2014-2015 Undergraduate Calendar-Economics

Last updated: July 23, 2014 @ 10:20AM

Economics

Chair
Tomson Ogwang

Professors Emeriti
Isidore J. Masse, Maurice F. Perkins, Roberta E. Robb, Lewis A. Soroka

Professors
Robert W. Dimand, Mohammed H. Dore, Diane P. Dupont, Zisimos Koustas, Joseph Kushner, Felice F. Martinello, Tomson Ogwang, Steven J. Renzetti

Associate Professors
Lester Kwong, Jean-François Lamarche, David R. F. Love, William Veloce, Anthony J. Ward

Assistant Professors
Katerina Koka, Ivan Medovikov, Marcel Oestreich, Ling Sun

Director, Co-operative Programs
Cindy Dunne

General Information

Administrative Assistant
Karen Phillips

905-688-5550, extension 4697
Plaza 427
brocku.ca/economics

Economics is divided into two parts: Microeconomics and Macroeconomics. Microeconomics focuses on the operation of the market system under alternative scenarios about competition. It studies the economic decisions of individuals, households and firms and shows how those decisions interact to produce market outcomes. Microeconomics then examines the efficiency of the market outcomes and the extent to which they benefit society. Macroeconomics examines the functioning of the broader economy and some of its key sectors. Its main focus is on economic performance as measured by employment, unemployment, and the gap between aggregate economic activity and its potential. Through this analysis, macroeconomics identifies factors that help an economy achieve sustained increases in its standard of living. Macroeconomics also pays special attention to monetary phenomena, inflation, interest rates, and the exchange rate.

The analytical tools developed in micro and macro economics are applied to many different subject areas within economics such as industrial organization, labour economics, international trade, economic development, taxation, and government expenditure. Other fields, such as money and banking and international payments, apply economic tools to the study of financial markets. The analyses yield insights and predictions that are used to develop public policy on a wide range of issues.

The Applied Economic Analysis (Honours) program is intended for students who are interested in the application of economic tools to issues in the economy and broader society. The program is less technical than Economics (Honours). Instead, it places more emphasis on teaching students how to apply analysis to specific problems and issues. It also emphasizes students' ability to write about economic analyses of policies and make presentations of their work. The Applied program also prepares students for positions in all sectors of the economy and it is the recommended program for students considering graduate work in related fields such as public policy, public administration, regional and urban studies, industrial relations, journalism, law, or business administration.

The Economics (Honours) program provides a technical examination of economics. It prepares students for positions in all sectors of the economy and it is the recommended program for students considering graduate studies in economics.

Co-op Program
The Applied Economic Analysis Co-op and Economics programs combine 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).

Eligibility to continue in the Applied Economic Analysis Co-op program is based on the student's major and non-major averages. A student with a minimum of 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 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.

The Applied Economic Analysis 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.

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.

All students in the Co-operative Education program are required to read, sign and adhere to the terms of the Student Regulations Waiver and Co-op Student Handbook (brocku.ca/co-op/current-students/co-op-student-handbooks) as articulated by the Co-op Programs Office. In addition, eligibility to continue in the co-op option is based on the student's major average and non-major average, and the ability to demonstrate the motivation and potential to pursue a professional career.

Each four-month co-operative education work term must be registered. Once students are registered in a co-op work term, they are expected to fulfill their commitment. If the placement accepted is for more than one four-month work term, students are committed to complete all terms. Students may not withdraw from or terminate a work term without permission from the Director, Co-op Program Office.

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.

For further information, see the Co-op Programs section of the Calendar and contact the Department of Economics.

