Program Planning


Economics (ECON)

Economics (ECON)
Faculty of Arts and Science

Economics 1010

Introduction to Microeconomics
Credit hours: 3.0
Contact hours per week: 3-1-0
The economic way of thinking with particular application to Canadian issues; an introduction to microeconomic principles; how prices and profits allocate scarce resources in a market economy; the role of government in a market economy.

Economics 1012

Introduction to Macroeconomics
Credit hours: 3.0
Contact hours per week: 3-1-0
The economics of unemployment and inflation with particular reference to Canada in a global economy; an introduction to macroeconomic principles; the role of government in the national economy and public policy toward unemployment and inflation; international trade and the balance of payments.

Economics 2070/Management 2070

Operations and Quantitative Management
Credit hours: 3.0
Contact hours per week: 3-0-0
Management of production and service operations, including capacity planning, process and layout design, and TQM; applications of quantitative techniques like linear programming, forecasting, inventory models, waiting line models, CPM/PERT, simulations and decision theory are discussed within the operations environment.
Prerequisite(s):
Statistics 1770;
One of Management 2060 or Computer Science 1000;
Second-year standing (a minimum of 30.0 credit hours)

Economics 2120

Economics of Professional Sports
Credit hours: 3.0
Contact hours per week: 3-0-0
The application of basic economic principles to analyze and interpret current issues in professional sports. Topics include: history and economic characteristics of professional sports leagues; profitability and taxes; views of salary negotiations and salary caps; cost-benefit analysis of new stadiums; player and team production and salaries; rival leagues; and competitive parity.

Economics 2140

Introduction to Financial Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
The interplay between basic concepts of Economics and Finance. Simple and compound interest, with applications to continuous interest, annuities and perpetuities, loan and mortgage payments, sinking funds, bonds, capitalization and depreciation. Topics include the calculation of net present values, basic asset pricing, evaluation of risk and return, capital budgeting, and financial derivatives. Emphasis on practical problems with economic applications.
Equivalent:
Economics 2850 (Financial Economics) (prior to 2010/2011)

Economics 2150

Economics of Agricultural Issues
Credit hours: 3.0
Contact hours per week: 3-0-0
Agriculture in a modern economy. Globalization of agriculture. Canadian agriculture in the World Trade Organization and NAFTA. Safety net issues. Subsidies in agriculture. Marketing issues in Canadian agriculture. Current policy debates.
Prerequisite(s):
Economics 1010

Economics 2170

Economic History of Canada
Credit hours: 3.0
Contact hours per week: 3-0-0
Development of the Canadian economy from colonial times to the present; European origins; the staple trades, growth of agriculture, manufacturing, transportation; growth of banking and capital market institutions; roles of government; historical origins of contemporary Canadian economic problems; application of economics to historical issues.

Economics 2350

Economics of Agricultural Markets I
Credit hours: 3.0
Contact hours per week: 3-0-0
An introduction to the processes and institutions comprising the contemporary food marketing system. Basic theory and underlying factors determining and affecting grain and livestock prices. Spatial price relationships. Temporal price variation. Price differences due to form (particularly dealing with grading and quality). Prices as a coordinating mechanism in vertically-related systems. Derived demand and marketing margins. Marketing boards.
Prerequisite(s):
Economics 1010

Economics 2750

Quantitative Methods in Economics
Credit hours: 3.0
Contact hours per week: 3-1-0
The mathematical interpretation of fundamental economic concepts; demand and supply; competitive equilibrium. Application of the calculus and matrix algebra to production and distribution theory, growth models and investment theory. Solving systems of linear equations, optimization problems and some dynamics of economic systems.
Prerequisite(s):
Economics 1010

Economics 2850

Selected Topics in Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
These courses apply simple economic reasoning to a variety of current social topics. Examples include: law, the changing income distribution.
Prerequisite(s):
Will be specified (including any recommended background) for individual offerings

Economics 2900

Economics and Business Statistics
Credit hours: 3.0
Contact hours per week: 3-1-0
The application of statistical techniques to economic and business data, with emphasis on statistical estimation, hypothesis testing, regression, correlation, time series analysis and index numbers.
Prerequisite(s):
Statistics 1770;
One of Economics 1010 or Economics 1012
Substantially Similar:
Statistics 2780

Economics 3010

Intermediate Microeconomic Theory
Credit hours: 3.0
Contact hours per week: 3-1-0
An analytical approach to optimal resource allocation in a competitive economy; the theory of consumer behaviour; the theory of cost and production; price determination under perfect competition and monopoly; general equilibrium theory; welfare economics.
Prerequisite(s):
Economics 1010

