2003-2004 Undergraduate Calendar-Economics

Last updated: October 28, 2003 @ 11:28AM

Economics

Chair
Athony Ward

Professors Emeriti
Maurice F. Perkins, Gabriel Temkin

Professors
Robert W. Dimand, Mohammed H. Dore, Diane P. Dupont, Zisimos Koustas, Joseph Kushner, Felice F. Martinello, Isidore J. Masse (on leave), Steven J. Renzetti, Roberta E. Robb, Lewis A. Soroka

Associate Professors
David R. F. Love, William Veloce, Anthony J. Ward

Assistant Professors
Hasan Imam, Jean-François Lamarche

General Information

Administrative Assistant
Karen Phillips

905-688-5550, extension 3325
Taro Hall 465
http://www.brocku.ca/economics/

Economics studies how scarce resources are allocated to produce goods and services and the distribution of those goods and services across individuals and different groups in society. The basic theoretical framework is divided into two parts: microeconomic theory, where the focus is on the determination of prices and the allocation of scarce resources among competing uses; and macroeconomic theory, where the focus is on the levels of utilization of resources, especially the levels of employment, unemployment and inflation. The theoretical tools are applied to issues in the labour market, industrial organization, international trade, economic development, urban studies, taxation and government expenditure. The analysis yields insights and predictions that are used to develop public policy on a wide range of issues.

The Pass program provides students with an opportunity for a more intensive examination of issues in the field and prepares students for graduate studies in economics.

The Economics Co-op program combines academic and work terms over a period of four and one-half academic years. Students spend two years in an academic setting studying the functional areas of economics prior to taking the first work placement. In addition to the current fees for courses in academic study terms, students are assessed an annual administrative fee (see the Schedule of Fees).

Students admitted to the Economics Co-op program must follow the Co-op program schedule. Failure to adhere to the schedule may result in removal from the Economics Co-op program. Eligibility to continue in the Economics Co-op program is based on the student's major and non-major averages. A student with a minimum 70 percent major average and a minimum 60 percent non-major average may continue. A student with a major average lower than 70 percent will not be permitted to continue in the Economics Co-op program, but may continue in the non-co-op Economics stream. If a student subsequently raises his/her major average to 70 percent, the student may be readmitted only if approved by the Co-op Admissions Committee. For further information, see the Co-op Programs section of the Calendar, and contact the Department of Economics.

The Economics Co-op program designation will be awarded to those students who have honours standing and who have successfully completed a minimum of twelve months of Co-op work experience.

Mathematics is an important analytical tool for economists. All students, but especially those intending to pursue graduate studies, are encouraged to take additional MATH courses. Students should consult the department regarding appropriate choices. (MATH 1P01 satisfies the MATH 1P97 prerequisite that is specified for some ECON courses.)

Computer literacy is required for some Economics courses. Students who are not computer literate should take COSC 1P95 or 1P96, or both, as elective credits.

Program Notes

ECON 1P91 and 1P92 may be taken concurrently or in either order.
In all 20 credit degree programs, at least 12 credits must be numbered 2(alpha)00 or above, six of which must be numbered 2(alpha)90 or above and of these, three must be numbered 3(alpha)90 or above. In all 15 credit degree programs, at least seven credits must be numbered 2(alpha)00 or above, three of which must be numbered 2(alpha)90 or above.

Honours Program

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Science context credit
·	one elective credit

Year 2

·	ECON 2P21, 2P22, 2P90 and 2P92
·	one ECON credit
·	two elective credits

Year 3

·	ECON 3P21, 3P22, 3P90 and 3P91
·	one-half ECON credit
·	one-half ECON credit numbered 2(alpha)90 or above
·	two elective credits

Year 4

·	ECON 4P13 and 4P14
·	one ECON credit numbered 3(alpha)90 or above
·	one and one-half ECON credits numbered 2(alpha)90 or above
·	one and one-half elective credits

Economics Co-op (Honours only)