Economics and Labour Studies-George Brown College
This program involves courses offered through Brock University and George Brown College. This four-year program combines courses and training in applied labour studies settings at George Brown College with a degree at Brock. The program caters to individuals who wish to have a career in a wide variety of areas including unionized environments, occupational health and safety, politics, or human resources. The program allows students to gain both solid applied skills in these areas, and a strong theoretical knowledge about a variety of these topics. Students who successfully complete the requirements for this program will be granted both a Bachelor of Arts (Honours) Economics and Labour Studies degree from Brock, and two certificates from George Brown College 1) a certificate in Contemporary Labour Perspectives from the George Brown School of Labour, and 2) a Post-Graduate Certificate in Human Resources Management. Gaining both a degree and these certificates would ordinarily involve attending college after gaining a university degree, but the Brock and George Brown program combines the two in a single integrated package. Applicants must have a minimum 70 percent overall average to be considered for admission to the program. Completion of the Brock Leadership Skills Certificate program is considered an asset. Successful applicants must maintain a minimum 70 percent overall average during Year 2 and meet other program requirements to continue in the program. Enrolment in this program is limited. Admission to the program is not guaranteed by attainment of the minimum requirements. Application forms for the Economics and Labour Studies program are available at brocku.ca/social-sciences/collaborative-programs

Please consult the Labour Studies entry for a listing of program requirements.

Program Notes

ECON 1P91 and 1P92 may be taken concurrently or in either order.
In 20 credit degree programs a maximum of eight credits may be numbered 1(alpha)00 to 1(alpha)99; at least three credits must be numbered 2(alpha)90 or above; at least three credits must be numbered 3(alpha)90 or above; and the remaining credits must be numbered 2(alpha)00 or above.
In 15 credit degree programs a maximum of eight credits may be numbered 1(alpha)00 to 1(alpha)99; at least three credits must be numbered 2(alpha)90 or above; and the remaining credits must be numbered 2(alpha)00 or above.
In some circumstances, in order to meet university degree and program requirements, more than 15 or 20 credits may be taken.

Honours Program

Applied Economic Analysis (Honours only)
Year 1

·	ECON 1P91 and 1P92
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit
·	one elective credit

Year 2

·	ECON 2P21, 2P22, 2P30 and 2P90
·	one ECON credit
·	two elective credits

Year 3

·	ECON 3P10, 3P21, 3P22 and 3P90
·	one ECON credit numbered 2(alpha)90 or above
·	two elective credits

Year 4

·	ECON 3P95 and 4F10
·	one-half ECON credit numbered 2(alpha)90 or above
·	one ECON credit numbered 3(alpha)90 or above
·	two elective credits

Economics

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit
·	one elective credit

Year 2

·	ECON 2P21, 2P22, 2P30 and 2P90
·	one ECON credit
·	two elective credits

Year 3

·	ECON 3P10, 3P21, 3P22, 3P90 and 3Q91
·	one ECON credit numbered 2(alpha)90 or above
·	one and one-half elective credits

Year 4

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

Applied Economic Analysis Co-op (Honours)
Year 1

·	ECON 1P91 and 1P92
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit
·	one elective credit

Year 2

·	ECON 0N90, 2P21, 2P22, 2P30 and 2P90
·	one ECON credit
·	two elective credits

Spring/Summer Sessions:

·	ECON 0N01 and 2C01

Year 3
Fall Term:

·	ECON 3P10, 3P21, 3P22 and 3P90
·	one-half elective credit

Winter Term:

·	ECON 0N02 and 2C02

Spring/Summer Sessions:

·	ECON 0N03 and 2C03

Year 4

·	ECON 3P95 and 4F10
·	one ECON credit numbered 2(alpha)90 or above
·	one-half ECON credit numbered 3(alpha)90 or above
·	two elective credits

Year 5
Fall Term:

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

Economics Co-op (Honours only)

Students admitted to the Economics Co-op program must follow an approved program pattern. The most common pattern is listed below. For other approved patterns, consult the Co-op Office.

