Principles of Microeconomics

ECON 2302

Updated November 15, 2011

  • State Approval Code: 4506015125
  • 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 including the utilization of resources, analysis of value and prices, national income analysis, fiscal policies, monetary and banking theory and policy, distribution of income, labor problems, international economics and economic systems.  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 employ the appropriate methods, technologies, and data that social and behavioral scientists use to investigate the human condition.
  • 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 society.
  2. To provide the student with a firm grasp of the few basic principles and analytical tools he/she 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

After studying the material presented in the text and online, the student should be able to complete all behavioral/learning objectives listed below with a minimum competency of 70% on exams and quizzes.

1.     Be familiar with the interaction of supply and demand and their effect on market prices.

2.     Be able to illustrate supply and demand phenomena graphically.

3.     Be familiar with the factors that influence changes in demand.

4.     Be able to analyze production costs and demonstrate how they determine supply  decisions.

5.     Be familiar with the concept of price elasticity.

6.     Be able to explain the effect of competition on prices in a market economy.

7.     Be able to apply competitive models to various specific industries in the economy.

8.     Have an understanding of antitrust laws and their purposes.

9.     Be aware of the efforts of unions, management, and government toward influencing the labor resources of our economy.

General Description of Each Lecture or Discussion

Microeconomics is a survey course that includes price theory, cost analysis, various competitive market models, labor markets, and international trade.  Emphasis will be placed on how decisions of individual consumers and firms affect the entire economy.

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.

Individualized instruction (using the Internet) 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.  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 2302 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








Under 60


Text, Required Readings, Materials, and Supplies

  • Principles of MicroEconomics, by Fred M. Gottheil, Sixrth Edition, 2009, South-Western Cengage Leanring, ISBN 978-1-424-06872-2