Year 1

·	ECON 1P91 and 1P92
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Science context credit
·	one elective credit

Year 2

·	ECON 0N90, 2P21, 2P22, 2P90 and 2P92
·	one ECON credit
·	two elective credits

Year 3
Fall Term:

·	ECON 3P21, 3P22, 3P90 and 3P91
·	one-half elective credit

Winter Term:

ECON 0N01

Spring/Summer Terms:

·	one-half ECON credit
·	one-half ECON credit numbered 2(alpha)90 or above
·	one and one-half elective credits

Year 4
Fall Term:

ECON 0N02

Winter Term:

·	ECON 4P13 and 4P14
·	one-half ECON credit numbered 2(alpha)90 or above
·	one-half ECON credit numbered 3(alpha)90 or above
·	one-half elective credit

Spring/Summer Terms:

ECON 0N03

Year 5
Fall Term:

·	one ECON credit numbered 2(alpha)90 or above
·	one-half ECON credit numbered 3(alpha)90 or above
·	one elective credit

International Political Economy (Honours only)

Consult International Political Economy entry for a listing of program requirements.

Pass Program

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Science context credit
·	one elective credit

Year 2

·	ECON 2P21, 2P22 2P90 and 2P92
·	one ECON credit
·	two elective credits

Year 3

·	ECON 3P21 and 3P22
·	one and one-half ECON credits numbered 2(alpha)90 or above
·	one ECON credit
·	one and one-half elective credits

Combined Major Programs

Students may take Economics as part of a combined major. Students should consult the department about other possible programs.

Economics and Business (Honours only)

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	ACTG 1P91 and 2P12
·	MGMT 1P93 and 1P96
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit or one Science context credit

Year 2

·	ECON 2P21 or 2P23
·	ECON 2P22, 2P90 and 2P91
·	FNCE 2P91
·	MKTG 2P91
·	OBHR 2P91
·	one-half ECON credit
·	the Humanities context credit or Science context credit not taken in Year 1

Year 3

·	ECON 3P21, 3P22, 3P90 and 3P91
·	ACTG 2P40
·	FNCE 3P93
·	MKTG 3P24
·	OPER 2P91
·	one elective credit

Year 4

·	ECON 4P13 and 4P14
·	MGMT 3P80 and 3P82
·	one and one-half ECON credits numbered 2(alpha)90 or above
·	one-half ACTG, ENTR, FNCE, MGMT, MKTG, OBHR or OPER credit numbered 3(alpha)90 or above
·	one elective credit

Economics and Computer Science
(Honours only)
Consult the Computer Science entry for a listing of program requirements.

Economics and Geography

Honours

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	GEOG 1F90
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Science context credit

Year 2

·	ECON 2P21, 2P22 and 2P90
·	GEOG 2P10
·	one and one-half credits from GEOG 2P02, 2P03, 2P06, 2P07
·	one-half ECON credit
·	one elective credit

Year 3

·	ECON 3P21, 3P22, 3P90 and 3P91
·	GEOG 3P57
·	one and one-half GEOG credits numbered 2(alpha)90 to 3(alpha)99 from group A or C (see Geography department calendar entry)
·	one elective credit

Year 4

·	ECON 4P13 and 4P14
·	GEOG 4F99
·	one GEOG credit numbered 3(alpha)90 or above from group A or C (see Geography department calendar entry)
·	one ECON credit numbered 2(alpha)90 or above
·	one elective credit

Pass

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	GEOG 1F90
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Science context credit

Year 2

·	ECON 2P21, 2P22, and 2P90
·	GEOG 2P10
·	one and one-half credits from GEOG 2P02, 2P03, 2P06, 2P07
·	one-half ECON credit
·	one elective credit

Year 3

·	ECON 3P21 and 3P22
·	GEOG 3P57
·	one ECON credit numbered 2(alpha)90 or above
·	one and one-half GEOG credits numbered 2(alpha)90 to 3(alpha)99 from group A or C (see Geography department calendar entry)
·	one elective credit

