SACSCOC Fifth Year Interim Report
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Assessment : 2013 - 2014 : Educational Programs :
Economics BBA
Economics BBA
1 Goal 4 Objectives 4 Indicators 4 Criteria 5 Findings 4 Actions
| GOAL: High Quality Program In Economics |
| Objective |
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| Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. Macroeconomics can be used to analyze how best to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments. Graduates will be able to use their skills to influence government policy goals. |
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Intermediate Macroeconomics is a course required of all economics majors. Performance on the final exam is an indicator of how well students understand the key concepts of macroeconomics. |
| Criterion |
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| The average subscore on the selected questions will be at least 70%. |
| Finding |
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| Three questions were selected. The first question discusses economic growth, the second question discusses the ISLM model of the economy, and the third question discusses the Open Economy model. 18 students took the exam. The average score on the first question was 62.59%. On the second question the average score was 53.52%. On the third question the average score was 77.92%. |
Actions for Objective:
| Action |
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| It appears that students are understanding the Open Economy model the best and the Keynesian ISLM model the least. Agreement amongst the faculty as to the amount of emphasis on the various models is difficult to achieve. The curriculum review process currently underway will address this issue. |
| GOAL: High Quality Program In Economics |
| Objective |
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| Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics has been called “the bottom-up view of the economy”, or “how people deal with money, time, and resources.” Graduates will be able to use money, time, and resources effectively in both their professional and personal lives. |
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A set of 10 questions was administered to students in 5 different sections of ECON 2302 (Principles of Economics). |
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The average score on the Microeconomics Principles Assessment should at least 70%. |
| Finding |
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A total of 308 students in five sections of ECON 2302 (Principles of Economics) were given the assessment. Not all of the students were economics majors, but the results should be considered representative of the economics students. The overall average on the 10 questions together was 60.1% correct. The attached report provides the average correct response on each of the 10 questions. The averages were highest on question 3 - understanding the factors that affect equilibrium, and question 7 - understanding the difference between the economic concept of cost and the accounting concept of cost. Students performed above 70% on both of these questions. Students performed the worst on questions 1 and 9. Both questions deal with the characteristics of a perfectly competitve market. See the attached report for more details. |
Actions for Objective:
| Action |
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| The faculty agree that understanding the Perfect Competition model is essential to understanding the more realistic Imperfect Competition models of economic behavior. More time/emphasis will placed on the Perfect Competition model. |
| GOAL: High Quality Program In Economics |
| Objective |
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Data analysis is an integral part of the research process. We examine the data using different lenses to answer different questions – to describe a phenomena or event or population, to capture the development of skills and characteristics, or to determine differences based on a proscribed set of variables. We examine, define, conceptualize, and quantify the data in order to answer our questions about who, what, when, where, why, how and how much. Data analysis is a crucial tool that can be used to improve business decisions and help students become better citizens. Graduates will be able to use developed skills to conduct data analysis. |
| Indicator |
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| The average of the data analysis assessment indicator of those students who take ECON 3357 and ECON 4357. |
| Criterion |
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| The average assessment score will be greater than 70%. |
| Finding |
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| 38 students were given the quiz (Quiz 3). The twelve questions on the quiz covered a variety of topics taught in the BANA 2372 class.The performance on this quiz was disappointing. The avearage was 36.9%. It illustrates that the majority of students do not internalize the lessons taught in BANA 2372. |
| Finding |
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| 75 students were given the quiz, which consisted of 12 questions covering a variety of topics taught in both BANA 2372 and BANA 3363. The average percentage of correct responses for each question was 39.2%. |
Actions for Objective:
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The results from administrating the data analysis quiz in the ECON 3357 and ECON 4357 classes was disappointing. Perhaps a 70% criterion is too much to expect. We have no specific recommendations for change at this time. In the process of conducting a curriculum review for the Economics BBA, the faculty have suggested adding another quantitative methods course as a requirement for all Economics majors. This has not yet been finalized. |
| GOAL: High Quality Program In Economics |
| Objective |
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| International economics describes and predicts production, trade, and investment across countries. Wages and income rise and fall with international commerce even in large rich developed economies like the US. A firm understanding of how international issues affect individuals, firms, and the government is increasingly necessary in our global economy. Graduates will be able to use international economics in product production, trade, and investments across countries. |
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Economics students in ECON 4340 (International Economics) were asked, on their final exam, questions covering five key areas of international economics. These areas are as follows: 1) Determining the pattern of comparative advantage 2) How welfare changes through trade 3) Effects of a tariff on trade 4) Consequences of global economic integration 5) Trade implications of changes in international monetary exchange rates |
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The average assessment score will be at least 70%. |
| Finding |
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9 of the students in the Fall 2013 ECON 4340 (International Economics) class were economics majors. The average score is indicated at the end of each item below: 1) Determining the pattern of comparative advantage 100 2) How welfare changes through trade 82.4 3) Effects of a tariff on trade 77.2 4) Consequences of global economic integration 81.8 5) Trade implications of changes in international monetary exchange rates 100 |
Actions for Objective:
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| At this time, the economics students appear to understand the five key issues. No changes are planned at this time. |
| Previous Cycle's "Plan for Continuous Improvement" |
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The assessment data above indicates that our students are weakest in data analysis and analytical reasoning. The faculty will discuss ideas on how to improve our students capability in this regard. We will consider changes to the curriculum as well as expanding/enhancing support materials.
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| Update on Previous Cycle's "Plan for Continuous Improvement" |
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The curriculum review process is still underway. As part of that discussion, the faculty have reached a broad agreement that another quantitive analysis class should be required of all economics majors. Ideas that have been discussed include integrating more Excel work into the curriculum and having a more tradtional econometrics class. How to implement these changes is still undecided.
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| Plan for Continuous Improvement |
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During the 2014-2015 academic year, the faculty intend to complete the curriculum review process. As a consequence, a decision must be made as to how to fit another quantitive skills class into the 120 credit hour major. Decisions also need to be made about how to integrate Excel or any other data processing software into the curriculum.
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