Economics for Management Studies

Faculty List

Chair: D. Zweig
Economics studies how consumers and producers interact in a market economy to provide goods and services. Economics also studies how this process grows and changes over time, and under what circumstances it may fail to function in an optimal fashion. Economic policies to remedy those failures are also examined.
In the Department of Management, the study of economics is oriented primarily to the needs of students interested in management studies. Thus, many of our examples will focus on the ways in which firms and consumers in market economies interact. However, students interested in the wide variety of problems considered by economists will find those matters are also addressed in our courses.
The curriculum provides an excellent background for careers in business, government, and the professions, and may be of considerable interest to students specializing in other disciplines as well. Students may focus their study of economics in the Specialist Program in Economics for Management Studies (with a co-op option) as part of the B.B.A., or may either major or minor in economics as part of the B.A. degree. Finally, economics plays a significant role within the various programs leading to the B.B.A. Program.
Students wishing to pursue a graduate program in Economics may require some additional courses not offered at UTSC, such students should consult with the Supervisor of Studies in Economics at UTSC for advice on the courses that may be most helpful.

Programs in Economics for Management Studies:
Although a group of students are directly admitted from high school, students generally apply to enter a program at the end of their first year. Later admission is also possible. Students should consult the detailed discussion below. The following Programs are offered:

1. Specialist (Co-op) in Economics for Management Studies - a Specialist Program in Economics in the context of a Management degree, and including Co-op work terms. This Program leads to a B.B.A. Described in detail below.
2. Specialist in Economics for Management Studies - a Specialist Program in Economics in the context of a Management degree. This program leads to a B.B.A. Described in detail below.
3. Major in Economics for Management Studies - program of six full credits of Economics for Management Studies, one full credit in Mathematics and one in Humanities, English, or Philosophy. This is an arts program. (See the Degrees section of this Calendar for information on B.A. and B.Sc. degrees.) Described in detail below.
   Note: Students cannot graduate with credit for both a B.B.A. and Major Program in Economics for Management Studies.
4. Minor in Economics for Management Studies - program of four full credits of Economics for Management Studies. This is an arts program. (See the Degrees section of this Calendar for information on B.A. and B.Sc. degrees.) Described in detail below.
   Note: Students may not be jointly enrolled in a program leading to a B.B.A. and in the Minor Program in Economics for Management Studies.
   
   Other Programs with a substantial component of Economics for Management Studies:
5. Specialist in Management (B.B.A.) - a program emphasizing Management but including four full credits in Economics for Management Studies, leading to a B.B.A. degree. Described in detail in the Management section of this Calendar.
6. Specialist (Co-op) in Management (B.B.A.) - same as #5 above, but also includes Co-op work terms.
7. Specialist or Major in International Development Studies or Major in Public Policy or Major in International Studies or Major in Health Studies within which students may choose to include a significant component from Economics for Management Studies. Described in detail elsewhere in this Calendar.

Admission to Programs in Economics for Management Studies and in Management

1. All students, both those who have been directly admitted into the Department from high school (and who are guaranteed admission into programs in the Department) and those admitted into pre-program (therefore not guaranteed admission into programs in the Department) must formally apply to specific programs after four credits have been completed. Decisions are made on program admissions by the Supervisor of Studies only twice a year, in May and in August. These decisions are based on program requests which students submit to the Registrar (see the Registration Guide which is provided by the Registrar). Students should have ten full credits or less when they seek admission to programs in the Department of Management. Note that enrolment in ECMB02H3, ECMB06H3, ECMB11H3, ECMB12H3, ECMC02H3, ECMC06H3, ECMC11H3, ECMD10H3, ECMD13H3 & ECMD14H3 will be strictly limited to students enrolled in Specialist or Major programs in the Department of Management and, where possible, other students who meet criteria of academic merit.
2. Those students directly admitted into the Department from high school are guaranteed entry into a program in the Department (only a limited number of students not directly admitted in Co-op Programs will be accepted into Co-op programs after first year). Directly admitted students must maintain a CGPA of 2.0 or greater after completing eight credits in order to remain in these programs.
3. Admission to the Minor Program in Economics for Management Studies is not limited. All students who apply for this program will be admitted. However, students are warned that they are not guaranteed admission to B-level and C-level courses, and thus will be accommodated only after other program students have been admitted to these courses. Thus, many courses may be unavailable.

