ECON 203 Principles of Macroeconomics

ECON 203 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

Courses in the principles of economics have multiple purposes. For some students the courses become a foundation for further studies in the field of economics or business administration. For many students the introductory courses may be the only formal encounter they have with economics as a science. However, whether or not one studies economics for college credit again, the learning continues, for a person's entire life is taken up with matters which are either economic in nature or which are limited or regulated in one way or another by economic considerations. An understanding of the way in which the economy operates, i.e., the principles of economics, should, then, make us better able to deal with economic decisions throughout our lives whether we are concerned with earning income, investing savings, meeting a payroll in industry, serving in Congress, teaching a Bible class, or dealing with anything else that the future holds.

In Economics 203 the subject matter of the academic discipline (economics) is first introduced in a general way; then the course turns to the principles that underlie determination of levels of employment and unemployment, inflation, fiscal and monetary policy, and economic growth. In Economics 202 the operation of the price system is explored as it functions in both the markets for final goods and services and in the resource markets. Throughout both courses the influence of government--its role in providing public goods and services and in modifying the behavior of the private sectors of the economy (households and business firms)--is considered.

Although this course is being studied through an American university with a textbook published in the United States, the economy of today is a global economy and the study cannot be isolated to a single nation.

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:

In this course, you will learn to:

  1. Understand the principles that underlie determination of levels of employment and unemployment
  2. Understand the principles that underlie inflation
  3. Understand the principles that underlie fiscal and monetary policy
  4. Understand the principles that underlie economic growth

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.


Reading Assignments

Required Assignments


*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 Macroeconomics - Chapter 1

Lesson quiz and essay

2: Thinking Like an Economist

Principles of Economics - Chapter 2
Principles of Macroeconomics - Chapter 2

Lesson quiz and essay

3: Interdependence and the Gains from Trade

Principles of Economics - Chapter 3
Principles of Macroeconomics - Chapter 3

Lesson quiz and essay

4: The Market Forces of Supply and Demand

Principles of Economics - Chapter 4
Principles of Macroeconomics - Chapter 4

Lesson quiz and essay

5: Measuring a Nation’s Income

Principles of Economics - Chapter 23
Principles of Macroeconomics - Chapter 10

Lesson quiz and essay

6: Measuring the Cost of Living

Principles of Economics - Chapter 24
Principles of Macroeconomics - Chapter 11

Lesson quiz and essay

7: Production and Growth

Principles of Economics - Chapter 25
Principles of Macroeconomics - Chapter 12

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: Savings, Investment, and the Financial System

Principles of Economics - Chapter 26
Principles of Macroeconomics - Chapter 13

Lesson quiz and essay

9: The Basic Tools of Finance

Principles of Economics - Chapter 27
Principles of Macroeconomics - Chapter 14

Lesson quiz and essay

10: Unemployment

Principles of Economics - Chapter 28
Principles of Macroeconomics - Chapter 15

Lesson quiz and essay

11: The Monetary System:

Principles of Economics - Chapter 29
Principles of Macroeconomics - Chapter 16

Lesson quiz and essay

12: Money Growth and Inflation

Principles of Economics - Chapter 30
Principles of Macroeconomics - Chapter 17

Lesson quiz and essay

13: Aggregate Demand and Aggregate Supply

Principles of Economics - Chapter 33
Principles of Macroeconomics - Chapter 20

Lesson quiz and essay

14: The Influence of Monetary and Fiscal Policy on Aggregate Demand

Principles of Economics - Chapter 34
Principles of Macroeconomics - Chapter 21

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
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.