100 Level Courses
ECON 101 Introductory Microeconomics
This course provides an introduction to microeconomic concepts and methodology. Students will learn about basic economic concepts such as scarcity and opportunity cost, and economic efficiency. The other central themes of the course include theories of supply and demand; the theory of production and costs, the functioning and the performance of competitive markets versus monopolies and oligopolies; labor markets and the markets for public goods.
ECON 102 Introductory Macroeconomics
This course, the second half of Introductory Economics, provides an introduction to macroeconomic concepts. The course examines pressing problems and issues in the Canadian economy and the world. Students will learn about alternate economic systems, national income accounting and the components of the national economy; the role of money in the economy inflation unemployment; international trade and trade policy; and the role of government in managing the economy. Prerequisite: ECON 101 recommended, but not required.
200 Level Courses
ECON 201 Intermediate Microeconomic Theory I
An introduction to the basic concepts of modern microeconomic theory, this course examines the demand-supply model, consumer theory, production theory, and the purely competitive model, using numerical examples and graphs as aids. Prerequisites: ECON 101, 102.
ECON 202 Intermediate Macroeconomics I
This is the first of two half-courses on intermediate macroeconomics. Students will examine the structure of, and behavior underlying, contemporary national economies with emphasis on the policies developed to gear them towards the public interest. This course focuses on the Keynesian and classical models of closed economy for explaining what determines national income, employment, unemployment, prices, inflation, and the interest rate. Prerequisites: ECON 101, 102.
ECON 211 Local and Community Development Economics
Beginning with theories of local and community economic development and welfare, this course provides and economic analysis of community needs and resources (human resources, capital nad natural resources, infrastructure). Students will examine interactions within the community and between the community and the outside world, exploring approaches to local and community economic development and planning. Cross-listed as DEVS 211. Prerequisites: ECON 101, 102.
ECON 241 Canadian Economic Policy and Problems
Covers policy issues and problems in the Canadian economy. Topics include: employment and unemployment; poverty and income distribution; productivity, education and the ‘brain drain’; health care and the social welfare safety net; trade and globalization; the environment and sustainable development; the primary sectors, regional disparity; and the new economy. Topics that reflect strong student interest and/or new issues may be added. Prerequisites: ECON 101, 102
ECON 242 International Economic Prospects and Challenges
This course covers policy issues and problems in the International economy. Topics include: standard international trade theory; barriers to trade (tariffs, quotas, and subsidies); exchange rate policy; immigration and emigration; trade wars; international monetary, economic and political unions; inequality and standards of living; income and purchasing power. Topics that reflect strong student interest and/or new issues may be added. Prerequisites: ECON 101, 102.
ECON 271 Quantitative Methods in Economics
Introduces students to mathematical methods used in undergraduate courses in economics and finance.Using an applied problem-based approach, students will cover topics such as multivariate functions, univariate and multivariate differential and integral calculus, linear algebra and financial mathematics. Prerequisite: ECON 101.
ECON 272 Economic Data Analysis
This course shows students how to locate, manipulate and analyze economic data. It initiates them to applied economic research and prepares them for a more rigorous analysis of economic data through the study of Econometrics. It covers economic, social, and financial data sources; software that is used to manipulate and interpret data; and econometric tools used to summarize and analyze these data. Prerequisites: ECON 101, 102; STAT 101. Three credits
ECON 281 Environmental Economics
As an introduction to the relationship between human economic activity and the environment, this course explores the economic concepts used to analyze the causes, consequences, and possible solutions to local and global environmental issues. Topics include: market failure; property rights; externalities; public goods; environmental valuations; environmental policies dealing with pollution and global issues such as global warming, ozone depletion, biodiversity, and sustainability. Prerequisite: ECON 101.
ECON 291 Economics of Leisure, Recreation & Sports
This course includes topics related to choices about the time individuals do not spend working. It deals with aspects of the economics of leisure and labour supply; the valuation of time; outdoor recreation; the economics of sports; the economics of dating and marriage; the economics of crime and the consumption of addictive goods; the economics of gambling and other addictive behaviour associated with the consumption of leisure, and the economics of the entertainment industry. Prerequisite: ECON 101.