Economics for Management Studies Courses with Limited Enrolment
Students who have been admitted to Specialist and Major programs in the Department of Management are guaranteed access to enough courses in Economics for Management Studies to complete their programs. To protect that access, students must register early in the registration process. After a period in which program students are given priority, access to Economics for Management Studies courses will be allocated on the basis of academic merit. Students not formally admitted to a Specialist or Major program in the Management Department will likely experience difficulty in gaining access to enough courses to complete an Economics for Management Studies program.

Economics for Management Studies Programs

SPECIALIST CO-OPERATIVE PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (BACHELOR OF BUSINESS ADMINISTRATION)

Supervisor of Studies: Iris Au  E-mail: economics-supervisor-studies@utsc.utoronto.ca
The Specialist Co-operative program in Economics for Management Studies (B.B.A.) is a work-study program which combines academic studies in economics and management with work experience in public and private enterprises. This degree is designed to allow students to learn practical skills of data analysis and to combine them with the interpretive skills given by knowledge of economic theory. For information on admission, work terms and curriculum requirements, please see the Co-operative Programs section and the Management section of this Calendar.

SPECIALIST PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (BACHELOR OF BUSINESS ADMINISTRATION)

Supervisor of Studies: Iris Au Email: economics-supervisor-studies@utsc.utoronto.ca

This program will provide a specialization for those wishing for a substantial component of Economics in a Management degree leading to a Bachelor of Business Administration (B.B.A.). The students in this program may be seeking to prepare themselves for studies in Economics at the Masters' level. For more details and curriculum requirements, please refer to the Management section of this Calendar.

The Co-operative Program option of this program is a work-study program which combines academic studies in economics and management with work experience in public and private enterprises. It is designed to allow students to learn practical skills of data analysis and to combine them with the interpretive skills given by knowledge of economic theory. For information on admission, work terms, and curriculum requirements, please see the Co-operative Programs Programs section and the Management section of this Calendar.

Program Admission

Note: Registration in this program is limited. If not directly admitted to the program from high school, students may apply to the program after first year. They must have completed a minimum of four credits at the University of Toronto with the required courses to be considered for this program. Required courses must include ECMA04H3, ECMA06H3, MGTA03H3, MGTA04H3 & [MATA32H2 & MATA33H3] (or equivalents). Students will be considered on the basis of cumulative GPA. For more details please refer to the Management section of this Calendar.

Program Requirements

For specific program requirements, see the Management section of this Calendar.

Students should be aware that the mathematics requirement implies that Grade 12 Calculus is a prerequisite for entry to this Program. Further, students who are considering graduate work in Economics should be aware that they should accumulate considerably more mathematics than the minimum required; they should consult the Supervisor of Studies in Economics for details.

Academic Assessment

Please refer to the Management section of this Calendar for rules on academic assessment for degrees leading to the B.B.A. All students pursuing a B.B.A. are assessed based on those rules.

Overall course load limit for B.B.A. students

Please refer to the Management section of this Calendar for rules on course load limits for B.B.A. students.

MAJOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (ARTS)

Supervisor of Studies: Iris Au  Email: economics-supervisor-studies@utsc.utoronto.ca
This Program is designed to give a coordinated exposure to the subject matter of Economics for Management Studies to students pursuing the four-year degree with more than a single area of concentration.

Program Admission
Note: Registration in this Program is limited.
Students must have completed a minimum of four full credits to be considered for this program. Required courses include ECMA04H3, ECMA06H3, MATA32H3, MATA33H3 (or equivalents). Decisions will be made on the basis of cumulative GPA.
Students may apply until they have completed up to 10 full credits, and admission will be on the basis of all grades received. Students who have completed more than 10 full credits will not be considered for admission to the Program. Students should be aware that the Mathematics requirement implies that Grade 12 Calculus is a requirement for entry into this program.