Economics 3012

Intermediate Macroeconomic Theory
Credit hours: 3.0
Contact hours per week: 3-1-0
Macroeconomic theory and policy; comparison of the Classical and Keynesian theories of income and employment; recent literature in the areas of investment, consumption and fiscal and monetary policy; applications to the Canadian economy.
Prerequisite(s):
Economics 1012

Economics 3030

Managerial Economics
Credit hours: 3.0
Contact hours per week: 3-1-0
An introduction to the application of economic principles to organizations and how they operate. The neoclassical theory of the firm, team production, property rights, ownership and efficiency, contract theory, rent capture, agency problems and corporate control, managing human resources, core competencies and competitive strategies, organizational structure in a global environment. Case studies relate theoretical concepts to modern firms.
Prerequisite(s):
Economics 1010

Economics 3080/Management 3780

Principles of Industrial Organization
Credit hours: 3.0
Contact hours per week: 3-0-0
Industrial organization paradigms; market structure and strategic behaviour; market structure and technological innovation; vertical integration; conglomerates; welfare economics of imperfect competition.
Prerequisite(s):
Economics 1010

Economics 3210

Natural Resource Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
Economic issues connected with the use of natural resources; problems of exploitation and conservation; benefit-cost analysis as a decision-making tool in the natural resource field; problems of increasing resource scarcities and conflicts in resource use in Canada and internationally.
Prerequisite(s):
Economics 1010

Economics 3220

Environmental Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
The economic analysis of environmental issues; design and implementation of government policies; cost-benefit analysis; survey of environmental policies and regulations in Canada; measurement of environmental values; current local and global environmental problems; topics of special interest will vary from semester to semester.
Prerequisite(s):
Economics 1010

Economics 3300

Agricultural Policy I
Credit hours: 3.0
Contact hours per week: 3-0-0
Agricultural production and marketing problems; price discovery mechanisms; role of technological change in agriculture; history of government involvement in Canadian agriculture; an analysis of the chronic farm income problem; current issues in Canadian agriculture.
Prerequisite(s):
Economics 1010

Economics 3350

Economics of Agricultural Markets II
Credit hours: 3.0
Contact hours per week: 3-0-0
Microeconomic theory and analysis of markets for agricultural and food products. Alternative market structures, market regulation, the role of information in markets, the role of uncertainty in markets, and organization structures. Introduction to the institutional structure and economic functions of futures and options markets. Price formation in commodity futures and options markets. The theory of intertemporal price formation for storable commodities along with the theory and practice of hedging.
Prerequisite(s):
Economics 1010;
Economics 2350

Economics 3400

Money and Banking
Credit hours: 3.0
Contact hours per week: 3-0-0
Nature and functions of money and financial instruments; role of the financial system in economic activity; elementary monetary theory and theories of financial markets and financial intermediation; Canadian financial institutions with emphasis on banks and other deposit institutions and their regulation; central banking and the control of the money supply; international finance; monetary policy.
Prerequisite(s):
Economics 1010;
Economics 1012

Economics 3550

International Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
Canada in the international economy; why nations trade: sources of comparative advantage, intra-industry trade, tariff and nontariff barriers to trade, GATT and other preferential trading arrangements. Trade disputes and intellectual property rights; foreign exchange markets and exchange rates, the balance of payments, the international monetary system and financial markets. Much of the discussion will be drawn from or related to recent Canadian experience.
Prerequisite(s):
Economics 1010;
Economics 1012

Economics 3600

Labour Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
Theories of wage determination and unemployment under different institutional and market structures; actual wage and unemployment patterns and effects of government policies.
Prerequisite(s):
Economics 1010

Economics 3710

Economic Analysis of Canadian Public Issues
Credit hours: 3.0
Contact hours per week: 3-0-0
The application of simple economic analysis to current Canadian public policy issues. Course content will vary from semester to semester, but topics will be weighted toward labour market and social issues such as labour market discrimination, poverty and income distribution, crime, etc.
Prerequisite(s):
Third-year standing (a minimum of 60.0 credit hours)
Equivalent:
Economics 2850 (Canadian Public Issues) (prior to 2002/2003)

Economics 3750

Economics of Public Spending
Credit hours: 3.0
Contact hours per week: 3-0-0
Theories of allocating resources by political means; public goods, externalities, income and wealth distribution and the role of government spending; the effects of taxation and government spending on resource allocation; tax incidence, cost-benefit analysis and fiscal federalism are covered.
Prerequisite(s):
Economics 1010

Economics 3800

Economic Development
Credit hours: 3.0
Contact hours per week: 3-0-0
The developing countries in a world setting; modern theories of economic growth and development; an economic analysis of current issues and problems in development including poverty, inequitable income distribution, unemployment and under-employment, stagnation in agriculture, population growth, savings and capital accumulation, trade and development, and the role of foreign aid.
Prerequisite(s):
Economics 1010

