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ECON 202 PRINCIPLES OF MICROECONOMICS

University of Mississippi Department of Economics
Holman Hall (662)-609-5787
3 credit hours

Instructor Information:

James Carden

Instructor: James Carden, JD, MBA, MA, CLU, ChFC, CFM

Adjunct Professor/Instructor in the University of Mississippi School of Business and Department of Economics since 2001, James has taught Economics, Finance and Statistics classes (14 courses, 112 lecture classes, 66 online classes, 2 Independent Study classes and 5000 or so students). He has served as Director of the University of Mississippi Small Business Development Center (UMSBDC) since July of 2009.

He received his Bachelor of Arts (BA) in Political Science, a Masters in Business Administration (MBA) in Economics and Finance, and a Master of Arts (MA) in Higher Education from The University of Mississippi and earned a Juris Doctorate (JD) from the Mississippi College School of Law. His business experience includes working for the US Treasury as a National Bank Examiner, 7 years at Merrill Lynch, 5 years managing CPAs and attorneys for Prudential, VP of Organizational Development at Fortis (the 14th largest financial services firm in the world), VP National Sales at General American's Paragon subsidiary, and ending as CEO of Blue Cross in Asia where he started three businesses before returning to OleMiss to teach.

His interests include teaching and sharing his business experience from entry to CEO level and including the start up and ownership of several small businesses in this country and internationally.

Contact Information:

If you have questions concerning the content of the course, you may contact the instructor directly using the Email Your Instructor link in the Lessons page.

NOTE: Whenever sending email, please be sure to indicate your course title and number in the subject line. Blackboard email correspondence is preferred. You can expect a turnaround time of up to 72 hours to any email you send.

For lesson or test administration issues, please contact the iStudy department:

The University of Mississippi
Independent Study
P. O. Box 729
University, MS 38677-0729

Phone: (662) 915-7313, toll-free (877) 915-7313
Fax: (662) 915-8826
E-mail: istudy@olemiss.edu

Course Description

Economics 202 is the introductory course in microeconomics. Included in this course are such topics as economic decision making by the household, and by business firms under varying degrees of competition. The study tends to be market oriented because its focus is upon the operation of free enterprise market economies of the type found in the United States and other modern economies. While the private domestic economy made up of households and business firms is the focal point of the study, the role of governmental finance and spending and the global economy are also integral parts of the course.

A second introductory course, Economics 203, is a beginning course in macroeconomics. Macroeconomics deals with the aggregate or overall performance of an economy, with fiscal and monetary policies designed to influence or alter the level of employment, price change (inflation) and economic growth. Economics 202 is a prerequisite for Economics 203. No previous economics instruction is required to take and successfully master the content of Economics 202.

PLEASE NOTE: The economics faculty has established a minimum grade of "C" as the prerequisite for certain higher level economics courses. If your degree program or your own plans entail taking economics courses beyond these introductory courses, please be aware of the grade requirements.

Textbook Information:

ECON 202 TEXTBOOK

Principles of Economics by Mankiw, 7th Edition

ISBN-13: 978-1-285-16587-5 *This book is used for ECON 202 and 203, so if you're taking both this is the best value.

OR

Principles of Microeconomics by Mankiw, 7th Edition

ISBN: 978-1-285-16590-5 *If you are taking ECON 202 only, this is the best value.


Earlier editions acceptable!

NOTE: whatever version of the Mankiw text you use, be sure to check the chapter titles--the chapter numbers may be different but the titles will align with the lessons.

It is your responsibility to order your textbook. Online textbook retailers such as Amazon.com, ABEbooks.com, or Half.com usually provide used textbooks at economical prices.

Use the ISBN number to make sure you are ordering the exact book required in this syllabus.

Course Objectives:

Course objectives include (but are not limited to):

  • receive a general introduction to the American enterprise economy

  • analyze decision making by both consumers and producers and to the role of price in formulating economic decisions

  • understand the role of price in formulating economic decisions

  • become familiar with several models of market structure

  • introduce the operation of resource markets, which determine both the allocation of resources and the distribution of income

Course Outline:

This course consists of 14 instructional modules (or lessons).