Note: Students in the B.B.A. may not jointly enrol in the Major Program in Economics for Management Studies

Program Requirements
The Program consists of six full credits in Economics for Management Studies, one full credit in Mathematics and one full credit in Humanities. The Economics courses must include:
ECMA04H3 & ECMA06H3
ECMB02H3 & ECMB06H3
[ECMB11H3 & ECMB12H3]
ECMC02H3 & ECMC06H3
ECMC11H3
Plus 1.5 full credits chosen from the courses in Economics for Management Studies including at least one at the C-level (not including ECMC91H3, ECMC92H3, ECMC93H3).
Students must also complete [MATA32H3 & MATA33H3] or [MATA30H3/A31H3 & MATA35H3/A36H3/A37H3] and one full credit in Humanities.

Note: Students who take ECMA01H3 and ECMA05H3 and then decide to apply for this program will be permitted to substitute [ECMA01H3 & ECMA05H3] for [ECMA04H3 & ECMA06H3]. However, these students will be required to complete [MATA32H3 & MATA33H3] or [MATA30H3/A31H3 & MATA35H3/A36H3/A37H3], before registering for ECMB02H3 and ECMB06H3.

STUDENTS WHO ARE CONSIDERING COMBINING PROGRAMS BETWEEN ECONOMICS AND STATISTICS

For students who are intending to pursue a major in Economics with a major or minor in Statistics, we advise the following recommended sequence of required courses. If the sequence outlined below is not followed, it may result in the student taking exclusions and incurring an "EXTRA" credit. An "EXTRA" credit does NOT count towards the 20 credit degree requirement.

STAB52H3
STAB57H3
ECMB12H3
ECMC11H3*
STAC67H3

* ECMC11H3 may be taken concurrently with STAC67H3. However, if ECMC11H3 is taken after STAC67H3, it will count as an "EXTRA" course and no credit will be given for the degree requirements.

MINOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (ARTS)

Supervisor of Studies: Iris Au Email: economics-supervisor-studies@utsc.utoronto.ca
This program is designed to give exposure to the subject matter in some areas of Economics to students who will combine this minor with other programs in order to graduate. (See the Degrees section of this Calendar for information.) Students need not have completed Grade 12 Calculus in order to enter this program.

Program Admission
Note: Registration in this program is not limited and does not require training in Calculus. Students will note that some of the B- and C-level courses in Economics for Management Studies do require Calculus; therefore, students signed up for the Minor Program must choose their courses carefully, ensuring that they have the necessary prerequisites.

Note: Students in the B.B.A. may not jointly enrol in the Minor Program in Economics for Management Studies.

Program Requirements
The program consists of four full credits in Economics for Management Studies as follows:
ECMA01H3 or ECMA04H3
ECMA05H3 or ECMA06H3
ECMB01H3 or ECMB02H3
ECMB05H3 or ECMB06H3
Plus two more full credits in Economics for Management Studies, including at least one at the C-level.

Note: Students are warned that they are not guaranteed admission to all B-level and C-level courses. The following C-level courses, (ECMC91H3, ECMC92H3 & ECMC93H3) are available to students in the minor program.
Note: Students may if they wish, count STAB22H3, ANTC35H3, PSYB07H3 or SOCB06H3 or a more advanced statistics course as one half credit B-level Economics course in the Minor Program in Economics for Management Studies. While it is not required, students are strongly encouraged to include a statistics course in the program.

Economics for Management Studies Courses

ECMA01H3    Introduction to Microeconomics

Economic theory of the firm and the consumer. Although calculus is not used in this course, algebra and graphs are used extensively to illuminate economic analysis.
Note: This course is not for students interested in applying to the Specialists in Management and Economics leading to the B.B.A or for the Major program in Economics.
Exclusion: ECMA04H3, ECO100Y, ECO105Y
Breadth Requirement: Social & Behavioural Sciences

ECMA04H3    Introduction to Microeconomics: A Mathematical Approach

Economic theory of the firm and the consumer. Calculus, algebra and graphs are used extensively. The course is oriented towards students interested in the Specialist Program in Management, the Specialist program in Economics for Management Studies, and the Major Program in Economics for Management Studies.
Prerequisite: Grade 12 Calculus
Corequisite: It is strongly recommended that MATA32H3 & MATA33H3 (or equivalents) be taken simultaneously with ECMA04H3 & ECMA06H3
Exclusion: ECMA01H3, ECO100Y, ECO105Y
Breadth Requirement: Social & Behavioural Sciences

