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Economics for Management Studies

(B.B.A., B.A.)

Faculty List


D. Hyatt, B.A., M.A., Ph.D. (Toronto), Professor
M. Krashinsky, S.B. (M.I.T.), M. Phil., Ph.D. (Yale), Professor
I.C. Parker, B.A. (Manitoba), M.A. (Toronto), Ph.D. (Yale), Associate Professor
M. Campolieti, B.Sc., M.A., Ph.D. (Toronto), Assistant Professor
G. Frazer, B.Math (Waterloo), B.Ed. (Western), M.A. (Toronto), M.A., M.Phil. (Yale) Assistant Professor
W. Hejazi, B.A. (Western Ontario), M.A., Ph.D. (Toronto), Assistant Professor
H. Krashinsky, B.A. (Queen's), M.A., Ph.D. (Princeton), Assistant Professor
J. Parkinson, B.A. (Western Ontario), M.A., Ph.D. (Toronto), Assistant Professor
H. Tian, M.Sc., Ph.D. (McGill), Assistant Professor
G. Cleveland, B.A. (Dalhousie), M.A., Ph.D. (Toronto), Senior Lecturer

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 Division 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 co-op Program as part of the B.B.A., or may either major or minor in economics as part of the B.A. degree. Students may also choose economics as a stream in the B.B.A. Program. There is also a joint specialist Program with political science. Finally, economics plays a significant role within the general B.B.A. Program.

Students wishing to pursue a graduate program in Economics will require some additional courses in Economic Theory not offered at UTSC. Such students should consult with the Undergraduate Secretary of the Department of Economics at the St. George campus, or the graduate secretary of the Department of Economics where they intend to do further work to determine what additional courses would be required to do graduate work in this field. The Supervisor of Studies at UTSC can help you with this task.

Programs in Economics for Management Studies

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 Economic Policy Management and Data Analysis - a specialist degree with a strong emphasis on applied courses dealing with the economic policy process, and including Co-op work terms. This Program is consistent with a twenty-credit degree (B.B.A.) described in detail below.
  2. Specialist in Political Science & Economics for Management Studies - a specialist degree with equal amounts of Economics and Political Science (six credits each), consistent with a twenty-credit degree (B.A.). Described in detail below.
  3. Major in Economics for Management Studies - program of six full credits of Economics for Management Studies, one-half credit in Mathematics and one in Humanities, consistent with either a fifteen-credit or a twenty-credit degree (B.A.). Described in detail below.
  4. Minor in Economics for Management Studies - program of four full credits of Economics for Management Studies, consistent with either a fifteen-credit or a twenty-credit degree (B.A.). Described in detail below.

    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. Students may elect to take additional specified courses in Economics for Management Studies to qualify for designation within the Economic Data Analysis stream. Described in detail in the Management section of the 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 Programs in the Social Sciences within which students may choose to include a significant component from Economics for Management Studies. Described in detail elsewhere in the Calendar.


Admission to Programs in Economics for Management Studies and in Management

  1. All students, even those who have been directly admitted into the Division from high school (and who are guaranteed admission into programs in the Division), must formally apply to specific programs after four courses 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). Only transfer students are considered at other times. Students should have ten credits or less when they seek admission to programs in the Division of Management. Note that enrolment in ECMB02, ECMB06, [ECMB11H & ECMB12H] or ECMB09Y, ECMC02, ECMC06 will be strictly limited to program students.
  2. Those students directly admitted into the Division from high school are guaranteed entry into a program in the Division (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 GPA 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 some courses may be unavailable.

Economics for Management Studies Courses with Limited Enrolment

Students who have been admitted to all the Specialist and Major programs listed above 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 during which program students are given priority, access to all remaining spaces in Economics for Management courses will be opened to all students in the University on a first-come, first-served basis. In some years, students not admitted to Programs may find it difficult or impossible to obtain any specific course in Economics for Management Studies.

