 (as in prior years). We plan to continue to offer these extra seminars – and potentially more in the future. We have an ongoing Economics club dedicated to allowing proactive students additional opportunities. We created a microcredit club in the fall of 2005 in which students learn about and fundraise for microcredit institutions. III. REFLECTIVE ASSESSMENT OF INTERNAL AND EXTERNAL FACTORS AND PROGRAM/STUDENT SUCCESS:

Perform a SWOT analysis of the program, indicating STRENGTHS, WEAKNESSES, OPPORTUNITIES, and THREATS in relation to program goals AS IDENTIFIED IN SECTION B ABOVE, and available resources. Include an evaluation of the curriculum relative to student needs. Analyze the external factors affecting program goals and performance, for example, changes in demographic, educational, social, economic, workforce, or global trends; evolving technology; demand (based on enrollment trends or other factors); linkage with other related campus programs, services, or committees; local availability of similar programs; availability of auxiliary funding. Include supplemental survey results and other data whenever available. (References: Educational Master Plan; Curriculum Sheet; Department and All-College Program Review Data Sheets (Retention, Success); 2002-03 Program Planning Summary; Other)

1. Internal factors:

STRENGTHS: Our internal strength comes primarily from a faculty dedicated to providing students with a strong grounding in economic principles. We also benefit from the inter-disciplinary nature of the material – as it is extremely helpful to students of many disciplines. The faculty has earned a reputation among students for being fair, enthusiastic and open. This has induced many students who might not otherwise have taken an economics class to test the waters. The faculty works well together – for example, the full-timers have adopted the same text and occasionally share lesson plans and topics. The department has adopted Aplia (an online learning tool) in all 1A and 1B classes. This is particularly helpful in the online classes. WEAKNESSES: The classrooms that the full-time teachers use are still not multi-media classrooms. This prevents us from creating more “dynamic” lectures. OPPORTUNITIES AND THREATS: Passage of the June 2006 bond would potentially allow funding for multi-

media classrooms. There is a movement to create “lifelong learner” courses and we believe Economics courses could potentially be quite popular among this clientele.

2. External factors:

The economy has rebounded from the 2001 recession – which means some students have left to return to work but also means a greater demand for economic literacy in the workplace. Overall there should be continued demand for our courses in the future. The fall in foreign student visas has hit our courses more than others due to the high Asian representation in our courses (and in the student body). This will continue to have an impact (either way) in the future. IV. SUMMARY OF RESOURCES NEEDED TO IMPLEMENT PROGRAM PLAN AND SWOT ANALYSIS: Summarize

resources needed to reach program goals and describe the expected outcomes for program improvement. Specifically, describe the potential outcomes of receiving these resources and the situation if the resource requests are not granted?

We feel that multi-media classes would be advantageous to the department. We have not previously explicitly asked for this due to our lack of seniority and to assist our colleagues that seemed more intent on obtaining this technology. Date of evaluation: 3/30/06 List names of participants assisting in this program review.

Primary program contact person: Brian Evans Phone or email address: [email protected] Full-time faculty: Jay Patyk, Brian Evans Part-time faculty: none Administrators: none Classified staff: none Students: none

FOOTHILL COLLEGE PROGRAM PLANNING PART B: PROGRAM STUDENT LEARNING OUTCOMES PORTFOLIO WORKSHEET, 2005-06 NEW

ECONOMICS

This element of the program review consists of the assessment and documentation of a program's commitment to student learning. As a critical part of student learning portfolios, this section provides comprehensive information on core learning measures for students who complete the degree requirements in a program. Answer these general questions regarding students majoring in the program: I. LEARNING OUTCOMES: What are the learning outcomes related to the mission of the degree program? II. BEHAVIORS: What ideal behaviors would a graduate demonstrate related to the goals of the degree

program? Where in the degree program do students acquire these desired traits? How is the student achievement of these goals measured?

III. GOALS: Identify the core competency goals and skills that are most appropriate for program majors. Where in the program are students presented with the core competencies appropriate to the related field? What is the assessment of student achievement in these core competencies? What evidence do students produce that demonstrate student learning (writing sample, research paper, drawings, etc.)?

DEGREE OR CERTIFICATE OPTIONS AVAILABLE: A.A.