ECMA05H3    Introduction to Macroeconomics

Topics include output, employment, prices, interest rates and exchange rates. Although calculus is not used in this course, algebra and graphs are used extensively to illuminate economic analysis.
Note: This course is not for students interested in applying to the Specialists in Management and Economics leading to the B.B.A or for the Major program in Economics.
Exclusion: ECMA06H3, ECO100Y, ECO105Y
Breadth Requirement: Social & Behavioural Sciences

ECMA06H3    Introduction to Macroeconomics: A Mathematical Approach

Study of the determinants of output, employment, prices, interest rates and exchange rates. Calculus, algebra and graphs are used extensively. The course is oriented towards students interested in the Specialist Program in Management, the Specialist program in Economics for Management Studies, and the Major Program in Economics for Management Studies.
Prerequisite: Grade 12 Calculus
Corequisite: It is strongly recommended that MATA32H3 & MATA33H3 (or equivalents) be taken simultaneously with ECMA04H3 & ECMA06H3
Exclusion: ECMA05H3, ECO100Y, ECO105Y
Breadth Requirement: Social & Behavioural Sciences

ECMB01H3    Price Theory

Intermediate level development of the principles of microeconomic theory. The emphasis is on static partial equilibrium analysis. Topics covered include: consumer theory, theory of production, theory of the firm, perfect competition. This course does not qualify as a credit for either the Major in Economics for Management Studies or  the B.B.A.
Prerequisite: [ECMA04H3 & ECMA06H3] or [ECMA01H3 & ECMA05H3]
Exclusion: ECMB02H3, ECO200Y, ECO204Y, ECO206Y
Enrolment Limits: 120 per section
Breadth Requirement: Social & Behavioural Sciences

ECMB02H3    Price Theory: A Mathematical Approach

Intermediate level development of the principles of microeconomic theory. The course will cover the same topics as ECMB01H3, but will employ techniques involving calculus so as to make the theory clearer to students. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMA04H3 & ECMA06H3 & [[MATA32H3 & MATA33H3] (or equivalents) or (MATA27H3)]. Students who have completed ECMA01H3 & ECMA05H3 & [MATA32H3 & MATA33H3] (or equivalents) may be admitted with the permission of the Supervisor of Studies.
Exclusion: ECMB01H3, ECO200Y, ECO204Y, ECO206Y
Enrolment Limits: 80 per section
Breadth Requirement: Social & Behavioural Sciences

ECMB05H3    Macroeconomic Theory and Policy

Intermediate level development of the principles of macroeconomic theory. Topics covered include: theory of output, employment and the price level. This course does not qualify as a credit for either the Major in Economics for Management Studies or for the B.B.A.
Prerequisite: [ECMA04H3 & ECMA06H3] or [ECMA01H3 & ECMA05H3]
Exclusion: ECMB06H3, ECO202Y, ECO208Y, ECO209Y
Enrolment Limits: 120 per section
Breadth Requirement: Social & Behavioural Sciences

ECMB06H3    Macroeconomic Theory and Policy: A Mathematical Approach

Intermediate level development of the principles of macroeconomic theory. The course will cover the same topics as ECMB05H3, but will employ techniques involving calculus so as to make the theory clearer to students. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMA04H3 & ECMA06H3 & [MATA32H3 & MATA33H3] (or equivalents). Students who have completed ECMA01H3 & ECMA05H3 & [MATA32H3 & MATA33H3] (or equivalents) may be admitted with the permission of the Supervisor of Studies.
Exclusion: ECMB05H3, ECO202Y, ECO208Y, ECO209Y
Enrolment Limits: 80 per section
Breadth Requirement: Social & Behavioural Sciences

ECMB11H3    Quantitative Methods in Economics I

An introduction to probability and statistics as used in economic analysis. Topics to be covered include: descriptive statistics, probability, special probability distributions, sampling theory, confidence intervals. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMA04H3 & ECMA06H3 & [MATA32H3 & MATA33H3] (or equivalents). Students who have completed ECMA01H3 & ECMA05H3 & [MATA32H3 & MATA33H3] (or equivalents) may be admitted with the permission of the Supervisor of Studies.
Exclusion: ANTC35H3, ECO220Y, ECO227Y, PSYB07H3, SOCB06H3, STAB22H3, STAB52H3, STAB57H3
Enrolment Limits: 120 per section
Breadth Requirement: Quantitative Reasoning