Economics and Labour Studies

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	LABR 1P91 and 1P92
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
·	one Humanities context credit or one Science context credit

Year 2

·	ECON 2P21, 2P22 and 2P90
·	LABR 2F00 and 2P15
·	one-half ECON credit
·	one-half LABR credit
·	the Humanities context credit or Science context credit not taken in year 1

Year 3

·	ECON 3P21, 3P22, 3P90 and 3P91
·	LABR 3F00, 3P24 and 3P25
·	one elective credit

Year 4

·	ECON 4P13 and 4P14
·	LABR 4F90 or 4F91
·	LABR 4P91
·	one half LABR credit
·	one ECON credit 2(alpha)90 or above
·	one elective credit (see program note 2)

Pass

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	LABR 1P91 and 1P92
·	MATH 1P01 or 1P97
·	MATH 1P98
·	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
·	one Humanities context credit or one Science context credit

Year 2

·	ECON 2P21, 2P22 and 2P90
·	LABR 2F00 and 2P15
·	one-half ECON credit
·	one-half LABR credit
·	the Humanities context credit or Science context credit not taken in year 1

Year 3

·	ECON 3P21 and 3P22
·	LABR 3F00, 3P24 and 3P25
·	one ECON credit numbered 2(alpha)90 or above
·	one elective credit

Economics and Mathematics (Honours only)

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	MATH 1P01, 1P02, 1P12 and 1P40
·	one Humanities context credit
·	one Science context credit

Year 2

·	ECON 2P21 and 2P22
·	one ECON credit
·	MATH 2P03, 2P72, 2P81 and 2P82
·	one-half MATH credit
·	one-half elective credit

Year 3

·	ECON 3P21, 3P22 and 3P90
·	MATH 2F40, 3P81 and 3P82
·	one-half ECON credit numbered 2(alpha)90 or above
·	one elective credit

Year 4

·	ECON 4P13 and 4P14
·	MATH 3P72, 3P73, 4P81 and 4P82
·	one ECON credit numbered 3(alpha)90 or above
·	one elective credit

Course Descriptions

Note that not all courses are offered in every session. Refer to the applicable term timetable for details.

Prerequisites and Restrictions

Students must check to ensure that prerequisites are met. Students may be deregistered, at the request of the instructor, from any course for which prerequisites and/or restrictions have not been met.
ECON 1P91
Principles of Microeconomics
Introduction to microeconomics. Topics include nature of economics, price system, demand, production and cost, markets and pricing, factor pricing and distribution of income.
Lectures, tutorial, 4 hours per week.
Note: may be taken concurrently with, before or after ECON 1P92.

ECON 1P92
Principles of Macroeconomics
Introduction to macroeconomics. Topics include nature of economics, determination and control of national income, money, banking and monetary policy, macroeconomic policy and balance of payments.
Lectures, tutorial, 4 hours per week.
Note: may be taken concurrently with, before or after ECON 1P91.