PROGRAM MISSION AND OUTCOMES: Briefly state the program mission or describe its overarching goals and expected student outcomes. Using measurable terms (e.g., Bloom's Taxonomy active verbs), describe the knowledge, skills, and abilities an ideal program graduate will be able to demonstrate. To provide students with economic tools (detailed below) that can improve the quality of decision-making. To prepare graduates either for immediate employment or for transfer into an economics program at a 4-year institution.

DIRECT OUTCOMES: Program-Specific Learning Outcomes and Attributes Desired of Program Graduates

PROGRAM CONTENT PROFICIENCIES, COMPETENCIES, OR OUTCOMES

BEHAVIORS: What should a student be able to do upon graduation?

REQUIRED PROGRAM COURSES related to this outcome: Where do students acquire experience?

OUTCOME MEASURES: Evidence or Sample Demonstrating Deep Learning: Where are the results or documentation of what a student has achieved?

Apply economic concepts o f opportunity cost and marginal analysis

Make more in formed decisions on a variety o f problems that we all face, such as: the cost o f credit card debt, the return to investment in education, career choices…

ECON 1A ECON 1B

Tests and computer lab assignments designed to force students to exhibit this skill. Students must earn a “C” or better.

Apply supply and demand analysis to markets. Understand instances o f market failure.

Understand the impact o f market forces and government intervention on prices. Interpret events diagrammatically in the supply and demand framework.

ECON 1A ECON 1B

Tests and computer lab assignments designed to force students to exhibit this skill. Students must earn a “C” or better.

Assess the existence o f externalities and public goods. Compare and contrast the ef ficiency o f di f ferent market structures: monopoly, oligopoly, monopolistic competition, perfect competition. Critique government intervention designed to correct market failures.

Understand and critique newspaper articles covering economic events

ECON 1B Tests and computer lab assignments designed to force students to exhibit this skill. Students must earn a “C” or better. Students read / discuss / critique articles focusing on current economic events.

Define in flation, GDP, economic growth, the natural rate o f unemployment and outline their interdependencies. Demonstrate the e f fectiveness o f fiscal and monetary policy on economies in a business cycle. Critique government intervention designed to stabilize the economy.

Understand and critique newspaper articles discussing economic events.

ECON 1A Tests and computer lab assignments designed to force students to exhibit this skill. Students must earn a “C” or better. Students read / discuss / critique articles focusing on current economic events.

Demonstrate an understanding of balance of payment accounting (current account, capital account); comparative advantage; tools o f protectionism (tari f fs, quotas).

Understand and critique newspaper articles discussing economic events.

ECON 25 (to a lesser extent ECON 1A and ECON 1B)

Tests designed to force students to exhibit this skill. Students must earn a “C” or better. Students read / discuss / critique articles focusing on current economic events.

Critically assess the interdependency o f political power and economic conditions.

Critically assess the varying opinions concerning current issues of political economy.

ECON 9 (to a lesser extent ECON 1A and ECON 1B)

Tests designed to force students to exhibit this skill. Students must earn a “C” or better.

CORE COMPETENCIES CORE COMPETENCIES: Outcomes and Attributes Distinct to This Program

Communication

Read, interpret and discuss articles focusing on economic issues

ECON 1A, ECON 1B, ECON 9, ECON 25

Small group discussions are used to give students practice and confidence in expressing their opinions.

Computation

Work with graphs: Shi ft curves and find equilibriums. Perform basic algebra to solve equations. Calculate slopes.

ECON 1A, ECON 1B

Tests require that students can solve computational problems as well as understand and interpret a variety o f graphs.

Creative, Critical & Analytical Thinking

Interpret graphs that illustrate economic concepts. Be able to answer word problems that incorporate economic analysis.


Tests and worksheets are partially designed to confront students with “new” problems that require them to apply the concepts discussed in class.

Community/ Global Consciousness & Responsibility

Become more in formed about current economic issues and events.


Group and class discussion are used to foster tolerance and understanding o f all cultures.

