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Requirements of the Major
Semester by Semester Program of Study - Economics
Identify the role of demand and supply in a market economy in allocating resources and generating the distribution of incomes to factors of production.
Articulate the advantages of a market system and the role of prices in achieving allocational and productive efficiency.
Identify the sources and consequences of “market failure.”
Critically evaluate controversies about the appropriate scope of, and approaches to, government regulation in conditions of market failure.
Critically evaluate controversies from an economic efficiency and distributional equity perspective over the use of government tax and transfer policies to redistribute income
Critically evaluate controversies over attempts to use fiscal policy and/or central bank monetary policy to maintain aggregate growth consistent with full employment and inflation stability.
Effectively demonstrate their ability to apply economic theory to the framing and analysis of economic problems using graphs, algebra, and quantitative statistical methods.
Demonstrate knowledge of relevant historic data and empirical findings in at least one of the content areas listed in outcomes 4-6.
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