Year 1

·	ECON 1P91 and 1P92
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit
·	one elective credit

Year 2

·	ECON 0N90, 2P21, 2P22, 2P30 and 2P90
·	one ECON credit
·	two elective credits

Year 3
Fall Term:

·	ECON 3P21, 3P22, 3P90 and 3Q91
·	one-half elective credit

Winter Term:

·	ECON 0N01 and 2C01

Spring/Summer Sessions:

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

Year 4
Fall Term:

·	ECON 0N02 and 2C02

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 Sessions:

·	ECON 0N03 and 2C03

Year 5
Fall Term:

·	ECON 3P10
·	one ECON credit numbered 2(alpha)90 or above
·	one-half ECON credit numbered 3(alpha)90 or above
·	one-half elective credit

Business Economics (Honours only)

Consult Business Economics entry for a listing of program requirements.

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)
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit
·	one elective credit

Year 2

·	ECON 2P21, 2P22, 2P30 and 2P90
·	one ECON credit
·	two elective credits

Year 3

·	ECON 3P10, 3P21 and 3P22
·	one-half ECON credit
·	two ECON credits numbered 2(alpha)90 or above
·	one elective credit

Combined Major Program

Students may take a combined major in Economics and a second discipline. Students should consult the department about other possible programs. For requirements in other disciplines, the students should consult the relevant department/centre. It should be noted that not all departments/centres provide a combined major option.

Economics and Business (Honours only)

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	ACTG 1P91
·	MGMT 1P93 and 1P96
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit or one Sciences context credit
·	one-half non-business elective credit

Year 2

·	ECON 2P21 or 2P23
·	ECON 2P22 and 2P30
·	ECON 2P90 or 2P91
·	ACTG 2P12
·	MKTG 2P91
·	OBHR 2P91
·	one-half ECON credit
·	the Humanities context credit or Sciences context credit not taken in Year 1

Year 3

·	ECON 3P21, 3P22, 3P90 and 3Q91
·	ENTR 2P91 or ITIS 1P97
·	FNCE 2P91
·	one-half ECON credit
·	one and one-half non-business elective credit

Year 4

·	ECON 4P13 and 4P14
·	one credit from ETHC 3P82, FNCE 3P93, MKTG 3P24, OPER 2P91, OBHR 3P97
·	one ECON credit numbered 2(alpha)90 or above
·	one ECON 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
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit

Year 2

·	ECON 2P21, 2P22 and 2P30
·	GEOG 2P10
·	one and one-half credits from GEOG 2P01, 2P02, 2P03, 2P06, 2P07, 2P13
·	one-half ECON credit
·	one elective credit

Year 3

·	ECON 2P90, 3P21, 3P22 and 3Q91
·	GEOG 3P57
·	one and one-half GEOG credits numbered 2(alpha)90 to 3(alpha)99 from group A or C (see Geography department)
·	one elective credit

Year 4

·	ECON 3P90, 4P13 and 4P14
·	two GEOG credit numbered 3(alpha)90 or above from group A or C (see Geography department)
·	one-half ECON credit numbered 2(alpha)90 or above
·	one elective credit

Pass

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	GEOG 1F90
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one Humanities context credit
·	one Sciences context credit

Year 2

·	ECON 2P21, 2P22 and 2P30
·	GEOG 2P10
·	one and one-half credits from GEOG 2P01, 2P02, 2P03, 2P06, 2P07, 2P13
·	one-half ECON credit
·	one elective credit

Year 3

·	ECON 2P90, 3P21 and 3P22
·	GEOG 3P57
·	one-half 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)
·	one elective credit

Economics and Labour Studies

Honours

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	LABR 1F90 or 1F99
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
·	one Humanities context credit or one Sciences context credit

Year 2

·	ECON 2P21, 2P22, 2P30 and 2P90
·	LABR 2P03, 2P06 and 2P15
·	one-half LABR credit
·	the Humanities context credit or Sciences context credit not taken in year 1

Year 3

·	ECON 3P21, 3P22, 3P24 and 3Q91
·	LABR 3P03 and 3P06
·	one LABR credit numbered 2(alpha)90 or above
·	one elective credit