FOOTHILL COLLEGE PROGRAM PLANNING PART C: COURSE STUDENT LEARNING OUTCOMES PORTFOLIO WORKSHEET, 2005-06 NEW

ECONOMICS

This new element of program review consists of the assessment and documentation of student learning at the course level and follows the format of the approved outline of record for a course. As a critical part of student learning, this section provides comprehensive information on core expected outcomes (EOs) linked to course activities and assignments (Method and Content) and assessment (Method of Evaluation). Information provided on this form complies with Title 5 requirements for three-year course review and will be used to ensure course articulation via OSCAR. Details provided in this worksheet will not be given to others without program approval.

ECON 1A I. EXPECTED OUTCOMES (EO): What are the deep student learning outcomes related to the mission or

overarching goals of this course? Review the existing course outline of record (COR) and modify as needed below. (References: Course Outline of Record; Course Catalog; Lecture & Lab materials; Other)

A: The student will be able to explain and apply fundamental economic concepts.

B: The student will be able to interpret events using the supply and demand model.

C: The student will be able to define and understand GDP, economic growth, unemployment, and inflation.

D: The student will be able to construct and apply the Aggregate Supply/Aggregate Demand Model and/or the Aggregate Production/Aggregate Expenditures Model. E: The student will analyze government revenues vs. expenditures and critique the use of fiscal policy.

F: The student will comprehend the role of money and critique the use of monetary policy.

ENTER AS MANY AS NEEDED II. COURSE LECTURE & LAB CONTENT: Related to the EXPECTED OUTCOMES of this course, where in the

course modules, units, or activities are students exposed to these desired traits? Use the alphanumeric designators on the Course Outlines of Record to fill in lecture content (References: Course Outline of Record; Course Catalog; Text book index, Lecture & Lab materials; Other)

List Expected Outcomes from Section I on this Sheet.

Lecture Content: Using the alphanumeric designators from the Expanded Course Content Section of the most recent COR or newly modified COR, list lecture content directly related to the EO


1. Define economics. 2. Use marginal benefits - marginal costs analysis to determine optimal

decisions. 3. Construct and use a Production Possibility Curve

a. Illustrate the impact of a change in economic resources. b. Calculate opportunity cost. c. Illustrate gains from trade based on comparative advantage.

4. Delineate the major distinctions between Command and Market Economies.

5. Define the fundamental purpose of the World Bank, the World Trade Organization, and the International Monetary Fund.


1. Understand the law of demand (supply). 2. Distinguish between a change in demand (supply) and a change in

quantity demanded (supplied). 3. Interpret and incorporate external events (shocks) into the supply and

demand framework. 4. Critique the economic efficiency of price ceilings and price floors using

the Supply and Demand Model.


1. Define Gross Domestic Product using both the expenditure and income approaches. a. Calculate per capita GDP. b. Calculate real vs. nominal GDP c. Calculate value-added d. Critique the measurement of GDP e. Explain why GNP was replaced by GDP as the primary statistic to

measure economic growth. 2. Understand the concept of Economic Growth.

a. Explain the sources of economic growth. b. Calculate GDP growth rates. c. Critique the costs and benefits of economic growth. d. Explain in detail how an economy grows. e. Illustrate economic growth using the classical growth model.

3. List the phases of Business Cycles along with the expected macroeconomic pressures coinciding with each phase.

4. Calculate Unemployment rates. a. Differentiate different types of unemployment (Cyclical, Structural,

Frictional, Seasonal). b. Critically assess the calculation methodology (discouraged / part-

time workers). c. Understand the notion of a “natural” rate of unemployment.

5. Define Inflation. a. Calculate a price index. b. Explain the difference between different inflation measures: CPI,

PPI, GDP Deflator, Personal Consumption Expenditure Index. c. Calculate the rate of inflation. d. Critique the measurement of inflation. e. Explain the costs of inflation and critically assess the importance of

controlling it in the aggregate economy.

D: The student will be able to construct and apply the Aggregate Supply/Aggregate Demand Model and/or the Aggregate Production/Aggregate Expenditures Model.

1. Define and explain Short Run Aggregate Supply, Aggregate Demand, and Long Run Aggregate Supply. a. Derive and diagram the Aggregate Demand Curve.

i. Explain its shape. ii. Differentiate between movements along the curve and shifts.

b. Derive and diagram the Short Run Aggregate Supply Curve. i. Explain its shape. ii. Differentiate between movements along the curve and shifts.

c. Derive and diagram the Long Run Aggregate Supply Curve. i. Explain its shape ii. Differentiate between movements along the curve and shifts.