ECON 2P09
Canadian Economic History
Growth and change in Canadian economy, from earliest European contact to the 20th century. Theories of growth, and of technical, institutional and demographic change. Topics include early fish, fur and timber trades, agriculture, the development of the West and the National Policy.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2P10
United States Economic History
United States economic development from the colonial era to the late 20th century. Topics include the effect of British mercantilist policy on the colonial economy, westward expansion, financial development under central and free banking, comparison of Northern and Southern agriculture, slavery and emancipation, industrialization and industrial organization, transportation, impact of wars, the changing role of women and the interaction of government and market.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2P11
European Economic History
The commercial expansion of Europe in the 16th century, the 17th-century depression and the Industrial and Agricultural revolutions of the late 18th and the 19th centuries. Technical progress, capital accumulation, growth of demand and new forms of economic organization as sources of economic change. The spread of industrialization between countries, the role of Europe in the world economy and the changing economic role of the state.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2P15
The Economics of Unions
(also offered as LABR 2P15)
Labour unions in the marketplace. How unions affect, and are affected by, the labour and product markets. Topics include the effects of unions on wages, fringe benefits, turnover, inequality, productivity and the profitability of firms; union behaviour; who belongs to unions and why; collective bargaining; strikes; interest arbitration; public-sector unionism.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2P17
Economic Development
The economic factors affecting the growth of developing countries. Topics include growth models, inequality and poverty, education, urbanization, agriculture, international trade and the historical emergence of today's underdeveloped nations.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2P21
Intermediate Microeconomics I
Topics include the theory of the consumer and producer, willingness to pay, index numbers, the structure of a perfectly competitive industry and an introduction to imperfectly competitive markets. Applications are emphasized.
Lectures, tutorial, 4 hours per week.
Prerequisite: ECON 1P91.
Note: MATH 1P97 is strongly recommended.
Completion of this course will replace previous assigned grade in ECON 2P23.

ECON 2P22
Intermediate Macroeconomics I
Main determinants of aggregate output and national income in an open economy. Topics include money and interest, effects of fiscal and monetary policies, and trade and capital flows under different exchange rate regimes.
Lectures, tutorial, 4 hours per week.
Prerequisite: ECON 1P92.

ECON 2P23
Managerial Economics
Application of microeconomic concepts to business decision making. Topics include sales taxes and subsidies, consumer theory, production theory and various market structures such as discriminating monopoly, oligopoly and dominant firms.
Lectures, tutorial, 4 hours per week.
Restriction: not open to ECON (single or combined) majors.
Prerequisite: ECON 1P91.
Note: this course is primarily designed for students in the Business Administration program. MATH 1P97 is strongly recommended.
Completion of this course will replace previous assigned grade in ECON 2P21.

ECON 2P28
Economics of the Environment
(also offered as ENVI 2P28)
Environmental problems and natural resource management. Real world applications and case studies including sustainable development, pollution, taxes, the crisis in Canada's commercial fisheries and valuing improvements to environmental quality.
Lectures, 3 hours per week.
Restriction: open to students with a minimum of 4.0 overall credits.

ECON 2P41
Economics of Tourism and Leisure Activities
(also offered as RECL 2P41 and TOUR 2P41)
Introduction to the economic analysis of the tourism industry. Determinants of the demand and supply for tourism and recreation; impact of tourism, recreation and leisure on regional and national economies. Topics may include ecotourism and the impact of government policies on tourism and recreation.
Lectures, 3 hours per week.
Restriction: open to students with a minimum of 4.0 credits. Not open to ECON (single or combined) majors, BBE or ENEC students.

ECON 2P42
Economics of Professional Sport
Economics of professional sport industries. Topics include the cost and market structures of professional sport, the economics of stadiums and arenas, and the economic impact of professional sport teams on a local economy.
Lectures, 3 hours per week.
Prerequisite: ECON 1P91.

ECON 2P86
Women in the Economy
(also offered as CANA 2P86, LABR 2P86, SOCI 2P86 and WISE 2P86)
Women in the Canadian labour market. Topics include allocation of time between the household and labour market, gender segregation in the work place, how earnings are determined, causes of occupational and earnings difference by gender, role of investment in education and discrimination, recent developments in the labour market and their impact on women and men, and selected policy issues.
Lectures, 3 hours per week.
Restriction: students must have a minimum of 4.0 overall credits.

ECON 2P90
Introduction to Econometrics
Probability, random variables and density functions; correlation analysis; estimation and hypothesis testing in the classical linear regression model. Practical applications to different areas of economics and business.
Lectures, lab, 4.5 hours per week.
Restriction: not open to MATH (single or combined) majors.
Prerequisites: ECON 1P91 and 1P92; MATH 1F92 or 1P98.

