ConSci 2910 - Consumer Problems & Perspectives
ConSci 2910 - Consumer Problems & Perspectives
ConSci 2910 - Consumer Problems & Perspectives
Slide 1 Welcome Consumer Sciences 2910 Consumer Problems & Perspectives Hybrid Section Please sign the attendance sheet 1 1 Open: https://carmen.osu.edu 1 CS 2910: Consumer Problems & Perspectives Instructor: Deborah M. Sharp Office hours: By appointment Student questions are answered via email, phone, or Zoom meetings E-mail:
[email protected] I also teach: CS CFFS 2990 (Professional Development) GenEd 1201 (GE Launch Seminar) 2 2 2 2 Topics Covered in CS 2910 Focus on market conditions that prevent consumers from making the best decisions possible Savings and Borrowing Education Housing Health Fraud Transportation 3 General Education Pebbles You will learn many ways to approach consumer problems. 4 Prentice-Hall, cr 2009 Course Materials No textbook Readings available on Carmen Canvas 5 5 5 5 Course Evaluation Weekly Reflections (11)*10% 40 points Weekly Activities (11)*30% 120 points Midterm Exam 30% 120 points Final Exam 30% 120 points TOTAL 400 points *Lowest score dropped 6 Carmen Canvas Tour CarmenCanvas (osu.edu) Practice Activity Please find a partner. Ask them – 1) Please tell me a little bit about yourself. You can share anything you wish. Some examples are your hometown, favorite hobby, how many siblings you have, sports you have played, etc. 2) Where would you go for your dream vacation and who would you take? What would you do? 8 Practice Activity Now, you and your partner…. Please join with another partner group so that your group grows to 4-5 people. Introduce your partner Share their name (ask again if you’ve forgotten) One fact about them Where they would go on vacation and why 9 Practice Activity With your current group, discuss – What has been your favorite class (high school or college) and why was it your favorite? What has motivated you in the past to participate in a class? Do you prefer hybrid classes or 100% online classes? Why? 10 Practice Activity To earn extra credit for this activity, please visit Canvas Click on the Modules tab Scroll down to Week 1 module Under Assignments header Click on Practice Activity (Extra Credit) 11 To Do This Week: Week 1 Module Before Next Class: Week 2 Module Make a plan – which days will you complete each of these items? Suggested Weekly Routine MondayTuesdayWednesdayThursday Friday Read through overview of the module. View module lecture. Complete module readings and videos.Complete module reflection.Attend in-person class and work on module activity. 5. Submit activity to Canvas. 14 End of Lecture Any questions? Study Guide for Midterm Exam in ConSci 2910 The time limit on each examination is 1 hours and 45 minutes. The examination window will close at 11:59 PM on Friday, regardless of the time at which the student began the examination. Once a student begins the examination, he/she must complete the examination. Only one attempt is allowed. It is suggested to take the examination during regular business hours in case of technical difficulties. If difficulties occur, it is recommended to contact Carmen Help (614-688-4357) or click on the HELP icon in the lower left corner of the screen, and "Report a Problem." There are 60 multiple choice questions on the examination. Each question is worth 2 points. The questions cover vocabulary, concepts, and application of material from lectures, assigned readings, and learning activities. Each question has four choices from which you select the best answer. Microeconomics (20 questions) · Definitions: opportunity cost, income effect, substitution effect, inelastic demand, elastic demand, equilibrium price, marginal utility, diminishing marginal utility · Main factors economists use to determine how consumers make a decision · Budget constraint graph – be able to understand what the numbers represent on the graph (y-axis, x-axis, slope of the line) · How to write a monthly budget constraint formula · Understand how budget constraint affects utility maximization · Basic understanding of how utility functions capture preferences · How to identify/calculate an optimal consumption bundle (Activity 2) · What producers try to maximize · What consumer try to maximize Consumer Problems (20 questions) · Understand the problem with public goods and potential solutions · Be able to identify examples of market failures: incomplete information, information asymmetry, moral hazard, negative externalities, positive externalities, abuse of market power, rent seeking · Why government failure sometimes occurs · What happens if the government does not intervene in the case of a positive externality? (slide 33, Consumer Problems I) Borrowing and Saving (10 questions) · Definitions: secured debt, unsecured debt, APR, loan term, amortized loan · Understand how interest rates are affected by demand increasing or decreasing · Components of a FICO score · Basic understanding of how to calculate simple interest and compound interest (slides 26 -29) · Rules of thumb based on percentage of debt payments (slide 64) · How to solve for a variable in an intertemporal budget constraint formula (Activity 5) Solutions to Consumer Problems (10 questions) · Understand the Price-Quality Model (slide 5) · Benefits of self-regulation and be able to identify examples of self-regulation organizations · Types of non-government organizations that help provide solutions to consumer problems (slide 12) · Be able to identify situations in which the government intervenes: negative externalities, positive externalities, imperfect information, bounded rationality, monopoly (slides 31-36) · Be able to identify examples of each of the following: information regulation, contract regulation, Pigouvian tax, Pigouvian subsidy, command and control regulation, private law, public law · Effects of asymmetric information in the payday loan market for borrowers (Activity 6)