2. Diagram the AS/AD Model using all three components. a. Illustrate equilibrium, recessionary gaps and inflationary gaps. b. Interpret and incorporate external shocks into the model. c. Illustrate and explain the long-run adjustment to potential output.

3. Define and explain the models of the Aggregate Expenditure model. a. Derive and diagram the Aggregate Production Curve. b. Derive and diagram the Aggregate Expenditures Curve.

i. Solve for aggregate expenditures using the aggregate expenditures function.

ii. Solve the slope of the Aggregate Expenditures Curve using the marginal propensity to consume.

iii. Explain and illustrate shifts in the AE Curve. c. Combine the components and illustrate equilibrium.

i. Calculate the equilibrium level of aggregate income/output

using the Keynesian Equation. d. Explain and illustrate shifts in the AE Curve and compute the new

equilibrium level of aggregate income/output. 4. Critique the strengths and weaknesses of each model.

E: The student will analyze government revenues vs. expenditures and critique the use of fiscal policy.

1. Interpret events and determine the appropriate fiscal response (assuming fiscal policy is being used). a. Illustrate expansionary fiscal policy in the AS/AD and/or AE Model

(the models). b. Illustrate contractionary fiscal policy in the the models.

2. Differentiate between automatic stabilizers and active policy. 3. Define and illustrate Autonomous Consumption, Investment, and Trade

policies using the models. 4. Critique the US government fiscal response to the Great Depression. 5. Illustrate and explain the Keynesian response to the Great Depression. 6. Define and explain deficits and debt.

a. Explain the difference between deficits and debt. b. Differentiate between structural deficits and passive deficits.

7. Critically assess the effectiveness of Fiscal Policy - including and explanation of crowding out.

8. Evaluate current US government fiscal policy. F: The student will comprehend the role of money and critique the use of monetary policy.

1. Define the characteristics of money and the role of the financial sector. 2. Distinguish between M1, M2, and M3. 3. Describe the structure of the Federal Reserve. 4. Identify institutions responsible for the creation of money. 5. Outline the money creation process.

i. Calculate reserve ratios, required reserves, excess reserves. ii. Calculate the money multiplier. iii. Explain the impact of a bank run as well as current institutions

that make bank runs less common. 6. Define and critique each of the tools of Monetary Policy. 7. Explain the difference between discretionary vs. rules based monetary

policy. 8. Interpret events and determine the appropriate monetary response

(assuming monetary policy is being used). a. Illustrate expansionary monetary policy in the models. b. Illustrate contractionary monetary policy in the models.

9. Critically assess the effectiveness of monetary Policy. 10. Evaluate current US government monetary policy.


Lab Content: Using the alphanumeric designators from the Expanded Course Content Section of the most recent COR or newly modified COR, list lab content directly related to each EO


Utilizing computer-based interactive software for economics, conduct the following lab exercises/assignments: Draw and shift production possibilities curves. Calculate opportunity costs from a production possibilities curve.


Diagram the supply and demand model. Illustrate shifts in the components based upon interpretation of data/information. Manipulate data in model, adjust the curves, and solve for the new equilibrium price and quantity. Apply supply and demand concepts to price ceilings, price floors, taxes, tariffs, quotas, etc., and be able to diagram using the model and interpret outcomes.


Calculate GDP, GDP per capita, and critically analyze data and interpret. Calculate unemployment rate and critically analyze data and interpret. Calculate inflation rate and critically analyze data and interpret. Illustrate and explain how these concepts are interdependent.


Derive each of the components of the macroeconomic model(s) and diagram them, both individually, and as a complete model. Illustrate shifts in the components graphically, and identify new equilibrium. Manipulate data, observe changes in the positions of components, and interpret outcomes. Calculate aggregate equilibrium income using the macroeconomic model(s). Interpret current events in the economy and diagram using the macroeconomic model(s). Critically assess health of the aggregate economy utilizing the macroeconomic model(s) and provide possible solution(s).