300 Level Courses
ECON 301 Intermediate Microeconomic Theory II
An extension of ECON 201, this course covers price determination in monopoly, monopolistic competition, and oligopoly models. Uncertainty and risk, factor pricing, capital investment over time, externalities, and public goods are discussed. The use of micro-economics as a tool in decision-making is illustrated. Prerequisite: ECON 201.
ECON 302 Intermediate Macroeconomics II
This sequel to ECON 202 explores the new Keynesian and new classical perspectives on the macro economy. Attention is directed to the determinants of investment, consumption, money demand and supply as well as the role of expectations in macro behavior. Questions of unemployment, inflation, interest rates, the government budget, economic growth and macroeconomic policies are examined in their international setting. Prerequisite: ECON 202.
ECON 305 Economic Development I
Starting with an overview of the present state of the world, this course explores economic development strategies and prospects for the Third World. Topics include: the meaning of economic development: past and present theories of growth; alternate approaches to economic development (including the grassroots approach and sustainable development); the role of agriculture and industrialization; and issues pertaining to development planning, markets and the role of governments. Cross-listed as DEVS 305. Prerequisites: ECON 101, 102.
ECON 306 Economic Development II
This course covers economic development prospects and experience in the Third World. Topics include: income distribution; population and human resources (including education and health); urbanization, rural-urban migration and the informal economy; labor markets and unemployment; gender and development; savings, taxation and investment; foreign aid and MNCs; the debt problem and structural adjustment; trade and globalization; and the international economic order. Prerequisite: ECON 305. Cross-listed as DEVS 306.
ECON 312 Industrial Organization
This course deals with the behavior of firms in imperfectly competitive markets and with the role of competitions policies. Business practices such as price discrimination, product differentiation, advertising, and investment in research and development will be explained using both traditional models of industrial organization and more recent ones, which emphasize issues of strategic interaction. Real-life illustrations and numerical examples will be used to illustrate the different concepts presented. Prerequisites: ECON 201.
ECON 335 Money, Banking and Financial Markets I
This course uses basic economic principles to organize students' understanding of and thinking about money, the functions and structure of financial markets and financial institutions. Topics covered include: the nature, and the future of money; the determinants of interest rates; the term structure of interest rates; the pricing of government securities; what banks do and how their operations affect the economy. Credit will be granted for only one of ECON 335 or ECON 330. Prerequisites: ECON 101, 102.
ECON 336 Money, Banking and Financial Markets II
The course introduces students to the role of imperfect information in financial markets. Topic covered include: asymmetric information and its consequences; the necessity of regulations of financial institutions and the role of domestic regulators and policy makers; comparative analysis of financial system regulations; financial market instabilities and the conduct of monetary policy. The course helps students understand the causes of financial instability and crises, and what policy makers can do to alleviate or avoid them. Credit will be granted for only one of ECON 336 or ECON 330. Prerequisite: ECON 335, ECON 202 is recommended.
ECON 361 Human Resources and Labor Economics
This course analyzes the essential elements of the labour market: labour demand and labour supply, and their interaction to determine wages, employment and unemployment. Topics include fertility, education, wage disparities, income maintenance schemes, wage discrimination, the unemployment insurance program, unions and collective bargaining, and the distribution of wealth. Prerequisite: ECON 201.
ECON 364 Health Economics
The course introduces students to the role of economics in health, health care, and health policy. The course focuses on individual choice pertaining to health, and economic evaluation of various methods of health care delivery. Students will learn how the market for health care differs from other markets, especially with regards to uncertainty and asymmetric information, and understand health insurance markets and their interrelationship with the market for health care services, as well as the role of the government. Prerequisite ECON 201.
ECON 365 International Trade
Covers the theory of international trade and its policy implications, including: comparative advantage; gains from trade; terms of trade; trade and growth; trade and economic development; commercial policy (tariff and non-tariff barriers, effective protection, trade liberalization); economic integration (with emphasis of NAFTA and the EC); migration and trade in service; and intellectual property and rights. Prerequisite: ECON 201.
ECON 366 International Payments and Finance
Covers the theory and policy implications of international payments and finance. Topics include: the exchange rate and foreign exchange market; balance of payments problems and policies; fixed versus flexible exchange rate regimes and common currency areas; the Eurocurrency market; open economy macro-economics; international finance, financial liberalization and globalization; capital flows and multinational corporations; and the international monetary system. Prerequisites: ECON 201, 202.