ECON 2P91
Decision Analysis
Linear programming, decision trees using Bayes theoreom, expected value under uncertainty. Multiple regression analysis with applications to forecasting and business decisions. Dynamic programming simulation.
Lectures, lab, 4.5 hours per week.
Restriction: not open to ECON (single or combined), BBE, ENEC and INPE majors.
Prerequisites: ECON 1P91, 1P92, MATH 1P97 and 1P98.
Note: combined Economics and Business majors may register. Contact the Department.

ECON 2P92
Research Methods in Economics
Locating economic data and published research, planning the project and defining a hypothesis, reasoning and argument in economics, uses and abuses of theory and quantitative methods, selection of appropriate methods, presentation of the findings.
Lectures, seminar, lab, 4 hours per week.
Restriction: open to ECON (single or combined), BBE and ENEC majors.
Prerequisites: ECON 2P21, 2P22 and 2P90.

ECON 2P94
Canadian Economic Issues
(also offered as LABR 2P94)
Canadian economic and business problems and policies. Topics may include stabilization, competition, taxation, foreign trade and exchange rate policies.
Lectures, 3 hours per week.
Prerequisites: ECON 1P91 and 1P92.

ECON 2V60-2V69
Topics in Canadian Economic Policy
Study of a particular area or theme in Canadian economic policy.

ECON 3P01
History of Economic Thought I
Development of economic analysis to 1870, including mercantilism, the classical school of political economy and Marx.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P02
History of Economic Thought II
The development of economic analysis since 1870, including marginalism, Keynes and the founders of modern economies.
Lectures, 3 hours per week.
Prerequisites: ECON 1P92; ECON 2P21 or 2P23.
Note: ECON 3P01 is recommended.

ECON 3P03
Money and Banking I
Financial markets, understanding interest rates, portfolio choice, the capital asset pricing model, the behaviour of interest rates, the risk and term structure of interest rates, the foreign exchange market. Economic analysis of banking structure, the banking firm and the management of financial institutions.
Lectures, 3 hours per week.
Prerequisites: ECON 2P21 or 2P23; ECON 2P22.

ECON 3P04
Money and Banking II
Financial derivatives and risk management. Central banking and the conduct of monetary policy, the demand for money, the transmission mechanisms of monetary policy, money and inflation, theory of rational expectations and efficient capital markets.
Lectures, 3 hours per week.
Prerequisites: ECON 2P21 or 2P23; ECON 2P22.
Note: ECON 3P03 is recommended.

ECON 3P06
Industrial Organization I
Markets and the economic environment affecting strategic pricing and non-pricing behaviour of firms. Topics include the determinants of market structure, oligopoly pricing including game theory, predatory pricing, resale price maintenance, limit pricing, price fixing, advertising and research and development.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P07
Comparative Economic Systems I
Alternative economic systems, including centrally directed economies. Emphasis on planning as a substitute for markets.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P08
Comparative Economic Systems II
Changing economic systems: globalization and economic integration (NAFTA, the European Union); the transition from plan to market in Central and Eastern Europe, the former Soviet Union, and China; the Japanese economy.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.
Note: ECON 3P07 is recommended.

ECON 3P13
Enterprise
Economic theory of and public policy towards the multinational enterprise. Topics include theories of foreign direct investment, macroeconomic and microeconomic effects of direct investment in host countries, home country issues, industry studies, public policy towards multinationals.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P14
Public Sector Economics: Expenditure
The role and nature of the government sector; economics of public expenditure with reference to equity and efficiency considerations; techniques of public expenditure analysis; intergovernmental fiscal relations and economics of public debt.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P15
Public Sector Economics: Taxation
An introduction to the theory of taxation; economic consequences of federal and provincial taxes; theory of optimum taxation; analysis of Canadian tax system.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P16
Industrial Organization II
The evolution of competition policy in Canada and the application of the present Competition Act to affect market structure, market conduct and market performance. Other policy approaches such as public regulation and public ownership.
Lectures, 3 hours per week.
Prerequisite: ECON 3P06.