ECMB12H3    Quantitative Methods in Economics II

A second course in probability and statistics as used in economic analysis. Topics to be covered include: confidence intervals, hypothesis testing, simple and multiple regression. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: [ECMB11H3 or [STAB52H3 & STAB57H3]] & [MATA32H3 & MATA33H3] (or equivalents)
Exclusion: ECO220Y, ECO227Y, STAB27H3, STAC67H3. Note: STAB27H3 is not equivalent to ECMB12H3
Enrolment Limits: 80 per section
Breadth Requirement: Quantitative Reasoning

ECMB35H3    Public Decision Making

A study of decision-making by governments from an economic perspective. The course begins by examining various rationales for public involvement in the economy and then examines a number of theories explaining the way decisions are actually made in the public sector. The course concludes with a number of case studies of Canadian policy making.
Prerequisite: [ECMA04H3 & ECMA06H3] or [ECMA01H3 & ECMA05H3]
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMB36H3    Economic Aspects of Public Policy

Cost-Benefit Analysis (CBA) is a key policy-evaluation tool developed by economists to assess government policy alternatives and provide advice to governments. In this course, we learn the key assumption behind and techniques used by CBA and how to apply these methods in practice.
Prerequisite: [ECMA04H3 & ECMA06H3] or [ECMA01H3 & ECMA05H3]
Corequisite: ECMB01H3 or ECMB02H3
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMB68H3    Comparative Economic Systems

A research-oriented course focused on the application of general systems theory to comparative analysis of alternative economic systems, capitalist, socialist and other. Half of the course will focus on general theoretical systems models; the other half will empirically study Russia, China and other systems.
Prerequisite: [ECMA04H3 & ECMA06H3] or [ECMA01H3 & ECMA05H3]
Corequisite: ECMB01H3 or ECMB02H3
Breadth Requirement: Social & Behavioural Sciences

ECMC02H3    Topics in Price Theory

Continuing development of the principles of microeconomic theory. This course will build on the theory developed in ECMB02H3. Topics will be chosen from a list which includes: monopoly, price discrimination, product differentiation, oligopoly, game theory, general equilibrium analysis, externalities and public goods. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMB02H3 & [MATA32H3 & MATA33H3] (or equivalents)
Exclusion: ECMC92H3, ECO200Y, ECO204Y, ECO206Y
Enrolment Limits: 80 per section
Breadth Requirement: Social & Behavioural Sciences

ECMC06H3    Topics in Macroeconomic Theory

Continuing development of the principles of macroeconomic theory. The course will build on the theory developed in ECMB06H3. Topics will be chosen from a list including consumption theory, investment, exchange rates, rational expectations, inflation, neo-Keynesian economics, monetary and fiscal policy. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMB06H3 & [MATA32H3 & MATA33H3] (or equivalents)
Exclusion: ECO202Y, ECO208Y, ECO209Y
Enrolment Limits: 80 per section
Breadth Requirement: Social & Behavioural Sciences

ECMC11H3    Introduction to Regression Analysis

This course will develop the knowledge and skills necessary to obtain and analyze economic data, providing an introduction to the use and interpretation of regression analysis. Students will learn how to estimate regressions, undertake hypothesis tests, and critically assess statistical results. Students will be required to write a major analytical report. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: [ECMB11H3 & ECMB12H3]
Exclusion: ECO374H, ECM375H, (ECMB13H3) STA302H. ECMC11H3 may not be taken after STAC67H3. ECMC11H3 may not be taken after or concurrently with ECO327Y.
Enrolment Limits: 40
Breadth Requirement: Quantitative Reasoning

ECMC20H3    Economics of the Media

An examination of the role and importance of communications media in the economy. Topics to be covered include: the challenges media pose for conventional economic theory, historical and contemporary issues in media development, and basic media-research techniques. The course is research-oriented, involving empirical assignments and a research essay.
Prerequisite: ECMB01H3 or ECMB02H3
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC27H3    Classics in the History of Economic Thought