Year 4

·	ECON 3P25, 3P90, 4P13 and 4P14
·	one LABR credit
·	one LABR credit numbered 3(alpha)90 or above
·	one elective credit

Pass

Year 1

·	ECON 1P91 and 1P92 (see program note 1)
·	LABR 1F90 or 1F99
·	one of MATH 1P01, 1P05, 1P97
·	MATH 1P98
·	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
·	one Humanities context credit or one Sciences context credit

Year 2

·	ECON 2P21, 2P22, 2P30 and 2P90
·	LABR 2P03, 2P06 and 2P15
·	one-half LABR credit
·	the Humanities context credit or Sciences context credit not taken in year 1

Year 3

·	ECON 3P21, 3P22, 3P24 and 3P25
·	LABR 3P03 and 3P06
·	one LABR 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 and 1P02 or MATH 1P05 and 1P06
·	MATH 1P11 and 1P40
·	one Humanities context credit
·	one Sciences context credit

Year 2

·	ECON 2P21 and 2P22
·	one ECON credit
·	MATH 2P03, 2P12, 2P81 and 2P82
·	one-half MATH credit
·	one-half elective credit

Year 3

·	ECON 3P21, 3P22 and 3P90
·	one-half ECON credit numbered 2(alpha)90 or above
·	MATH 2P91, 3P81, 3P82 and 3P85
·	one elective credit

Year 4

·	ECON 4P13 and 4P14
·	one-half ECON credit numbered 2(alpha)90 or above
·	one-half ECON credit numbered 3(alpha)90 or above
·	MATH 3P72, 3P73, 4P81 and 4P82
·	one elective credit

Minor in Economics

Students in other disciplines can obtain a Minor in Economics within their degree program by completing the following courses with a minimum 60 percent overall average:

·	ECON 1P91, 1P92 and 2P22
·	ECON 2P21 or 2P23
·	ECON 2P90 or 2P91
·	two and one-half ECON credits

Brock/Colleges Articulation Agreement

Economics and Labour Studies-George Brown College

Consult the Labour Studies entry for a listing of program requirements

Course Descriptions

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

# Indicates a cross listed course
* Indicates a primary offering of a cross listed course

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.

ECONOMICS COURSES

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 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.
Prerequisite(s): ECON 1P91 and 1P92 or permission of the instructor.
Completion of this course will replace previous assigned grade and credit obtained in HIST 2P10.

ECON 2P11
European Economic History
The pre-industrial economy of the Middle Ages, the commercial expansion of Europe in the 16th century, the 17th century depression and the Industrial and Agricultural revolutions of the late 18th and 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.
Prerequisite(s): ECON 1P91 and 1P92 or permission of the instructor.
Completion of this course will replace previous assigned grade and credit obtained in HIST 2P11.

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.
Prerequisite(s): 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.
Prerequisite(s): ECON 1P91 and 1P92.

ECON 2P19
Canadian Economic History
Growth and change in the 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.
Prerequisite(s): ECON 1P91 and 1P92 or permission of the instructor.
Completion of this course will replace previous assigned grade and credit obtained in HIST 2P19.

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(s): ECON 1P91; one of MATH 1P01, 1P05, 1P97.
Completion of this course will replace previous assigned grade and credit obtained 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. Extension of the macroeconomic model to include the price level. Study of aggregate demand and aggregate supply.
Lectures, tutorial, 4 hours per week.
Prerequisite(s): 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(s): ECON 1P91; one of MATH 1P01, 1P05, 1P97.
Note: this course is primarily designed for students in the Business Administration program.
Completion of this course will replace previous assigned grade and credit obtained in ECON 2P21.

ECON 2P28
Economics of the Environment
(also offered as TREN 2P28)
Economic perspectives on environmental and natural resource issues. Topics may include valuing environment improvements, population growth issues, sustainable development, forestry and fishery management, ozone depletion and climate change.
Lectures, 3 hours per week.
Restriction: open to TREN majors until date specified in Registration guide. Students must have a minimum of 4.0 overall credits.