ECON 3P18
Urban Economics
Theories of location, city formation and urban spatial structure. Topics include housing, transportation, poverty, financing of municipal governments and the economics of city size. Social welfare implications of problems and policies.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P19
Regional Economics
Theories of regional income determination; classical and other theories of regional growth; regional business cycles. Canadian regional disparities and nature of "Canadian Economic Union." Regional development policies in Canada, the UK and France.
Lectures, 3 hours per week.
Prerequisite: ECON 2P22.

ECON 3P21
Intermediate Microeconomics II
Topics may include models of market structure such as monopoly, duopoly, oligopoly and monopolistic competition; demand and supply of factors of production under perfect and imperfect markets. Introduction to the general equilibrium model and welfare theory emphasizing applications.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.
Completion of this course will replace previous assigned grade in ECON 2P31.

ECON 3P22
Intermediate Macroeconomics II
Extension of the macroeconomic model to include the price level. Study of aggregate demand and aggregate supply. Topics include money demand and supply, inflation, unemployment, and the effectiveness of monetary and fiscal policy in an open economy.
Lectures, 3 hours per week.
Prerequisite: ECON 2P22.
Completion of this course will replace previous assigned grade in ECON 2P32.

ECON 3P24
Labour Economics
(also offered as LABR 3P24)
The economics of the labour market. Topics include the demand for labour, the supply of labour and investment in human capital. Policy applications.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P25
Topics in Labour Economics
(also offered as LABR 3P25)
Topics vary from year to year and may include unemployment, and the impact of unemployment insurance in the labour market, discrimination in the labour market, labour migration and the economic impact of immigration, economics of the family, the distribution of income and wealth in Canada, the economic impact of unions on wages and non-wage outcomes, issues in retirement and pensions.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P27
Economics of Natural Resources
Economic analysis of the extraction of non-renewable resources (such as oil or minerals) and the harvest of renewable resources (such as water, fish or forests). Development of socially optimal extraction or harvesting rules. Examination of recent government resource policies.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P28
Environmental Economics
Economic analysis of environmental degradation. The theory of externalities applied to environmental policy design for air, water, soil and toxic pollutants. International and distributional impacts.
Lectures, 3 hours per week.
Prerequisite: ECON 2P21 or 2P23.

ECON 3P73
Game Theory
(also offered as MATH 3P73)
Applications of modelling; review of elementary decision theory and subjective probability theory; game theory (Nash equilibrium; two player NZS games; Nash cooperative solution); Shapley value; voting power, selected cases from economics and other applications.
Lectures, 3 hours per week; lab/tutorial, 1 hour per week.
Prerequisite: one of ECON 3P91, MATH 2P60, 2P72 or permission of the instructor.
Completion of this course will replace previous assigned grade in ECON (MATH) 4P59.

ECON 3P90
Econometrics
The regression model in applied economics. The classical model and its extensions such as auto correlation and heteroscedasticity. Model specification and introduction to dynamic models. Theory and application of the regression model including a variety of practical examples.
Lectures, lab, 4 hours per week.
Prerequisites: ECON 2P21 or 2P23; ECON 2P22; ECON 2P90 or MATH 2P81 and 2P82; MATH 1P01 or 1P97 or permission of the instructor.

ECON 3P91
Mathematical Economics I
Application of quantitative techniques to economic theory and business problems. Quantitative techniques include matrix algebra, differential calculus, multivariate optimization without constraints and constrained optimization. Applications include the Leontief input-output model, the matrix representation of the classical least squares model in econometrics, profit and utility maximization, cost minimization, derivation of fiscal and monetary multipliers of nonlinear macroeconomic models, comparative statistics and efficiency wages.
Lectures, 3 hours per week.
Restriction: not open to MATH (single or combined) majors or general studies students.
Prerequisites: ECON 2P21 or 2P23; ECON 2P22; MATH 1P01or 1P97.