Lesson
Reading Assignments
Required Assignments

Syllabus

You MUST take the syllabus quiz within 2 weeks of enrolling or you will be dropped from the course. NOTE: you must pass the Syllabus and Orientation Quiz for the course materials to appear on the Lessons page.

Syllabus Quiz

1: Ten Principles of Economics

Principles of Economics - Chapter 1
Principles of Microeconomics - Chapter 1

Lesson quiz and essay

2: Thinking Like an Economist

Principles of Economics - Chapter 2
Principles of Microeconomics - Chapter 2

Lesson quiz and essay

3: Interdependence and the Gains from Trade

Principles of Economics - Chapter 3
Principles of Microeconomics - Chapter 3

Lesson quiz and essay

4: The Market Forces of Supply and Demand

Principles of Economics - Chapter 4
Principles of Microeconomics - Chapter 4

Lesson quiz and essay

5: Elasticity and Its Application

Principles of Economics - Chapter 5
Principles of Microeconomics - Chapter 5

Lesson quiz and essay

6: Supply, Demand, and Government Policies

Principles of Economics - Chapter 6
Principles of Microeconomics - Chapter 6

Lesson quiz and essay

7: Consumers, Producers, and the Efficiency of Markets

Principles of Economics - Chapter 7
Principles of Microeconomics - Chapter 7

Lesson quiz and essay

Midterm Exam

This proctored exam covers Lessons 1-7. It consists of 50 multiple choice questions.

To be scheduled and completed before proceeding

8: Application: The Costs of Taxation

Principles of Economics - Chapter 8
Principles of Microeconomics - Chapter 8

Lesson quiz and essay

9: Application: International Trade

Principles of Economics - Chapter 9
Principles of Microeconomics - Chapter 9

Lesson quiz and essay

10: Externalities

Principles of Economics - Chapter 10
Principles of Microeconomics - Chapter 10

Lesson quiz and essay

11: Public Goods and Common Resources

Principles of Economics - Chapter 11
Principles of Microeconomics - Chapter 11

Lesson quiz and essay

12: The Costs of Production

Principles of Economics - Chapter 13
Principles of Microeconomics - Chapter 13

Lesson quiz and essay

13: Firms in Competitive Markets

Principles of Economics - Chapter 14
Principles of Microeconomics - Chapter 14

Lesson quiz and essay

14: Monopoly

Principles of Economics - Chapter 15
Principles of Microeconomics - Chapter 15

Lesson quiz and essay

Final exam

This comprehensive proctored exam covers Lessons 1-14. It consists of 80 multiple choice questions.

To be scheduled and completed before proceeding

Grading:

Scale

This course uses the University of Mississippi's Plus/Minus grading scale.

94-100%

A

Reserved for near perfection; exceeding all expectations; work of definitely superior quality

90-93%

A-

Awarded for work exceeding all expectations; work of definitely superior quality

87-89%

B+

Awarded for very strong performance; exceeds most expectations

84-86%

B

Awarded for strong performance; exceeds expectations

80-83%

B-

Awarded for better-than-average level of performance; exceeds some expectations

77-79%

C+

Recognizes achievement of all basic expectations; average level of performance

74-76%

C

Recognizes average level of performance; achieves all basic expectations

70-73%

C-

Recognizes acceptable fulfillment of basic expectations

60-69%

D

Assigned for minimal adequacy; barely satisfactory effort toward achieving most expectations; below-average performance

0-59%

F

Issued for egregious underperformance; inability or unwillingness to meet threshold requirements; unacceptable level of performance

GRADING INFORMATION:

The grading distribution is as follows:

  • Lesson quizzes: 25%

  • Lesson essays: 25%

  • Midterm Exam: 25%

  • Final Exam: 25%

FAILURE TO PASS THE FINAL EXAM WILL RESULT IN FAILURE OF THE COURSE.

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