CNST 200 - Consumer Economics
(Class Meets:  TR - 5:15 to 8:15 p.m.)
Room 114 Gore
Dr. James L. Morrison
office: 302 Alison West
831-8541
jlm@udel.edu
 
Click Here for DCIC Home Page
Click Here for Homepage of Dr. Morrison
 
 

Course Description

An analysis of the changing role of the consumer in society for perserving the essence of the free enterprise system with an emphasis upon health care, insurance, banking and financial planning;  Focuses upon the interplay of markets and their impact upon consumer welfare.

Objectives

The primary objective of this course is to inspire the undergraduate to assure that the great American experiment continues for all.  Having successfully completed this course, students should be able to:
  1. apply economic concepts critical to consumer success;
  2. organize arguments based on evidence;
  3. interpret consumer rights, responsibilities and remedies;
  4. promote an economic ideology when proposing a solution to a consumer problem;

Course Texts

Heilbroner, Robert & Thurow, Lester (1998). Economics Explained. (Simon & Schuster:  Touchstone Publishers, NY 10020)

Morrison, James L. (1997). The Healing of America: Welfare Reform in the Cyber Economy. (Ashgate Publishing, Brookfield, VT 05036)
 
 
 

 Evaluation Strategy

 
 
   Mid-Term  =  30 percent 
  Final           =  50 percent 
  Debates      =   20 percent
 
 
Note:  Students will be permitted to earn bonus points which may be
          added to both mid-term and final examination scores.  Please be on
          the lookout for them!

Note:  Students who attend all classes  (in entirety) can select to have 2 points
          added to their final course grade average. Up to 2 additional points
          may be added to final course grade for those who frequently
          participate in class discussions.

Note:  Students are permitted to be absent from one evening of classes.
          Absences beyond one evening will result in the implementation of
          a 5-point penalty for each additional absence to be deducted from
          final course grade. A 10-point penalty will be applied for those who
          leave the classroom during examinations (Midterm, Final, and Other)

    
 
 



 

Information About Your Class Instructor and Affiliations to Consumer Economics

 

Please click on one of the four 'hot buttons' below for important information about important affiliates to consumer economics.

 
 Dr. Morrison Dept. CNST DCCI ACCI
 
 
 
 
 



 
 
 
 

       It's not how many of these twenties you earn, it's how you . . . . . . . . . . (Finish the sentence and justify your statement).  Send your response by date given to you by Dr. Morrison by  e-mail.   (jlm@udel.edu)

 
 
 

Course Tips To Assist You In Advancing In Learning!

There are 5 important hot buttons below that should assist you in succeeding in this course. They provide important parameters that should guide you as you devise your evaluation strategy. Please use these links to enhance your study of consumer economics.
 
 
Course Agenda Economic Concepts Famous Images Favorite Links CPI 
 
 
    Please Be Conscientious About These Links!
 
 
 
 
 
 

   Course Agenda

       Date                       Topic

 Jan.   2        Review of Course Requirements
                    Introductions
                    What is the Consumer Interest?
                    The Consumer Movement?
                    Heilbroner/Thurow - 1 & 2

              4         How is the Economy Doing?
                         Heilbroner/Thurow - 3 & 4 & 5
                    Macroeconomics:  Protecting Consumer Interests From the Federal Level
                    Circular Flow of Economic Activity
                    Heilbroner/Thurow - 6 & 7 & 8
 
                      Macroeconomics:  How Does Money Work?
                         Heilbroner/Thurow - 9 & 10 &11
                    Microeconomics:  The American Experience
                    Heilbroner/Thurow - 12
                    Morrison - Choice Theory/Indifference Theory

             11       Foundation of Consumer Economics
                             Optimal Information
                             Sovereignty
                             Time Probability
                             Rationality
                    Heilbroner/Thurow - 13 & 14
                    Review for Mid-Term Examination

