ECON 2301:
In the event of an emergency or announced campus closure due to a natural disaster or pandemic, it may be necessary for Panola College to move to altered operations. During this time, Panola College may opt to continue delivery of instruction through methods that include, but are not limited to: online learning management system (CANVAS), online conferencing, email messaging, and/or an alternate schedule. It is the responsibility of the student to monitor Panola College's website (www.panola.edu) for instructions about continuing courses remotely, CANVAS for each class for course-specific communication, and Panola College email for important general information.
Regular and punctual attendance of classes and laboratories is required of all students. When a student has been ill or absent from class for approved extracurricular activities, he or she should be allowed, as far as possible, to make up for the missed work. If a student has not actively participated by the census date, they will be dropped by the instructor for non-attendance. This policy applies to courses that are in-person, online, hybrid, and hyflex.
Attendance in online courses is determined by submission of an assignment or participation in an activity. According to federal guidelines, simply logging into a distance learning course without participating in an academic assignment does not constitute attendance. Distance learning is defined as when a majority (more than 50%) of instruction occurs when the instructor and students are in separate physical locations. Students must engage in an academic activity prior to the course census date.
When an instructor feels that a student has been absent to such a degree as to invalidate the learning experience, the instructor may recommend to the Vice President of Instruction that the student be withdrawn from the course. Instructors may seek to withdraw students for non-attendance after they have accumulated the following number of absences:
Fall or spring semesters:
3 or more class meeting times per week - 5 absences
2 class meeting times per week - 3 absences
1 class meeting per week - 2 absences
The student is responsible for seeing that he or she has been officially withdrawn from a class. A student who stops attendance in a class without officially withdrawing from that class will be given a failing grade; consequently, the student must follow official withdrawal procedures in the Admissions/Records Office.
Please note: Health Science and Cosmetology courses may require more stringent attendance policies based on their accreditation agencies. Please see the addendum and/or program handbook for further information concerning attendance.
Panola College welcomes pregnant and parenting students as a part of the student body. This institution is committed to providing support and adaptations for a successful educational experience for pregnant and parenting students. Students experiencing a need for accommodations related to pregnancy or parenting will find a Pregnancy and Parenting Accommodations Request form in the Student Handbook or may request the form from the course instructor.
No use of Generative AI permitted.
This option assumes that all work submitted by students will be generated by the students themselves, whether they are working individually or in groups. Students should not have another person or entity do the writing of any portion of an assignment, which includes hiring a person or a company to write assignments and/or using artificial intelligence (AI) tools like ChatGPT. Use of any AI-generated content in this course qualifies as academic dishonesty and violates Panola College’s standards of academic integrity.
The purpose of this course is to provide an analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, unemployment, international trade, economic growth, business cycles, and fiscal policy and monetary policy. Panola College's instructional goals include 1) creating an academic atmosphere in which students may develop their intellects and skills and 2) providing courses so students may receive a certificate/an associate degree or transfer to a senior institution that offers baccalaureate degrees.
After studying all materials and resources presented in the course, the student will be able to:
- Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
- Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
- Define and measure national income and rates of unemployment and inflation
- Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy.
- Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank
- Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
- Explain the mechanics and institutions of international trade and their impact on the macro economy.
- Define economic growth and identify sources of economic growth.
A general description of lecture/discussion topics included in this course are listed in the Learning Outcomes section of this syllabus.
Students in all sections of this course will learn the following content:
- Definition of economics and scarcity
- Definition of and characteristics of an economic theory
- Application and definition of the Ceteris Paribus phrase
- Circular flow model
- Difference between normative and positive economics
- Difference between microeconomics and macroeconomics
- Three questions that every economy must answer
- Construction and reading of a graph
- Identification of factors of production
- Definition and calculation of opportunity cost
- Assumptions of and concepts illustrated by a production possibilities frontier
- Definitions of demand and supply and the graphing of each
- Difference between a change in demand and change in quantity demanded
- Identification of shifters in demand and supply
- The creation and elimination of shortages and surpluses
- Characteristics of phases in the business cycle
- Identify and define different price level indexes
- Calculation of the CPI and rate of inflation
- Difference between nominal and real gross domestic product
- Definition and shifters of Aggregate Demand and Aggregate Supply
- Definitions and illustrations of demand-pull and cost-push inflation
- Calculation of gross domestic product using expenditures approach and income approach
- Comparison of absolute income, relative income, permanent income, and life-cycle hypotheses
- Definition and calculation of marginal propensity to consume and marginal propensity to save
- Calculation of equilibrium level of national income
- Relationship between aggregate expenditure and aggregate demand
- Calculation and comparison of income multiplier and tax multiplier
- Comparison of frictional, structural, and cyclical unemployment
- Difference between discouraged and underemployed workers
- Relationship between real rate of interest and inflation rate
- Comparison of inflationary gap and recessionary gap
- Calculation of sample fiscal policy options for closing a recessionary gap
- Identify sources associated with economic growth
- Comparison of recognition, implementation, and impact lags associated with countercyclical fiscal policy
- Characteristics, functions, and types of money
- Components of the money supply
- Equation of exchange
- Classical and Keynesian views of Quantity Theory of Money
- Accounting equation components for a bank
- Illustration of creation of money
- Ratio indicating bank strength
- Definition of fiscal and monetary policy
- Structure of Federal Reserve System
- Primary and secondary tools of Federal Reserve System
- Comparison of progressive, regressive, and proportional tax structures
- Comparison of absolute and comparative advantage
For the traditional face to face classroom course, teaching approaches are expected to vary with individual instructors who should employ those techniques which work best for them and their students. Although lecture and reading assignments are the primary delivery systems, other instructional techniques may include classroom discussion, audio-visual presentations, speakers, critical thinking exercises, and group activities.
Students are also able to complete the course online. Our online course delivery system is Canvas. An online course in ECON 2301 at Panola College is designed for students who are capable of the self-discipline necessary in a non-structured situation to complete a three-hour course in one semester. Course content in the online version of ECON 2301 is the same as those used in the face-to-face version of the class.
Assignments
The following items will be assigned and assessed during the semester and used to calculate the student’s final grade.
Quizzes and Discussions
Details on each quiz and discussion can be found on Canvas.
Proctored Tests
Tests will be given over the material covered in Canvas. For online students, tests will be completed using proctoring software. For all students there will be a proctored mid-term and final. There will be very thorough reviews found in Canvas.
The grading scale for this course is as follows:
- Quizzes and Discussions – 67%
- Face to Face Tests – 33%
| 90 and above | A |
| 80 – 89 | B |
| 70 – 79 | C |
| 60 – 69 | D |
| Under 60 | F |
This course textbook is offered free of cost via online access or pdf download.
Students should read any assigned reading and notes posted in Canvas. This may include chapters, articles, notes pages, and/or examples.
None
- Courses conducted via video conferencing may be recorded and shared for instructional purposes by the instructor.
- For current texts and materials, use the following link to access bookstore listings: https://www.panolacollegestore.com.
- For testing services, use the following link: https://www.panola.edu/student-services/studentsupport/academic-testing-center.
- If any student in this class has special classroom or testing needs because of a physical learning or emotional condition, please contact the ADA Student Coordinator in Support Services located in the Charles C. Matthews Student Center or go to https://www.panola.edu/studentservices/student-support/disability-support-services for more information.
- Withdrawing from a course is the student’s responsibility. Students who do not attend class and who do not withdraw will receive the grade earned for the course.
- Student Handbook: https://www.panola.edu/ (located on at the bottom under student)