ECON 2P29
Sustainable Development
(also offered as TREN 2P29)
Aspects of sustainable development. Topics may include energy, transportation and climate, water availability, trade and globalization, agriculture and food availability, boundary and governance issues, cities and population growth, and resource depletion.
Lectures, 3 hours per week.
Restriction: open to students with a minimum of 4.0 overall credits.

ECON 2P30
Foundations of Economic Analysis
Using set theory to characterize economic problems. Multivariate marginal analysis and optimization (constrained and unconstrained) with applications in consumer and producer theory. Comparative statics and introduction to dynamic analysis. Linear algebra with applications in econometrics and multiple equation macroeconomic models.
Lectures, tutorial, 4 hours per week.
Restriction: not open to MATH (single or combined) majors.
Prerequisite(s): ECON 1P91, 1P92 and MATH 1P98; one of MATH 1P01, 1P05, 1P97.
Students will not receive earned credit in ECON 2P30 if ECON 3P91 has been successfully completed.

ECON 2P41
Economics of Tourism and Leisure Activities
(also offered as TREN 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 TREN majors until date specified in Registration guide. Students must have a minimum of 4.0 credits. Not open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors.
Note: major credit will not be granted to ECON, BBE and INPE majors.

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(s): ECON 1P91.

ECON 2P54
Canadian Economic Issues
Canadian economic and business problems and policies. Topics may include stabilization, competition, taxation, foreign trade and exchange rate policies.
Lectures, 3 hours per week.
Prerequisite(s): ECON 1P91 and 1P92.

ECON 2P65
Health Economics
(also offered as HLSC 2P65)
Basic economic theory as it applies to health. Examination of international public health issues. Topics may include cost-benefit analysis, insurance, infectious and non-infectious disease, pharmaceutical industry, addictive substances, Aboriginal health, poverty and homelessness, and the future of Canada's healthcare system.
Lectures, 3 hours per week.
Restriction: open to students with a minimum of 4.0 overall credits.
Note: offered as a blended format.
Completion of this course will replace previous assigned grade and credit obtained in CHSC (TREN) 2P65.

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.
Prerequisite(s): ECON 1P91 and 1P92; MATH 1F92 or 1P98.
Completion of this course will replace previous assigned grade and credit obtained in ECON 2P91.

ECON 2P91
Business Econometrics with Applications
Multiple regression analysis with applications to forecasting and business decisions.
Lectures, lab, 4.5 hours per week.
Restriction: not open to ECON (single or combined), ECAN, BBE and INPE majors.
Prerequisite(s): ECON 1P91, 1P92, MATH 1P97 and 1P98.
Completion of this course will replace previous assigned grade and credit obtained in ECON 2P90.

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(s): 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.
Prerequisite(s): ECON 1P92; ECON 2P21 or 2P23.
Note: ECON 3P01 is recommended.

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

ECON 3P04
Money and Banking II
Central banking, the conduct and the transmission mechanism of monetary policy. The foreign currency market. The demand and supply of money. Money and inflation.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22.
Note: ECON 3P03 is recommended.

ECON 3P06
Industrial Organization
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(s): ECON 2P21 or 2P23.

ECON 3P10
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), ECAN and BBE majors.
Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; ECON 2P90 or 2P91.
Completion of this course will replace previous assigned grade and credit obtained in ECON 2P92.

ECON 3P13
Economics of the Multinational 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(s): 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(s): ECON 2P21 or 2P23.

ECON 3P15
Public Sector Economics: Taxation
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(s): ECON 2P21 or 2P23.

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(s): 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(s): 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(s): ECON 2P21 or 2P23.

ECON 3P22
Intermediate Macroeconomics II
Topics include economic growth theory, money demand and supply, inflation, unemployment, and the effectiveness of monetary and fiscal policy in an open economy.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P22.