           16     Externalities - (Economic Concepts)
                                 Globalization (Interdependency)
                           Education (Investment in Human Capital)
                           Family Formation (Opportunity Costs)
                     Heilbroner/Thurow - 15 & 16 & 17
                     Bonus Papers Due (up to 10 points)
                     Mid-Term Exam (30 percent of Course Grade)

              18      Optimal Consumption Stream (Consumer Portfolio)
                    Matching Economic and Political Ideologies
                                            NeoClassical
                                     Managerial
                                     Reformist 
                           Ex. - Risk Sharing (Automobile Insurance)
                           Ex - Consumer System (Health Care)
                    Morrison:  Chapter 1 thru 3 (Healing of America)

           23     Achieving the American Dream/Avoiding the Bandits
                    Optimal Consumer Stream  (Instructor Notes)
                    Lifeline Banking - Financial Services
                    Present Value Tables (Compounding/Discounting)
                    Risk Sharing (Life Insurance)
                    Morrison:  Chapters 4 thru 6 (Healing of America)
                              
           25     Mega Project (5-Step Problem-Solving Strategy)
                                  Reinventing the Neighborhood
                   Morrison:  Chapters 7 thru 8 (Healing of America)
 

           30     Mega Project (5 -Step Problem-Solving Strategy)
                                       A New Compassion
                    Morrison: Chapter 9 thru 10 (Healing of America)
 

    Feb.   1     Oral Class Debates (20 percent of Grade)
                    Challenge of Economic Perspectives (Princeton Model)
                    Review for Final Examination

                 3    Final Examination (50 percent of Grade)
                    Bonus Papers Due (up to 10 points on Final Exam Score)      
 
 
 
 
 
 
 
 
 
 
 
 
 
 

                           



 
 

                                                              
 

 
 
 
 
 

 
 
 
 

Study the twenty dollar bill carefully.  It changes in value almost every day! Please click here sample index copy of the Consumer Price Index (CPI) and please print it out for class tomorrow. Scroll down the sample CPI to 1995 and print it out for class. The CPI tells us much about the value of the dollar. Be prepared to discuss how so!
 
 
 
 

 
 
 
 
 
 

 

 

 
 
 
 

Economic Concepts

This course focuses upon how some important consumer economic concepts impact upon the ability of consumers to enhance their personal welfare. These concepts are grouped into 4 categories. Click on any of the 'hot buttons' below to gain some insight as to why these concepts are so important to us!

 
Choice Theory Externalities Consumerism Market Sectors
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
The Consumer Price Index
 
 
 
 
Study the dollar bill just once more.   The Consumer Price Index (CPI) is very important to the success of the American Dollar Bill.  Can you identify at least 5 frequently asked questions about the CPI that you as a consumer should know?  Click here
 
Consumer Price Index
 
to obtain these questions.  Then, send your brief answers to each of these 5 frequently asked questions  to Dr. Morrison.
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 

 
 
 
 
 
 

My Favorite Links

 
 
 
 
Consumption Complaint Handling Investing Resources Explore the Web
 
 
 
 
 
 
 These Hyperlinks are Dynamite!
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Key Concepts to Study:

Choice Theory

 
Marginal Utility (Marshal)
 
Indifference Theory (Hicks and Allen)
 
Product Character Traits (Lancaster)
 
 Family Household Theory (Becker)
 
 Time Management (Peskin)
 
 
 
 
 
 
 
 
 
 
 
 

Externalities

 
Opportunity Costs
 
 Investment in Human Capital
 
 Interdependency
 
 Indexing
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 

Consumerism

 
Consumer Economics
 
 Price-Quality Conflict
 
 Consumer Rights
 
     Consumer Movement
 
 
 
 
 
 
 
 
 
 

 

Market Sectors

 
Consumer System
 
 Risk Sharing
 
 Optimal Consumption Stream
 
 Lifeline Banking
 
 Decision-Matrix Analysis