ECF3120 Consumer economics
Faculty of Business and Economics
ECF3120 Consumer economics is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 1 at Caulfield. It needs ECB2731, ECC2000, ECF2731 or ECW2731.
- Credit points
- 6
- Offered in 2023
- Semester 1
- Caulfield
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
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Requisites
Before ECF3120
Prerequisites
Pass these before you enrol.
After ECF3120
No unit lists ECF3120 as a prerequisite in the 2023 handbook.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Overview
This unit introduces economic principles underlying consumer choice and market demand; describing consumer preferences, indifference curves and budget constraints, with particular emphasis on the role of prices as conveyors of information. It introduces economic tools and concepts for the analyses of consumption choices over time, under uncertainty and/or with risk, and in markets with asymmetric information. Other topics include work-leisure choice, wage changes and the supply of labour, and the provision of public goods and environmental goods. An examination of observed economic and social outcomes from the point of view of various normative criteria completes the coverage.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
Assessment
- Within semester assessment50%
- Examination50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
understand economic models of household consumption which explain the allocation of resources over a variety of goods
- 2
understand the allocation of income between savings and consumption, and the allocation of expenditures over the life cycle
- 3
analyse data on household expenditure patterns
- 4
understand the role of government over consumer protection
- 5
analyse the role and impact of e-commerce on the way consumers choose in the marketplace.
Workload and teaching
- Tutorials12 hours
- Lectures24 hours
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Where it fits
ECF3120 is part of 1 area of study in the 2023 handbook.
Contacts
- Chief Examiners
- Associate Professor He-Ling Shi
Common questions
What are the prerequisites for ECF3120?
You need ECB2731, ECC2000, ECF2731 or ECW2731 before you enrol. Enrolment rules also apply.
When is ECF3120 offered?
In 2023, ECF3120 runs in Semester 1 at Caulfield.
How much work is ECF3120?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ECF3120 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.
Which majors and minors include ECF3120?
ECF3120 is part of Economics and business strategy.