ECON 2302:
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the learning experience, the instructor may recommend to the Vice President of Instruction that the student be withdrawn from the course.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The student is responsible for seeing that he or she has been officially withdrawn from a class.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.
Communication Skills – to include effective development, interpretation, and expression of ideas through written, oral, and visual communication
Empirical and Quantitative Skills – to include the manipulation and analysis of numerical data or observable facts resulting in informed conclusions
Social Responsibility – to include intercultural competence, knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities
The purpose of this course is to provide an analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade 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.
- Summarize the law of diminishing marginal utility; describe the process of utility maximization.
- Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.
- Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.
- Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.
- Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.
- Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.
- Identify the benefits of free trade using the concept of comparative advantage.
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
- Definition, calculation, and determinants of price elasticity of demand
- Relationship between total revenue and price elasticity of demand
- Definition and calculation of income elasticity of demand
- Income elasticity differences for inferior vs. normal goods
- Definition and calculation of cross elasticity of demand
- Definition and calculation of price elasticity of supply
- Definitions of utility, total utility, marginal utility, and law of diminishing marginal utility
- Determination of a utility maximizing consumption bundle using the marginal utility-price approach
- Deriving a demand curve using the marginal utility-price approach
- Definition and characteristics of indifference curves
- Definition and characteristics of budget lines
- Determining the consumption utility maximizing consumption bundle using the indifference curve/budget line approach
- Deriving a demand curve using the indifference curve/budget line approach
- Definition of price ceiling and price floor
- Results of price ceiling when the price is above or below the equilibrium
- Results of price floor when the price is above or below the equilibrium
- Advantages and disadvantages of sole proprietorships, partnerships, and corporations
- Characteristics of common and preferred stock
- Characteristics of corporate bonds
- Definition, calculation, and graphical representation of total physical product, marginal physical product, fixed cost, average fixed cost, variable cost, average variable cost, total cost, average total cost, and marginal cost
- How do increasing marginal returns and decreasing marginal returns affect marginal physical product and total physical product
- Relationship between marginal physical product and marginal cost
- Relationship between marginal cost, average variable cost, and average total cost
- Reasons for Economies and Diseconomies of Scale
- Creation of long-run average total cost curve
- Reasons for economies and diseconomies of scale
- Determining profit maximization and loss minimization using total revenue and total cost
- Determining profit maximization and loss minimization using marginal revenue and marginal cost
- Relationship between price, average revenue, and marginal revenue
- Examination of operating decisions at five different price levels
- Characteristics of Perfect Competition market structure
- Characteristics of Monopoly market structure
- Characteristics of Monopolistic Competition market structure
- Characteristics of Oligopoly market structure
- 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 2302 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 2302 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
- Details on each quiz can be found on Canvas
Face to Face Tests:
- Tests will be given over the material covered in Canvas. For online students, tests will be completed at an approved testing center. Face-to-face students will take the test during class at a lab (details on which lab will be given during class). There will be a face-to-face mid-term and final. There will be very thorough reviews found in Canvas.
Brief Research Paper:
- There will be a brief research paper detailed in Canvas.
The grading scale for this course is as follows:
- Quizzes – 60%
- Face to Face Tests – 25%
- Brief Research Paper – 15%
- This course does not have a textbook; all resources will be provided by the instructor in Canvas.
- Notes, articles, and videos posted in Canvas.
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)