ECON 371 Econometrics I
This course develops the simple and multiple classical regression models, interval estimation and hypothesis testing. The problems of estimation, inference, mis-specified structures, multicollinearity, heteroskedasticity and serial correlation are presented. Students will be exposed to STATA or other relevant econometric software. The course requires some proficiency in calculus and basic statistics. Prerequisites: MATH 107 or 127 or ECON 271; STAT 101 or 231 or permission of the instructor.
ECON 372 Econometrics II
This course is a continuation of ECON 371 and deals with various estimation methods, including least squares and maximum likelihood, specification tests, dynamic models and simultaneous equation models as well as limited and qualitative dependent variables. Students will be exposed to MATLAB or other matrix-based analytical software. Prerequisite: ECON 371
ECON 381 Natural Resource Economics
Examines the role of natural resource industries in the Canadian and world economies, including minerals, fossil fuels, forest resources, fisheries and endangered species, and water resources. The course introduces students to the use of economic tools in analyzing problems of renewable and nonrenewable resource management. Topics include: welfare and inter-temporal analysis of resource exploitation; ownership and property rights issues in resource use and management; the nature of resource markets; biodiversity conservation and sustainability. Prerequisites: ECON 201; MATH 106 or 126 recommended.
ECON 391 Public Finance I: Expenditures
An analysis of the role of government in the economy, focusing on expenditure and with emphasis on the Canadian situation. Starting with an introduction to the public sector, the course covers: the rationale for government participation in the economy; the growth of the public sector over time; the theory of collective decision-making; cost-benefit analysis; fiscal federalism; specific spending programs. Prerequisite: ECON 201.
ECON 392 Public Finance II: Taxation
An analysis of the role of government in the economy, focusing on revenue and emphasis on the Canadian situation. Starting with introduction to taxation and tax policy, the course covers: individual income taxes; corporation taxes; consumption; value-added and sales taxes; property and other taxes; tax reform; the revenue side of fiscal federalism; and the international dimensions of taxation and taxation policies. Prerequisite: ECON 201.
400 Level Courses
ECON 401 Advanced Microeconomics
An advanced treatment of micro-economic concepts and topics, such as consumer choice and demand analysis, production technology and cost, market structure and pricing, factor markets and shares, general equilibrium and economic welfare. Credit will be granted for only one of ECON 401 or ECON 412. Prerequisites: ECON 301; MATH 107 or 127 or ECON 271.
ECON 402 Advanced Macroeconomics
An advanced treatment of macroeconomic theory and how macroeconomic policy is conducted. The course offers deeper insights into economic growth processes, business cycles, international macroeconomics stabilization policies, and alternative approaches to build macroeconomic models. Students are introduced to the use of two-period models. Credit will be granted for only one of ECON 402 or ECON 411. Prerequisites: ECON 302; MATH 107 or 127 or ECON 271.
ECON 415 Introduction to Game Theory
Game theory is the mathematical analysis of strategic interactions between players, such as competing firms, nations at war, or between a job-seeker and employer. This course will sharpen your ability to think strategically, and to apply game theory with clarity and precision. Applications of game theory to the real world will be studied. Prerequisite: ECON 201.
ECON 471 Mathematical Economics
An introduction to mathematical reasoning in economics and business, this course covers; the methodology of operations research; profit and cost analysis; resource use and production decisions; input-output and macro-analysis; pricing and inventory decisions; capitalization of cash flows and growth; portfolio selection and investment. Prerequisites: MATH 107 or 127 or ECON 271.
ECON 493 Seminar
This is a capstone course designed to introduce students to current research issues in various fields of economics. Students will read and critically analyze significant historical or recent research papers, and to complete assignments related to these readings. They will also be exposed to the art of presenting research findings, as department faculty and visiting speakers will present some of their latest research. In the past, students have been exposed to topics such as: macroeconomic data revisions; economic impact of climate change; European financial integration; matching models; and the economics of the non-profit sector.
ECON 494 Thesis
Each student works under the supervision of a professor who guides the selection of a thesis topic, the use of resources, and the methodological component, and the quality of analysis. Restricted to honours students.
ECON 499 Directed Study
A directed study course in advanced topics in economics. See section 3.5. Students wishing to take this course must consult the department chair. Three credits