In general, our
goal is that all Dept of Economics graduates at Iowa State are able to use
economic reasoning to think critically; to make decisions and to communicate
effectively; to be ethical; to respect the environment, and to be multi-culturally
and internationally aware.
Specifically, with respect to:
1. Critical Thinking, all graduates of the Department of Economics are able to:
a)
distinguish factual statements from opinions or value judgements
b)
use scientific methods to analyze and interpret data
c)
distinguish causal relationships from correlations
d)
determine the accuracy of statements
e)
understand the usefulness of abstractions and models
f)
distinguish simplifying and critical assumptions from
unnecessary details
g)
objectively critique competing viewpoints to make reasoned judgements
2. Economic Reasoning:
a)
distinguish positive (‘what is’) from normative (‘what
should be’) economics
b)
determine the opportunity cost of alternatives
c)
apply the concepts of comparative advantage, specialization,
and exchange to analyze resource allocation issues
d)
identify the conditions under which markets allocate
resources efficiently or markets fail
e)
apply marginal economic analysis to solve problems
f)
conduct comparative static analyses
g)
pose and test hypotheses
3. Decision Making/Problem Solving:
a)
work effectively alone and in teams to solve problems
b)
use scientific methods to identify optimal choices among
economic alternatives
c)
identify decision-makers, objectives, choice variables, incentives,
and constraints
d)
identify and apply the solution technique best suited for
the specific problem
e)
understand how conclusions depend on assumptions
4. Communications:
a)
communicate economic and business concepts to professionals,
organizations, governments, and the general public
b)
obtain information by accessing electronic or traditional
media, listening, or by observation
c)
use a computer and statistical methods to organize and
analyze data
d)
write clearly and effectively
e)
speak clearly and persuasively
f)
prepare and present visual information effectively
5. Ethics:
a)
develop ethical perspectives and sense of moral
responsibility and values
b)
discuss contemporary ethical and moral issues in professional
and private life
c)
critically evaluate their own arguments and those of others
6. Environmental Awareness:
a) understand
the physical and biological properties of the environment and ecological
systems
b) understand
how economic activity, such as business or agriculture, impacts the environment
7. International/Multi-Cultural Awareness:
a)
understand cultural diversity within our own nation
b)
understand cultural diversity around the world
c)
know the different economic or agricultural systems in other
countries
d)
have human relation skills essential in the work place and
the community
last edited: November 5, 2004
subcommittee, Dept. of Economics