Utilizing the macroeconomic model(s), illustrate expansionary and contractionary fiscal policy. Manipulate data, observe changes in the positions of components, and interpret outcomes. Interpret data and determine whether the economy is experiencing a recessionary or inflationary gap, and prescribe proper fiscal policy prescription upon economy utilizing the macroeconomic model(s). Calculate deficits/surpluses, and identify whether structural or passive.


Utilizing the macroeconomic model(s), illustrate expansionary and contractionary monetary policy. Manipulate data, observe changes in the positions of components, and interpret outcomes. Interpret data and determine whether the economy is experiencing a recessionary or inflationary gap, and prescribe proper monetary policy. Calculate the money multiplier and determine the amount of money created given a deposit or monetary injection by the Federal Reserve. Employ each of the tools of monetary policy and illustrate their impact on equilibrium income utilizing the aggregate model(s).

III. ASSIGNMENTS & ASSESSMENTS: Identify the typical assignments and assessment methods that will be

used to foster deep learning and measure competency related to the EO goals and skills for this course. What evidence do students produce that demonstrate student learning (writing sample, research paper, drawings, etc.)? (References: Course Outline of Record; Course Catalog; Lecture & Lab materials; Other)

List Expected Outcomes from Section A on this Sheet.

Assignments & Assessments: Describe representative assignments & assessments directly related to each EO


Sample test questions: 1. You have paid $25 for a textbook. You can not return it. The book

has 25 chapters and each chapter takes you one hour to read. What is the opportunity cost of reading the 4th chapter? Explain.

2. (A guns and butter PPC is provided) Assume an earthquake destroys some of the gun-production facilities. A) Illustrate the effect on the PPC. B) What happens to the opportunity cost of producing guns? (explain)


Sample test questions: 1. Draw a demand curve (only) for bananas. Show and explain what

happens if the price of apples falls. 2. Suppose the government responds to angry consumers by placing a

price ceiling on gas at $2 (with a free market price of $3). Show this graphically and explain the impact on the market.

C: The student will be able to Sample test questions:

define and understand GDP, economic growth, unemployment, and inflation.

1. If there are 10 people unemployed and the unemployment rate is 10%, how many people are not employed? If we were to then count 10 discouraged workers as officially unemployed, what would the new unemployment rate be?

2. In what ways might GDP mismeasure well-being? Give at least 2 specific and unique examples.

D: The student will be able to construct and apply the Aggregate Supply/Aggregate Demand Model and/or the Aggregate Production/ Aggregate Expenditures Model.

Sample test questions: 1. Assume a country is currently at full-employment and has a price

level of 100. Use the AS/AD model to illustrate the impact of increased business pessimism. Explain your shifts.

2. Assume a country is in a recessionary gap. The government takes no action. Illustrate the long-run adjustment using the AS/AD model. Explain what you have done.


Sample test questions: 1. What are some of the weaknesses of fiscal policy? 2. Using the AS/AD model, show the impact of attempting to balance

the budget in a recession. Explain. F: The student will comprehend the role of money and critique the use of monetary policy.

Sample test questions: 1. Explain the phrase “you can’t push on a string.” 2. What monetary policy would you recommend for a country in an

inflationary gap. Clearly explain the chain of events that leads to the intended result of the policy.

IV. ANALYSIS OF COURSE OUTLINE OF RECORD RELATED TO THE 4Cs: In addition to subject matter EOs,

Foothill has identified the following as core competencies required for success in the 21st century. They are defined as the 4Cs and reflect an accumulation of KSA acquired overtime from a number of individual courses.

4Cs/EXPECTED OUTCOMES: Please rate how strongly each EO addresses each of the 4Cs: 4= strongly

related, 3=moderately related, 2= fairly related, 1= poorly related, 0=not related at all

CORE COMPETENCIES Communication Computation Creative, Critical & Analytical Thinking



3 3 4 3


2 1 4 2


0 4 1 2


0 3 3 0


0 3 3 3


0 3 2 3

V. REFLECTIVE STATEMENT: As a result of having finished this course review, what changes have been

made to the course outline of record that are designed to enhance deep learning of the EOs? Insert text here.