ECON 3P24
Labour Economics
(also offered as LABR 3P24)
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(s): 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(s): 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(s): 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(s): ECON 2P21 or 2P23.

ECON 3P29
Energy Economics
Operation of the energy industry in North America and globally. Economics of exploration, development, production, marketing and transportation of energy. Demand for energy. Impact of government regulations and deregulation.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P21 or 2P23.

ECON 3P60
Directed Studies in Economics
Topics not covered in the Department's regular course offerings.
Restriction: permission of the Department.
Note: topics must be chosen in consultation with a faculty member willing to supervise the directed studies prior to registration.

ECON 3P73
Game Theory
(also offered as MATH 3P73)
Representation of Games. Strategies and payoff functions. Static and dynamic games of complete or incomplete information. Equilibria concepts: Nash, Bayesian Nash and Perfect Bayesian Nash equilibria. Convexity concepts, fixed points for correspondences and minimax. Core and Shapley value of a game. Refinements and Applications.
Lectures, 3 hours per week; lab/tutorial, 1 hour per week.
Prerequisite(s): ECON 3P91 or MATH 2P91 (2P72).

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.
Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; one of ECON 2P90, 2P91, MATH 2P81 and 2P82; one of MATH 1P01, 1P05, 1P97, or permission of the instructor.

ECON 3P91
Mathematical Economics
Quantitative techniques used in economic theory and business problems. Topics may include sets and relations, matrix algebra, differential calculus, multivariate optimization without constraints and constrained optimization.
Lectures, tutorial, 4 hours per week.
Restriction: not open to MATH (single, combined or general studies) majors.
Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; one of MATH 1P01, 1P05, 1P97.

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(s): ECON 3P21.

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.
Prerequisite(s): ECON 2P21 or 2P23; ECON 3P22.

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.
Prerequisite(s): ECON 2P30 or 3P91; ECON 3P90.

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(s): ECON 3P21.

ECON 3Q90
Computational Economics
Introduction to modern computer-based numerical methods for the analysis of economic models. Discussion of problems not readily solved using standard analytics. Computational techniques, with actual applications providing experience as alternatives. Topics include numerical equation solving, function evaluation, root finding, optimization or simulation of games, dynamic general equilibrium, models with uncertainty.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21.

ECON 3Q91
Mathematical Methods in Economics
Topics may include propositional logic, theory of proofs, relations, properties of functions, constrained optimization, and techniques for integration and differential equations.
Lectures, tutorial, 4 hours per week.
Restriction: not open to MATH (single or combined) majors
Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22 and 2P30.

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

ECON 4F10
Applied Economics Honours Seminar
Advanced research methods in economics including research design, inference and argument, and issues in economic methodology. Applied econometric modeling to capture and explain the stylized facts of aggregate variables (macro analysis), decision making behaviour (micro analysis) and policy analysis.
Lectures, seminar, 3 hours per week.
Restriction: open to ECAN, ECON (single or combined), BBE, and INPE majors.
Prerequisite(s): ECON 3P10 (minimum 70 percent), 3P21, 3P22 and 3P90 (minimum 70 percent) or permission of the instructor.

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 4P12
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.
Prerequisite(s): ECON 3P90.
Completion of this course will replace previous assigned grade and credit obtained in ECON 3P92.

ECON 4P13
Advanced Macroeconomics
Advanced macro theory supplemented with readings and discussions of recent literature.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P22 (minimum 70 percent), 3P22 (minimum 70 percent), 3P90 (minimum 70 percent) and 3Q91 (minimum 70 percent) 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.
Prerequisite(s): ECON 2P21 (minimum 70 percent), 3P21 (minimum 70 percent) and 3Q91 (minimum 70 percent) or permission of the instructor.

