ECON 202 Principles of Microeconomics

ECON 202 IS Sec 3, University of Mississippi
[See UM Catalog for Description]

3 credit hours

Instructor Information:

Philip G. Cooker, Ph.D.

Instructor name:
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, 143 lecture classes, 95 online classes, 2 Independent Study classes and over 8000 students). He served as Director of the University of Mississippi Small Business Development Center (UMSBDC) for 10 years.

He received his Bachelor of Arts (BA) in Political Science, a Master’s in Business Administration (MBA) in Economics and Finance, a Master of Arts (MA) in Higher Education, and a Masters in Healthcare Administration 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.

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 or Content page. NOTE: Whenever sending email, please be sure to indicate your course title and number in the subject line. You can expect a response within 72 hours, although it may be longer on weekends. Many instructors reply within 24 hours.

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

The University of Mississippi
Division of Outreach and Continuing Education
P. O. Box 1848
University, MS 38677

Phone: (662) 915-7313, toll-free (877) 915-7313
Fax: (662) 915-8826

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:

Textbook information will be provided upon enrollment in your iStudy course.

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) and 2 proctored examinations.

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.


*You MUST complete the syllabus quiz as soon as you have access to your Blackboard course. This is mandatory to verify your attendance.* 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


If you are a semester student, you must reach the midpoint of your course by the date specified in your information.
If you are a Flex UM student, you CANNOT WITHDRAW from this course after the exam has been submitted.

All lesson assignments or exams needed to reach the midpoint of the course.
The exact date semester students are required to reach the midpoint is specified in your information.

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
to finalize credit
All course work must be
submitted and graded to be
eligible to take the exam


This course uses the University of Mississippi's Plus/Minus grading scale.
94-100% A
90-93% A-
87-89% B+
84-86% B
80-83% B-
77-79% C+
74-76% C
70-73% C-
60-69% D
0-59% F


You must submit the lessons required to take the course exam(s). Lessons required but not submitted will receive a grade of zero. For the final exam, all coursework must be submitted and graded.