A study of the literature of economics, both past and current. Students will read economists important in the development of current economic thought, including Smith, Marx, and Keynes, and will also read the ideas of some important current economic thinkers. Emphasis is on primary sources rather than secondary commentaries.
Prerequisite: [ECMB01H3 or ECMB02H3] & [ECMB05H3 or ECMB06H3]
Exclusion: ECO322Y, ECO429Y
Enrolment Limits: 60 per section
Breadth Requirement: Social & Behavioural Sciences

ECMC31H3    Economics of the Public Sector: Taxation

A course concerned with the revenue side of government finance. In particular, the course deals with existing tax structures, in Canada and elsewhere, and with criteria for tax design.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECMC91H3, ECO336Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC32H3    Economics of the Public Sector: Expenditures

A study of resource allocation in relation to the public sector, with emphasis on decision criteria for public expenditures. The distinction between public and private goods is central to the course.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECMC91H3, ECO336Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC34H3    Economics of Health Care

A study of the economic principles underlying health care and health insurance.
This course is a survey of some of the major topics in health economics. Some of the topics that will be covered will include the economic determinants of health, the market for medical care, the market for health insurance, and health and safety regulation.
Prerequisite: ECMB02H3 & [MATA32H3 & MATA33H3] (or equivalents)
Exclusion: ECO369H, ECO369Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC37H3    Law and Economics

A study of laws and legal institutions from an economic perspective. It includes the development of a positive theory of the law and suggests that laws frequently evolve so as to maximize economic efficiency. The efficiency of various legal principles is also examined. Topics covered are drawn from: externalities, property rights, contracts, torts, product liability and consumer protection, and procedure.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECO320H, ECO320Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC38H3    The Economics of Canadian Public Policy

This course provides a comprehensive study of selected Canadian public policies from an economic point of view. Topics may include environmental policy, competition policy, inflation and monetary policy, trade policy and others. We will study Canadian institutions, decision-making mechanisms, implementation procedures, policy rationales, and related issues.
Prerequisite: [ECMB01H3 or ECMB02H3] & [ECMB05H3 or ECMB06H3]
Exclusion: ECO336Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC40H3    Economics of Organization and Management

This course examines the economics of the internal organization of the firm. Emphasis will be on economic relationships between various parties involved in running a business: managers, shareholders, workers, banks, and government.
Topics include the role of organizations in market economies, contractual theory, risk sharing, property rights, corporate financial structure and vertical integration.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECO310Y, ECO370Y, ECO381H, ECO426H
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC41H3    Industrial Organization

This course covers the economics of the firm in a market environment. The aim is to study business behaviour and market performance as influenced by concentration, entry barriers, product differentiation, diversification, research and development and international trade. There will be some use of calculus in this course.
Prerequisite: ECMB02H3
Exclusion: ECMC92H3, ECO310Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC43H3    Organization Strategies

Explores the issue of outsourcing, and broadly defines which activities should a firm do "in-house" and which should it take outside? Using a combination of cases and economic analysis, it develops a framework for determining the "best" firm organization.
Prerequisite: ECMB02H3 & [ECMC40H3 or ECMC41H3]
Exclusion: RSM481H, (MGT481H)
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC48H3    Money and Banking

There will be a focus on basic economic theory underlying financial intermediation and its importance to growth in the overall economy. The interaction between domestic and global financial markets, the private sector, and government will be considered.
Prerequisite: ECMB05H3 or ECMB06H3
Enrolment Limits: 60 per section
Breadth Requirement: Social & Behavioural Sciences

ECMC49H3    Financial Economics

This course introduces students to the theoretical underpinnings of financial economics. Topics covered include: intertemporal choice, expected utility, the CAPM, Arbitrage Pricing, State Prices (Arrow-Debreu security), market efficiency, the term structure of interest rates, and option pricing models. Key empirical tests are also reviewed.
Prerequisite: [ECMB02H3] & ECMB06H3] & ECMB12H3
Exclusion: ECO358H
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC51H3    Labour Economics I

