MS1001
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MS1001_RUBRIC_ToBuild.pdf
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MS1001: Economic Decision Making: Apply basic economic principles to decision making
Assessment Rubric
Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
Module 1: Basic Economic Principles
Describe key differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 1 or 2 examples. LO1.1.1: Explain the role of scarcity in economics
Description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and examples are vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 1 or 2 examples.
Response provides an exemplary description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 2 or more examples.
Explain whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation. LO1.1.2: Explain the role of scarcity in economics LO1.2: Explain how scarcity forces people to make trade- offs
Explanation whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation is vague, inaccurate, and/or incomplete
Response provides a clear, accurate, and complete explanation of whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation.
Response provides an exemplary explanation of whether there is “no such thing as a free lunch” as it applies to the scenario by using basic principles of economics to support your explanation.
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Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
LO1.3.1: Use the concept of scarcity to explain the role of opportunity costs in decision making
Explain the sales personnel’s behavior using the economic principle that “people respond to incentives.”
LO1.4.1: Explain how incentives affect decisions
Explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives” is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives.”
Response provides an exemplary explanation of the sales personnel’s behavior using the economic principle that “people respond to incentives.”
Recommend a change to the compensation plan to correct this problem. LO1.4.2: Explain how incentives affect decisions
Recommendation of a change to the compensation plan to correct this problem is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete recommendation of a change to the compensation plan to correct this problem.
Response provides an exemplary recommendation of a change to the compensation plan to correct this problem.
Module 2: The Production Possibilities Frontier and Trade
Explain whether there are opportunities for gains from trade and what determines the direction of trade. LO2.3.1: Explain the role of absolute advantage and comparative advantage in
Explanation and examples of whether there are opportunities for gains from trade and what determines the direction of the trade is vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation (with at least 2 examples) of whether there are opportunities for gains from trade and what determines the direction of the trade.
Response provides an exemplary explanation (and 2 or more examples) of whether there are opportunities for gains from trade and what determines the direction of the trade.
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Rubric Criteria Does Not Meet Expectations
Meets Expectations Exceeds Expectations
exchange and trade LO2.4.1: Explain gains from trade
Explain how international trade allows a country to move beyond its production possibilities frontier and provide examples. LO2.4.2: Explain gains from trade
Explanation and examples of gains from trade are vague, inaccurate, and/or incomplete.
Response provides a clear, accurate, and complete explanation of gains from trade and 1 or 2 examples.
Response provides an exemplary explanation of gains from trade and 2 or more examples.
Professional Writing
Professional Writing: Clarity, Flow, and Organization
Content contains significant spelling, punctuation, and/or grammar/syntax errors. Writing does not demonstrate adequate sentence and paragraph structure and requires additional editing/proofreading. Key sections of presented content lack clarity, logical flow, and/or organization.
Content contains few spelling, punctuation, and/or grammar/syntax errors. Writing demonstrates adequate sentence and paragraph structure and may require some editing. Content presented is satisfactorily clear, logical, and/or organized, but could benefit from additional editing/revision.
Content is free from spelling, punctuation, and grammar/syntax errors. Writing demonstrates appropriate sentence and paragraph structure. Content presented is clear, logical, and well-organized.
Professional Writing: Context, Audience, Purpose, and Tone
Content minimally or does not demonstrate awareness of context, audience, and/or purpose. Writing is not reflective of
Content demonstrates satisfactory awareness of context, audience, and purpose. Tone is adequately professional, scholarly, and/or
Content clearly demonstrates awareness of context, audience, and purpose. Tone is highly professional, scholarly, and free from bias,
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professional/scholarly tone and/or is not free of bias. Style is inconsistent with the professional setting/workplace context and reflects the need for additional editing.
free from bias, and style is mostly consistent with the professional setting/workplace context.
and style is appropriate for the professional setting/workplace context.
Professional Writing: Originality, Source Credibility, and Attribution of Ideas
Content does not adequately reflect original writing and/or paraphrasing. Writing demonstrates inconsistent adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and reference. There are numerous and/or significant errors.
Content adequately reflects original writing and paraphrasing. Writing demonstrates adequate adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and references. There are one or two minor errors.
Content reflects original thought and writing and proper paraphrasing. Writing demonstrates full adherence to reference requirements, including the use of credible evidence to support a claim, with appropriate source attribution (when applicable) and references.