ECON 4P16
International Money and Finance
Monetary approach to the balance of payments and exchange rate determination under rational expectations and other expectations regimes. Economic shocks, exchange rate volatility and efficiency of exchange rate markets. Capital flows and optimal currency areas.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

ECON 4P17
Economic Growth
Classical and modern theories of economic growth and their empirical applications. Roles of population growth, education, human capital, investment and technological change on economic growth. Endogenous growth models and persistence of economic inequality across countries.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

ECON 4P26
Monetary Economics
Advanced treatment of money demand including both theory and econometrics. Relationships between money and inflation, and money and economic growth. Rational expectations, efficient capital markets and monetary policy.
Lectures, 3 hours per week.
Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

ECON 4P34
Economics of Information
Economic behaviour under different information structures. Topics may include principle-agent models, non-linear pricing, auctions, herd behaviour and cheap talk.
Lectures, 3 hours per week.
Prerequisite(s): ECON 3P21 and 3Q91.
Completion of this course will replace previous assigned grade and credit obtained in ECON 3P98.

ECON 4P60
Directed Research in Economics
Guided research and writing on topics not covered in the Department's regular course offerings.
Restriction: open to ECON (single or combined), ECAN, BBE and INPE majors with a minimum of 14.0 overall credits and permission of the Department.
Note: students will be required to submit a major research paper. Topics must be chosen in consultation with the faculty member(s) willing to supervise the directed research prior to registration.

CO-OP COURSES

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

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

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

ECON 0N04
Work Placement IV
Optional co-op work placement (4 months) with an approved employer.
Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N05
Work Placement V
Optional co-op work placement (4 months) with an approved employer.
Restriction: open to ECAN, ECON and BBE 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, r�sum� preparation and interview skills preparation.
Lectures, presentations, site visits, 2 hours per week.
Restriction: open to ECON and BBE Co-op students.

ECON 2C01
Co-op Reflective Learning and Integration I
Provide student with the opportunity to apply what they've learned in their academic studies through career-oriented work experiences at employer sites.
Restriction: open to BBE, ECAN and ECON Co-op students.
Prerequisite(s): ECON 0N90.
Corequisite(s): ECON 0N01.
Note: students will be required to prepare learning objectives, participate in a site visit, write a work term report and receive a successful work term performance evaluation.

ECON 2C02
Co-op Reflective Learning and Integration II
Provide student with the opportunity to apply what they've learned in their academic studies through career-oriented work experiences at employer sites.
Restriction: open to BBE, ECAN and ECON Co-op students.
Prerequisite(s): ECON 0N90.
Corequisite(s): ECON 0N02.
Note: students will be required to prepare learning objectives, participate in a site visit, write a work term report and receive a successful work term performance evaluation.

ECON 2C03
Co-op Reflective Learning and Integration III
Provide student with the opportunity to apply what they've learned in their academic studies through career-oriented work experiences at employer sites.
Restriction: open to BBE, ECAN and ECON Co-op students.
Prerequisite(s): ECON 0N90.
Corequisite(s): ECON 0N03.
Note: students will be required to prepare learning objectives, participate in a site visit, write a work term report and receive a successful work term performance evaluation.

ECON 2C04
Co-op Reflective Learning and Integration IV
Provide student with the opportunity to apply what they've learned in their academic studies through career-oriented work experiences at employer sites.
Restriction: open to BBE, ECAN and ECON Co-op students.
Prerequisite(s): ECON 0N90.
Corequisite(s): ECON 0N04.
Note: students will be required to prepare learning objectives, participate in a site visit, write a work term report and receive a successful work term performance evaluation.

ECON 2C05
Co-op Reflective Learning and Integration V
Provide student with the opportunity to apply what they've learned in their academic studies through career-oriented work experiences at employer sites.
Restriction: open to BBE, ECAN and ECON C-op students.
Prerequisite(s): ECON 0N90.
Corequisite(s): ECON 0N05.
Note: students will be required to prepare learning objectives, participate in a site visit, write a work term report and receive a successful work term performance evaluation.