Jan 19, 2021
ECO 113 - Consumer Economics and Personal Finance 3 credit hours - Three hours weekly; one term.
This course meets the Social and Behavioral Sciences General Education Requirement.
Study economic theory as it applies to consumer decision making. Learn how to make practical choices regarding consumer saving, investing and budgeting. Gain knowledge in the use of credit, insurance, housing, career choice, retirement and estate planning.
Crosslisted: Also offered as BPA 113 ; credit will not be given for ECO 113 and also BPA 113 .
Upon successful completion of this course, students will be able to:
- Demonstrate an understanding of the law of diminishing marginal utility and how it relates to the law of demand. Research six mutual funds using dollar cost averaging and interpret the results of this comparison. Perform an analysis of the prospectus of a mutual fund.
- Demonstrate an understanding of the theory of consumer optimization as it applies to time. Determine short run/long run life goals and establish spending and saving/investment objectives to realize these goals.
- Demonstrate an understanding of the theory of equal marginal utilities/last dollar spent. Apply this theory as it relates to the tradeoffs of a consumer financial plan and budget.
- Demonstrate an understanding of the elasticity of supply of labor and the effect it has on career choice. Perform a career choice assessment based on a cost/benefit analysis of career values.
- Demonstrate an understanding of indifference curve theory and how it relates to the consumer’s demand for goods and services.
- Demonstrate an understanding of the ethics of participating in a free market; considering the rights, duties and responsibilities of both the consumer and the business person.
- Demonstrate an understanding of the theory behind the backward bending supply curve as it relates to the labor vs. leisure choice. Understand the benefits of being a responsible consumer in the global economy as well as the need to be a highly skilled worker with transferable work experience.
- Demonstrate an understanding of the theory of derived demand as it applies to labor as well as the theory of least cost combination of resources as it applies to a profit maximizing firm.
Core 1 Communication Core 3 Information Literacy Core 4 Personal Wellness Core 5 Self Management Core 7 Quantitative Reasoning Core 8 Social and Civic Responsibility Core 10 Innovative and Critical Thinking