FOOTHILL COLLEGE PROGRAM PLANNING PART C: COURSE STUDENT LEARNING OUTCOMES PORTFOLIO WORKSHEET, 2005-06 NEW

ECONOMICS

This new element of program review consists of the assessment and documentation of student learning at the course level and follows the format of the approved outline of record for a course. As a critical part of student learning, this section provides comprehensive information on core expected outcomes (EOs) linked to course activities and assignments (Method and Content) and assessment (Method of Evaluation). Information provided on this form complies with Title 5 requirements for three-year course review and will be used to ensure course articulation via OSCAR. Details provided in this worksheet will not be given to others without program approval.

ECON 1B I. EXPECTED OUTCOMES (EO): What are the deep student learning outcomes related to the mission or

overarching goals of this course? Review the existing course outline of record (COR) and modify as needed below. (References: Course Outline of Record; Course Catalog; Lecture & Lab materials; Other)



C: The student will be able to calculate and interpret elasticities.

D: The student will be able to illustrate consumer choice using either cardinal or ordinal utility theory.

E: The student will be able understand cost functions and critique different market structures.

F: The student will be able to identify and recommend policy for different market failures.

II. COURSE LECTURE & LAB CONTENT: Related to the EXPECTED OUTCOMES of this course, where in the

course modules, units, or activities are students exposed to these desired traits? Use the alphanumeric designators on the Course Outlines of Record to fill in lecture content (References: Course Outline of Record; Course Catalog; Text book index, Lecture & Lab materials; Other)


Lecture Content: Using the alphanumeric designators from the Expanded Course Content Section of the most recent COR or newly modified COR, list lecture content directly related to the EO


1. Define economics. 2. Use marginal benefits - marginal costs analysis to determine optimal

decisions. 3. Construct and use a Production Possibility Curve

a. Illustrate the impact of a change in economic resources. b. Calculate opportunity cost. c. Illustrate gains from trade based on comparative advantage.

4. Delineate the major distinctions between Command and Market Economies.

5. Define the fundamental purpose of the World Bank, the World Trade Organization, and the International Monetary Fund.


1. Understand the law of demand (supply). 2. Distinguish between a change in demand (supply) and a change in

quantity demanded (supplied). 3. Interpret and incorporate external events (shocks) into the supply and

demand framework. 4. Critique the economic efficiency of price ceilings and price floors using

the Supply and Demand Model.

C: The student will be able to 1. Calculate price elasticity of demand / supply

calculate and interpret elasticities.

a. interpret elasticity value with respect to revenue b. interpret implications with respect to an excise tax, deadweight loss

2. Calculate income elasticity of demand a. interpret with respect to type of good (inferior, normal, luxury)

3. Calculate cross-price elasticity a. interpret with respect to type of good (substitute vs. complement)


1. Calculate total and marginal utility of consumption of a good 2. Identity utility maximizing consumption given the price of a good 3. Illustrate indifference curves 4. Construct budget constraints

a. analyze the impact of a change in relative price b. analyze the impact of a change in income

5. Illustrate optimal consumption given indifference curves and budget constraints.


1. Summarize short-run and long-run production cost analysis a. Graph a production function b. Illustrate economies of scale with a long-run average total cost curve

2. Calculate marginal product of labor 3. Calculate and graph average total cost, average variable cost, marginal

cost, average fixed cost 4. Distinguish between (and calculate) accounting and economic profit 5. Construct a model that illustrates perfect competition

a. illustrate short and long run adjustment to market dynamics b. explain the economic efficiency of perfect competition

6. Construct a model that illustrates pure monopoly a. illustrate short and long run adjustment to market dynamics b. explain the economic inefficiency of monopoly c. define natural monopoly and evaluate regulatory practices of natural

monopolists d. outline the requirements for price discrimination

7. Construct a model that illustrates monopolistic competition a. illustrate short and long run adjustment to market dynamics b. discuss the costs and benefits of monopolistically competitive

industries c. calculate concentration ratios and Herfindahl indices and discuss the

implications of the results. 8. Understand the unique characteristics of oligopoly

a. use game theory to illustrate collusive tendencies b. outline the difficulties inherent in creating/maintaining a cartel


1. Define positive and negative externalities a. Illustrate graphically b. Critique different methods of government intervention: command, tax,

permits 2. Define public goods and the free-riding incentive

a. Illustrate market demand for a public goods b. Critique different methods of government intervention: taxation,

patents 3. Explain information failures: adverse selection, moral hazard 4. Construct a Lorenz Curve

a. show how to calculate a gini coefficient b. explain the efficiency vs equality trade-off


Lab Content: Using the alphanumeric designators from the Expanded Course Content Section of the most recent COR or newly modified COR, list lab content directly related to each EO


- Utilizing computer-based interactive software for economics, conduct the following lab exercises/assignments:

- Draw and shift production possibilities curves. - Calculate opportunity costs from a production possibilities curve.


