Learning Outcomes Relationships

PLO 2: Distinguish between and analyze the multiple (economic, financial, legal, international, and social) environment of business.\n\n

CLO 1: Describe how economics is a social science that draws conclusions based on hypotheses, theories and data to understand and predict human behavior.
CLO 2: Identify the basic economic terminology and concepts including positive and normative economics, equilibrium, efficiency and equity, specialization and comparative advantage.
CLO 3: Discuss the fundamental economic question of allocating scarce resources as well as explain scarcity, opportunity costs, and the production possibilities curve.
CLO 4: Describe how markets work and sometimes don’t work including market failure and externalities.

PLO 3: Construct and utilize effective documents and presentations using technology.

CLO 10: Construct (via pencil & paper and/or via computer or other electronic tool) and interpret graphs to explain the law of supply, the law of demand, and how market equilibrium and price are determined.
CLO 11: Calculate (via pencil & paper and/or via computer or other electronic tool) and interpret price elasticity of supply and demand, cross-price elasticity, and income elasticity.

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