Applications of the tools of microeconomics to various labour market issues. The topics covered will include: labour supply; labour demand; equilibrium in competitive and non-competitive markets; non-market approaches to the labour market; unemployment. Policy applications will include: income maintenance programs; minimum wages; and unemployment.
Prerequisite: ECMB02H3
Exclusion: ECO239Y, ECO339Y, ECO361Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC52H3    Labour Economics II

A continuation of ECMC51H3. Topics covered will include: unions; wage structures; sex and race discrimination; human capital theory; investment in education. Policy issues discussed will include: pay equity; affirmative action; training initiatives; and migration.
Prerequisite: ECMC51H3 & ECMB02H3 & ECMB12H3
Exclusion: ECMC58H3, ECO239Y, ECO339Y, ECO361Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC54H3    Economics of the Family

This course studies the economic aspects of how families make decisions - about employment, child care, and having children. In particular, we study how women's decisions are affected by children and the need to care for them. We study how public policies affect the decisions of family members, and discuss how family policy can be improved.
Prerequisite: ECMB02H3
Exclusion: ECO332H
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC58H3    Economics of Human Resource Management

This course focuses on the various methods that firms and managers use to pay, recruit and dismiss employees. Topics covered may include: training decisions, deferred compensation, variable pay, promotion theory, incentives for teams and outsourcing.
Prerequisite: ECMB02H3
Exclusion: ECMC52H3, ECO339Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC61H3    International Economics: Finance

Macroeconomic theories of the balance of payments and the exchange rate in a small open economy. Recent theories of exchange-rate determination in a world of floating exchange rates. The international monetary system: fixed "versus" flexible exchange rates, international capital movements, and their implications for monetary policy.
Prerequisite: ECMB05H3 or ECMB06H3
Exclusion: ECO230Y, ECO328Y, ECO365H
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC62H3    International Economics: Trade Theory

An outline of the theories of international trade that explain why countries trade with each other, and the welfare implications of this trade, as well as empirical tests of these theories. The determination and effects of trade policy instruments (tariffs, quotas, non-tariff barriers) and current policy issues are also discussed.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECMC93H3, ECO230Y, ECO328Y, ECO364H
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC63H3    Financial Crises: Causes, Consequences and Policy Implications

This course studies the causes, consequences and policy implications of recent financial crises. It studies key theoretical concepts of international finance such as exchange-rate regimes, currency boards, common currency, banking and currency crises. The course will describe and analyze several major episodes of financial crises, such as Latin America in the 1980s, East Asia, Europe, Mexico and Russia in the 1990s, and Turkey and Argentina in recent years.
Prerequisite: ECMC61H3
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC66H3    Economic Development

An introduction to the processes of growth and development in less developed countries and regions. Topics include economic growth, income distribution and inequality, poverty, health, education, population growth, rural and urban issues, and risk in a low-income environment.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECO324Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC67H3    Development Policy

A consideration of how government policy can affect the pace and nature of development in Third World countries. Emphasis will be on the most important policies including those relating to rural organization, agricultural goods markets, labour markets, credit markets, land rights systems, income distribution and technological change.
Prerequisite: ECMC66H3
Exclusion: ECO324Y
Enrolment Limits: 60
Breadth Requirement: Social & Behavioural Sciences

ECMC80H3    Topics in North American Economic Development

A study of the history of economic development in North America. Students will survey current theoretical approaches in economic history, study particular topics in North American economic history, and develop hands-on practice in data collection and analysis.
Prerequisite: ECMB01H3 or ECMB02H3 or ECMB05H3 or ECMB06H3
Exclusion: ECO321Y
Enrolment Limits: 60 per section
Breadth Requirement: History, Philosophy & Cultural Studies

ECMC91H3    Economics and Government

This course provides an overview of what governments can do to benefit society, as suggested by economic theory and empirical research. It surveys what governments actually do, especially Canadian governments. Efficient methods of taxation and methods of controlling government are also briefly covered.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECMC31H3, ECMC32H3, ECO336Y
Breadth Requirement: Social & Behavioural Sciences