- Diagram the supply and demand model. - Illustrate shifts in the components based upon interpretation of

data/information. - Manipulate data in model, adjust the curves, and solve for the new

equilibrium price and quantity. - Apply supply and demand concepts to price ceilings, price floors, taxes,

tariffs, quotas, etc., and be able to diagram using the model and interpret outcomes.


- Calculation of elasticities - Manipulation of supply and demand curves to illustrate different the impact

of changing elasticity D: The student will be able to illustrate consumer choice using either cardinal or ordinal utility theory.

- Draw and shift budget constraints as prices and/or income change - Illustrate optimal consumption


- Calculate profits provided cost information - Calculate marginal costs, average costs, and total costs - Graph cost curves - Shade in profits for profit maximizing firms in various market structures


- Incorporate externalities into the supply and demand framework - Calculate the inefficiency of command and control methods given cost data

III. ASSIGNMENTS & ASSESSMENTS: Identify the typical assignments and assessment methods that will be

used to foster deep learning and measure competency related to the EO goals and skills for this course. What evidence do students produce that demonstrate student learning (writing sample, research paper, drawings, etc.)? (References: Course Outline of Record; Course Catalog; Lecture & Lab materials; Other)

List Expected Outcomes from Section A on this Sheet.

Assignments & Assessments: Describe representative assignments & assessments directly related to each EO


Sample test questions: 1. You have paid $25 for a textbook. You can not return it. The book

has 25 chapters and each chapter takes you one hour to read. What is the opportunity cost of reading the 4th chapter? Explain.

2. (A guns and butter PPC is provided) Assume an earthquake destroys some of the gun-production facilities. A) Illustrate the effect on the PPC. B) What happens to the opportunity cost of producing guns? (explain)


Sample test questions: 1. Draw a demand curve (only) for bananas. Show and explain what

happens if the price of apples falls. 2. Suppose the government responds to angry consumers by placing a

price ceiling on gas at $2 (with a free market price of $3). Show this graphically and explain the impact on the market.


Test / lab questions that force students to calculate and interpret elasticity. Sample: If a firm is operating in the inelastic region of the demand curve it

faces, what would be the impact of raising the price on revenues and profits. Explain.


Test / lab questions that force students to shift budget constraints and identify optimal behavior.


- Provide students some cost data and force them to complete the calculations needed to determine profit, ATC, AVC, MC…

- Have students illustrate the shutdown point for a perfectly competitive firm.


Test / lab questions that incorporate market failure into the supply and demand analysis. Sample question: Is pollution a market failure? Explain why it is (not).

ENTER AS MANY AS NEEDED IV. ANALYSIS OF COURSE OUTLINE OF RECORD RELATED TO THE 4Cs: In addition to subject matter EOs,

Foothill has identified the following as core competencies required for success in the 21st century. They are defined as the 4Cs and reflect an accumulation of KSA acquired overtime from a number of individual courses.

4Cs/EXPECTED OUTCOMES: Please rate how strongly each EO addresses each of the 4Cs: 4= strongly

related, 3=moderately related, 2= fairly related, 1= poorly related, 0=not related at all

CORE COMPETENCIES Communication Computation

Creative, Critical & Analytical Thinking



3 3 4 3


2 1 4 2


0 4 4 0


2 4 3 2


2 4 4 2


3 3 4 3

ENTER AS MANY AS NEEDED.

V. REFLECTIVE STATEMENT: As a result of having finished this course review, what changes have been

made to the course outline of record that are designed to enhance deep learning of the EOs?

Documents

PART A: PROGRAM SUMMARY, 2005-06 UPDATE DATA SHEET … · 1. Internal factors: STRENGTHS: Our internal strength comes primarily from a faculty dedicated to providing students with