COURSE OUTLINE FOR ECON-1100 CONSUMER ECONOMICS

Transcription

1 New York City College of Technology Social Science Department COURSE CODE: ECON 1100 TITLE: Consumer Economics Class Hours: 3, Credits: 3 COURSE DESCRIPTION: Consumers play a central role in market economies. This course looks at that role by examining consumer purchasing decisions. Topics include owning vs. renting, borrowing, saving, investing, financing, credit cards, conspicuous consumption, advertising, and consumer law. While learning how to make informed purchasing decisions, students also gain an understanding of fundamental economic concepts. COURSE PREREQUISITE: None; Note: This course may not be taken for degree requirements by students in the AA and AS programs. RECOMMENDED TEXTBOOK and MATERIALS* Title: Consumer Economics: The Consumer in Our Society Edition: 15th Author: Mel J. Zelenak and Wendy Reiboldt Publisher: Holcomb Hathaway Publishers Materials: No additional materials required SAMPLE SEQUENCE OF TOPICS AND TIME ALLOCATIONS (number of hours)* I. The Nature and Scope of Economics 1.5 A. What is Economics About? 1. The economic world in which we live 2. The production and distribution of goods and services B. How the Economist Approaches Her Subject 1. The distinction between micro and macro Economics 2. Basic assumptions 3. Approaches 4. Methods 5. Theory C. The Economizing Problem II. Economic Growth and Welfare 1.5 ECON (Page 1 of 5)

2 A. The Economic System as a Set of Processes 1. The concept of the circular flow 2. The stages of economic activity 3. The purpose of economic activity B. The Goal of Economic Growth C. The Main Components of Growth 1. Population 2. Labor supply 3. Natural resources 4. Technology and capital formation III. Sectors of the Economy 2.0 A. Business Organization 1. Economic classification 2. Legal classification 3. Corporations in the United States B. Public Finances 1. The nature of government spending 2. Regulation C. Consumption 1. The importance of the consumption function 2. Factors in consumption D. Labor IV. Income and Occupation 3.0 A. The Distribution of Income on a Functional Basis B. The Distribution of Income by Occupations V. Expenditure and Budgeting 3.0 A. Consumption Within the Household Sector 1. Household consumption 2. Factors influencing spending patterns B. The Concept and Application of Budgeting 1. The budget as a financial tool 2. Types of budgets VI. Credit and Its Influence on Aggregate Demand 3.0 A. Consumer Credit and Aggregate Demand B. Short and Long Term Credit ECON (Page 2 of 5)

3 1. Credit cards 2. Installment contracts 3. Capital market 4. Money market VII. Borrowing, Investment Demand and Economic Growth 3.0 A. Money, Credit and Economic Growth 1. The sources of loans 2. Interest rates and their influence on investment demand B. The Marginal Efficiency of Investment and the Shifting of the Investment Demand Curve VIII. The Money Supply and the Banking System 3.0 A. The Types of Currency in Circulation in the United States B. The Banking System in the United States and the Role of Monetary Policy as a Tool of Economic Policy IX. Taxes as an Economic Tool 3.0 A. Progressive Income Tax at the Federal, State, and Local Levels B. Sales and Property Taxes at the State and Local Levels X. Modern Consumer Protection Legislation 3.0 The conclusion of the course will concentrate on discussion and analysis of various pieces of consumer protection legislation and the impact of this legislation. The question of improving the legislation itself, and its enforcement will be taken into consideration. ECON (Page 3 of 5)

4 COURSE INTENDED LEARNING OUTCOMES/ASSESSMENT METHODS LEARNING OUTCOMES 1 1. Demonstrate an understanding of the basic economic issue of scarcity. 2. Demonstrate an understanding of how markets allocate resources and outputs. 3. Demonstrate the ability to analyze information in consumer decision making. 4. Demonstrate an understanding of the role of the consumer in the economy. 5. Demonstrate an understanding of spending habits, budgeting and personal financial planning. 6. Demonstrate an understanding of personal banking, credit, and investment issues. 7. Demonstrate an understanding of the role government plays in consumer protection. 8. Demonstrate an understanding of taxes and the role they play in the economy. 9. Develop an appreciation of how consumer economic issues ASSESSMENT METHODS 1. Multiple choice question and/or short essay on graded exam 2. Essay on graded exam 3. Essay questions on homework affect their lives. 1 consistent with the National Standards for Teachers of Family and Consumer Sciences 4. Short essay on graded exam and essay on homework 5. Essay question or multiple choice question on graded exam 6. Essay question on graded exam and problem on homework 7. Essay question on graded exam and essay question on homework 8. Essay question on graded exam 9. Essay question on graded exam and essay on homework GENERAL EDUCATION LEARNING OUTCOMES/ASSESSMENT METHODS LEARNING OUTCOMES 1. KNOWLEDGE: Develop an introductory knowledge of economic methodology and concepts. 2. SKILLS: Develop and use the tools needed for communication, inquiry, analysis, and productive work. 3. INTEGRATION: Work productively within and across disciplines. 4. VALUES, ETHICS, AND RELATIONSHIPS: Understand and apply values, ethics, and diverse perspectives in personal, civic, and cultural/global domains. From: Important General Education Learning Goals (6/1/11) DRAFT ASSESSMENT METHODS 1. Multiple choice question and/or short essay on graded exam 2. Essay on graded exam and homework s 3. Essay questions on homework 4. Short essay on graded exam and essay on homework ECON (Page 4 of 5)

5 ASSIGNMENTS and other course requirements* Homework 1 Basic math and graphing exercise Homework 2 Preparation for Exam 1 Homework 3 Preparation for Exam 2 Homework 4 Preparation for the Final Exam METHOD OF GRADING elements and weight of factors determining the students grade* Homework 10% Exam 1 25% Exam 2 25% Final Exam 40% ACADEMIC INTEGRITY POLICY STATEMENT Students and all others who work with information, ideas, texts, images, music, inventions, and other intellectual property owe their audience and sources accuracy and honesty in using, crediting, and citing sources. As a community of intellectual and professional workers, the College recognizes its responsibility for providing instruction in information literacy and academic integrity, offering models of good practice, and responding vigilantly and appropriately to infractions of academic integrity. Accordingly, academic dishonesty is prohibited in The City University of New York and at New York City College of Technology and is punishable by penalties, including failing grades, suspension, and expulsion. The complete text of the College policy on Academic Integrity may be found in the catalog. COLLEGE POLICY ON ABSENCE/LATENESS A student may be absent without penalty for 10% of the number of scheduled class meetings during the semester as follows: Class Meets Allowable Absence** 1 time/week 2 classes 2 times/week 3 classes 3 times/week 4 classes **Each department and program may specify in writing a different attendance policy for courses with laboratory, clinical or field work. If the department does not have a written attendance policy concerning courses with laboratory, clinical or field work, the College policy shall govern. *guidelines from which instructors may select or adapt Reviewed/Revised by: Randall Hannum Date: February 2012 ECON (Page 5 of 5)