Principles of Macroeconomics

ECON 2301

Updated May 22, 2012

  • State Approval Code: 45060185125
  • Semester Credit Hours: 3
  • Lecture Hours per Week: 3
  • Contact Hours per Semester: 48

Catalog Description

History, development, and application of microeconomic theory underlying the production, distribution, and exchange of goods and services.  The course focuses on the aggregate behavior of households, firms, and government.  Topics include gross domestic product, unemployment, inflation, national income analysis, fiscal policies, monetary and banking theory and policy, and international economics.  Attention given to the application of economic principles to economic problems.   Lecture hours = 3, Lab hours = 0

Course Curriculum

Basic Intellectual Compentencies in the Core Curriculum

  • Reading
  • Listening
  • Critical thinking

Perspectives in the Core Curriculum

  • Stimulate a capacity to discuss and reflect upon individual, political, economic, and social aspects of life in order to understand ways in which to be a responsible member of society.
  • Use logical reasoning in problem solving.

Core Components and Related Exemplary Educational Objectives


  • To apply arithmetic, algebraic, geometric, higher-order thinking, and statistical methods to modeling and solving real-world situations.
  • To represent and evaluate basic mathematical information verbally, numerically, graphically, and symbolically.
  • To interpret mathematical models such as formulas, graphs, tables and schematics, and draw inferences from them.

Social and Behavioral Sciences

  • To use and critique alternative explanatory systems or theories.
  • To analyze the effects of historical, social, political, economic, cultural, and global forces on the area under study.
  • To differentiate and analyze historical evidence (documentary and statistical) and differing points of view.
  • To analyze, critically assess, and develop creative solutions to public policy problems.
  • To recognize and assume one's responsibility as a citizen in a democratic society by learning to think for oneself, by engaging in public discourse, and by obtaining information through the news 4 media and other appropriate information sources about politics and public policy.

Instructional Goals and Purposes

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.

General Course Objectives

  1. To stimulate an awareness of and a continuing interest in major economic problems in a society.
  2. To provide the student with a firm grasp of the few basic principles and analytical tools he needs in order to think intelligently about economic problems.
  3. To teach the student the language and vocabulary of economics
  4. To help the student develop good methods in thinking about economic problems.
  5. To help train the student in thorough, exact reading and in careful, concise written and oral expression.

Specific Course Objectives

  1. Be familiar with economic terms and concepts necessary to address current economic problems.
  2. Be familiar with the two basic approaches used in administering economic policy in the U.S. (Monetary Policy and Fiscal Policy).
  3. Be familiar with reasonable goals that any economic system should strive for (growth, price stability, and employed resources).
  4. Have an understanding of the role of the Federal Reserve and the U.S. Banking System in the administration of monetary policy.
  5. Understand the role of Aggregate Demand in solving the basis problems of inflation and unemployment.
  6. Have a working knowledge of graphs and their use in constructing economic models.
  7. Develop an understanding of how the federal budget can be used as a tool to implement fiscal policy.
  8. Be able to interpret economic data pertaining to levels of output and incomes in the U.S. economy

General Description of Each Lecture or Discussion

Macroeconomics deals primarily with the broad national problems related to inflation and unemployment.  Monetary policy and the federal reserve system as well as fiscal policy and federal taxation and spending will be emphasized with respect to how the goals of growth and stability can be achieved.

Methods of Instruction/Course Format/Delivery

For the traditional 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 including a field trip.

Individualized instruction (using the Internet) 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 four-hour course in one semester.  Experience shows that only students of above-average motivation and self discipline normally complete such a course.  All course requirements in the online version of ECON 2301 must be completed by the end of the semester in which the student is enrolled.  The course instructor will determine course requirements.


Evaluation of students for grading purposes is done on the basis of attendance, exercises, and unit exams prepared by the instructor.  Your instructor determines the exact weights of each assessment category.

Course grades are based on the following scale:

90 and above                 A

80-89                            B

70-79                            C

60-69                            D

Under 60                       F

Text, Required Readings, Materials, and Supplies

  • Principles of MacroEconomics, by Fred M. Gottheil, Sixth Edition, 2009, Cengage, a part of the Cengage Learning, ISBN 978-1-424-06873-9