ECON 3P92
Forecasting in Economics
Forecasting methods in business and economics such as time series extrapolative methods, Box-Jenkins and econometric model-based approaches. Combined forecasting methods and evaluation of forecasts. Practical applications in business and economics.
Lectures, lab, 4 hours per week.
Prerequisites: ECON 2P90 and MATH 2P81.

ECON 3P93
International Trade
The pure theory of international trade and commercial policy. Topics include the gains from trade, specialization, determinants of trade flows and impacts of tariffs and quotas.
Lectures, 3 hours per week.
Prerequisite: ECON 3P21 (2P31).

ECON 3P94
International Payments
Adjustment in the balance of payments and the role of international monetary institutions. International capital flows, interest rate arbitrage and exchange rates. International asset portfolio diversification.
Lectures, 3 hours per week.
Prerequisites: ECON 2P21 or 2P23; ECON 3P22 ( 2P32).

ECON 3P95
Topics in Applied Econometrics
Topics may include time series econometrics, simultaneous equation model, unit root problem, trend modelling in economic time series, co-integration, Granger causality testing, vector auto regressions and dummy dependent variable models.
Lectures, lab, 4 hours per week.
Prerequisites: ECON 3P90 and 3P91.

ECON 3P96
Economic Growth and Business Cycles
Characteristics of business cycles. Theories attempting to explain the cyclical fluctuation of total output, employment and inflation. Criteria for judging the validity of business cycle theories in explaining actual fluctuations.
Lectures, 3 hours per week.
Prerequisites: ECON 2P22 and 2P90.

ECON 3P97
Cost-Benefit Analysis
Analysis of welfare economics and its application to project evaluation. Emphasis on measurement of non-market activities such as benefits from environmental improvements and valuation of unemployed resources.
Lectures, 3 hours per week.
Prerequisite: ECON 3P21 (2P31).

ECON 3P99
Mathematical Economics II
The application of quantitative techniques to economic theory and business problems. Quantitative techniques include optimization with inequality constraints, the envelope theorem, game theory, difference and differential equations. Applications include labour-leisure choice, duality, sequential bargaining models, macroeconomic rational expectations models and economic growth models.
Lectures, 3 hours per week.
Prerequisite: ECON 3P91.

ECON 3V60-3V69
Field Courses in Economics
Application of economic analysis to special topics.

ECON 4F90
Honours Essay
Program of reading and research under the supervision of a Faculty member.
Restriction: open to ECON (single or combined) majors with approval to year 4 (honours).
Note: for more information students should consult the ECON 4F90 co-ordinator.

ECON 4P13
Advanced Macroeconomics
Advanced macro theory supplemented with readings and discussions of recent literature.
Lectures, 3 hours per week.
Prerequisites: ECON 3P22 (2P32) and 3P91 or permission of the instructor.

ECON 4P14
Advanced Microeconomics
Advanced micro theory. Topics may include theory of consumer behaviour, theory of the firm, imperfect competition, general equilibrium and welfare economics, behaviour under uncertainty, risk and asymmetric information.
Lectures, 3 hours per week.
Prerequisites: ECON 3P21 (2P31) and 3P91 or permission of the instructor.

CO-OP COURSES
ECON 0N01
Work Placement I
First co-op work placement (4 months) with an approved employer.
Restriction: open to BBE and ECON Co-op students.

ECON 0N02
Work Placement II
Second co-op work placement (4 months) with an approved employer.
Restriction: open to BBE and ECON Co-op students.

ECON 0N03
Work Placement III
Third co-op work placement (4 months) with an approved employer.
Restriction: open to BBE and ECON Co-op students.

ECON 0N90
Co-op Training and Development
Framework for the development of learning objectives by students for individual work terms. Includes orientation to the co-op experience, goal setting, career planning, resume preparation, and interview skills preparation.
Lectures, presentations, site visits, 2 hours per week.
Restriction: open to BBE and ECON Co-op students.