ECMC92H3    Economics of Markets and Pricing

The course builds on ECMB01H3 (or ECMB02H3) by exposing students to the economics of market structure and pricing. How and why certain market structures, such as monopoly, oligopoly, perfect competition, etc., arise. Attention will also be given to how market structure, firm size and performance and pricing relate. Role of government will be discussed.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.
Prerequisite: ECMB01H3 or ECMB02H3
Exclusion: ECMC02H3, ECMC41H3, ECO200Y, ECO204Y, ECO206Y, ECO310Y
Breadth Requirement: Social & Behavioural Sciences

ECMC93H3    International Economics

This course provides general understanding on issues related to open economy and studies theories in international trade and international finance. Topics include why countries trade, implications of various trade policies, theories of exchange rate determination, policy implications of different exchange rate regimes and other related topics.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.
Prerequisite: [ECMB01H3 or ECMB02H3] & [ECMB05H3 or ECMB06H3]
Exclusion: ECMC62H3, ECO230Y, ECO328Y
Breadth Requirement: Social & Behavioural Sciences

ECMD10H3    Theory and Practice of Regression Analysis

This is an advanced course building on ECMC11H3. Students will master regression theory, hypothesis and diagnostic tests, and assessment of econometric results. Treatment of special statistical problems will be discussed. Intensive computer-based assignments will provide experience in estimating and interpreting regressions, preparing students for ECMD50H3. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMB02H3 & ECMB06H3 & [ECMB11H3 & ECMB12H3] & ECMC11H3
Exclusion: ECO327Y, STA302H, (ECMC12H3)
Enrolment Limits: 30
Breadth Requirement: Quantitative Reasoning

ECMD11H3
ECMD12H3    Supervised Reading

These courses will normally be made available only to upper-level students whose interests are not covered by other courses and whose performance in Economics courses has been well above average. Not all faculty will be available for these courses in any single session.
Note: Students must obtain consent from the Supervisor of Studies, supervising instructor and the Department of Management before registering for this course.

ECMD13H3    Advanced Microeconomic Theory

An upper level extension of the ideas studied in ECMC02H3. The course offers a more sophisticated treatment of such topics as equilibrium, welfare economics, risk and uncertainty, strategic and repeated interactions, agency problems, and screening and signalling problems. Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMB12H3 & ECMC02H3
Exclusion: ECO326H, (ECMC13H3)
Enrolment Limits: 35
Breadth Requirement: Social & Behavioural Sciences

ECMD14H3    Advanced Macroeconomic Theory

This course will review recent developments in macroeconomics, including new classical and new Keynesian theories of inflation, unemployment and business cycles.
Enrolment is limited to students registered in programs requiring this course.
Prerequisite: ECMB12H3 & ECMC06H3
Exclusion: ECO325H, (ECMC14H3)
Enrolment Limits: 35
Breadth Requirement: Social & Behavioural Sciences

ECMD50H3    Workshop in Economic Research

This course introduces to students the techniques used by economists to define research problems and to do research. Students will choose a research problem, write a paper on their topic and present their ongoing work to the class.
Prerequisite: [ECMB02H3 & ECMC02H3], [ECMB06H3 & ECMC06H3], [ECMB11H3 & ECMB12H3] & ECMC11H3. This course should be taken among the last 5 credits of a twenty-credit degree.
Corequisite: ECMD10H3

ECMD70H3    Financial Econometrics

Financial econometrics applies statistical techniques to analyze the financial data in order to solve problems in Finance. In doing so, this course will focus on four major topics: Forecasting returns, Modeling Univariate and Multivariate Volatility, High Frequency and market microstructure, Simulation Methods and the application to risk management.
Prerequisite: ECMC11H3 and [ECMC49H3 or MGTC09H3]
Exclusion: ECO462
Enrolment Limits: 30
Breadth Requirement: Quantitative Reasoning

These courses may be counted as B-level credits in ECM programs.   (See the Geography section of this Calendar for full descriptions):

GGRC04H3 Urban Residential Geography
(GGRC18H3) Urban Transportation Policy Analysis
GGRC27H3 Location and Spatial Development

These courses may count for B-level credit in ECM programs.  (See the International Development Studies section of this Calendar for full descriptions):

IDSB01H3  Political Economy of International Development
IDSC12H3  Economics of Small Enterprise and Microcredit