Economics 3850

Topics in Economic Analysis
Credit hours: 3.0
Contact hours per week: 3-0-0
Seminars depend upon student and faculty interest.
Prerequisite(s):
Will be specified (including any recommended background) for individual offerings

Economics 3900/Management 3721

Economic and Business Forecasting
Credit hours: 3.0
Contact hours per week: 3-0-0
Construction, estimation and forecasting economic and business time series using a variety of techniques including simple trend extrapolations, multiple regression models, ARIMA models, simultaneous equation models, input-output models and subjective methods, with emphasis on computer applications and proper forecasting methodology.
Prerequisite(s):
Economics 1012;
One of Economics 2900 or Statistics 2780

Economics 3950

Econometrics
Credit hours: 3.0
Contact hours per week: 3-1-0
Multiple regression analysis; problems in regression analysis including multicollinearity, autocorrelation, heteroscedasticity, specification error and systems of equations.
Prerequisite(s):
Economics 1012;
One of Economics 2900 or Statistics 2780

Economics 4010

Advanced Microeconomic Theory
Credit hours: 3.0
Contact hours per week: 3-0-0
A series of topics of a more technical nature than those developed in Economics 3010. Topics include risk and uncertainty, the economics of information, including asymmetric information, mechanism design and auctions.
Prerequisite(s):
Economics 3010

Economics 4012

Advanced Macroeconomic Theory
Credit hours: 3.0
Contact hours per week: 3-0-0
Static macroeconomic models are reformulated in dynamic terms. The theory of macroeconomic policy is developed from these models. Actual models of the Canadian economy are analyzed and used as a basis for discussing recent Canadian macroeconomic policies.
Prerequisite(s):
Economics 3012

Economics 4080/Management 4780

Industrial Organization: Theory and Policy
Credit hours: 3.0
Contact hours per week: 3-0-0
Theories of oligopoly pricing; theories of the firm; the economics of mergers and takeovers; Canadian competition policy; and the regulation of industry.
Recommended Background:
Economics 2900

Economics 4150

Mathematical Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
The application of mathematical tools to economic analysis; the use of calculus and matrix algebra as applied to unconstrained and constrained optimization problems; the derivation and mathematical properties of economic functions; comparative static analysis; linear economic systems and other topics.

Economics 4300

Agricultural Policy II
Credit hours: 3.0
Contact hours per week: 3-0-0
Income problems in agriculture; federal and provincial goals for Canadian agriculture; welfare implications of policies to increase demand or decrease supply of agricultural commodities; risk and uncertainty in agricultural production; analysis of policies to decrease risk and uncertainty in agriculture; economics of agricultural research; price and income policies in Canadian agriculture.
Prerequisite(s):
One of Economics 3010 or Economics 3300
Recommended Background:
Economics 2900

Economics 4400

Monetary Economics
Credit hours: 3.0
Contact hours per week: 3-0-0
An analysis of money as an economic variable from micro- and macroeconomic perspectives; historical and contemporary theories of money; survey of empirical evidence.
Recommended Background:
Economics 2900

Economics 4500

International Trade Theory
Credit hours: 3.0
Contact hours per week: 3-0-0
A theoretical approach to international trade; topics include the basic trade model, the Ricardian and Heckscher-Ohlin theories of international trade, intra-industry trade, the impact of multinational corporations, tariff and nontariff barriers to trade and international factor movements; Canadian trade policy.
Prerequisite(s):
Economics 3010

Economics 4550

International Finance
Credit hours: 3.0
Contact hours per week: 3-0-0
The foreign exchange market; the balance of payments; interactions of price, income and money; international monetary arrangements and current international monetary problems.
Prerequisite(s):
Economics 3012

Economics 4850

Selected Topics in Economic Analysis
Credit hours: 3.0
Contact hours per week: 3-0-0
Seminars depend upon student and faculty interest.
Prerequisite(s):
Will be specified (including any recommended background) for individual offerings

Economics 4995

Undergraduate Thesis
Credit hours: 6.0
Contact hours per week: Variable
This is a research-oriented course in which students will conduct field work, text- or library-based research, submit a report in the form of an undergraduate thesis, which will be made publicly available, and report orally on the work. In consultation with their Thesis Supervisor, students will define a research problem and formulate a research plan.
Prerequisite(s):
Fourth-year standing (a minimum of 90.0 credit hours);
A cumulative GPA of 3.30 or higher;
Economics 3950;
Application to the Department of Economics
Note:
Contact hours will vary. Students should be aware that this course involves regular contact with the Thesis Supervisor as well as considerable independent work.
See Part 7 - Arts and Science, Sections 5.c. (p. 98), 6.c. (p. 100), and 7.c. (p. 101).