THE CO-OPERATIVE PROGRAM IN ECONOMIC POLICY MANAGEMENT AND DATA ANALYSIS

Supervisor: G. Cleveland
E-mail: cleveland@utsc.utoronto.ca

The co-operative program in Economic Policy Management and Data Analysis - B.B.A. (EPMDA) is a work-study program which combines academic studies with work experience in public and private enterprises. EPMDA 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, fees, work placements, and standing in the Program, please see the Calendar section Co-operative Programs: General Information, page 71.

Program Requirements

The Co-operative Program in Economic Policy Management and Data Analysis requires the completion of the following minimum requirements as part of a twenty-credit degree (B.B.A.).
  1. 8.5 FCEs (full credit equivalents) in Economics for Management Studies, including [ECMA04H & ECMA06H or ECMA02Y], ECMB02H, ECMB06H, [ECMB11H & ECMB12H or ECMB09Y], ECMB13H, ECMB35H or ECMB36H, ECMC02H, ECMC06H, ECMC09H, ECMC10H, ECMC90H and 2 additional C-level FCEs in Economics for Management Studies.
  2. MATA27H and CSCA02H.
  3. MGTA02Y, MGTB03H, MGTB05H, MGTB06H, MGTB23H, MGTB29H, MGTC03H, MGTC24H, MGTC74H and 0.5 FCE from the strategic management options as described in the B.B.A. Program in the Management section of the Calendar.
  4. At least 1.0 FCE from courses within the Department of Humanities.

Students should be aware that the mathematics requirement implies that Grade 12 or OAC Calculus is a prerequisite for entry to this Program.

Work Terms

This program requires three work terms, the first one of which may be combined with course work. While some students will work at regular co-op placements arranged through the B.B.A. co-op office, a select group of students in this program may obtain placements working with faculty in the Division of Management during the 2nd year of courses. There will be two further work terms, outside the University, on a full-time basis. These will normally be scheduled during the summer. These will generally be placements with professional economists working for financial institutions, government organizations, or elsewhere. Students must maintain a 3.0 GPA in order to go out on these work terms. Students must complete the Introduction to Management Co-op Tutorial before undertaking a work term.

Recommended Schedule of Courses

Students in, or intending to enter, the Co-op Program in EPMDA are advised to take the following courses in their first calendar year:

First Year: [ECMA04H & ECMA06H or ECMA02Y], MGTA02Y, MGTB05H, MGTB06H, MATA27H, CSCA02H.

First Summer: ECMB02H, ECMB06H, [ECMB11H & ECMB12H or ECMB09Y].

SPECIALIST PROGRAM IN POLITICAL SCIENCE AND ECONOMICS FOR MANAGEMENT STUDIES

Supervisor: G. Cleveland
E-mail: cleveland@utsc.utoronto.ca

NOTE: Registration in this Program is limited.

Students must have completed a minimum of four credits to be considered for this Program. Students with between 4-10 credits will be considered on the basis of GPA and completion of 1 FCE (full credit equivalent) in Economics at the introductory level.

Six full-credit equivalents are required in each of the two disciplines, as specified below. Students must also complete at least four full-credit equivalents in disciplines other than Political Science & Economics for Management Studies.

Required Courses in Economics for Management Studies

Six full-credit equivalents, made up of the following:
[ECMA04H & ECMA06H or ECMA02Y] or [ECMA01H & ECMA05H or (ECMA03Y)]
ECMB01H or ECMB02H
ECMB05H or ECMB06H
ECMC31H & ECMC32H
ECMB35H or ECMB36H or ECMC66H or ECMC68H
ECMC27H or ECMC80H
Two more FCEs in ECM, including at least one at the C-level.

Required Courses in Political Science

Six full-course equivalents, including the following:

POLA51H or [POLB50H & POLB52H or (POLB50Y)]
[POLB70H & POLB71H] or (POLB70Y)
One FCE from each of any three of the following fields:

  1. Canadian Government: POLB50H & POLB52H (POLB50Y), (POLC52Y), POLC53H (POLC53Y), POLC54H & POLC57H (POLC54Y), POLC66H & POLC67H (POLC65Y), POLD50H, POLD51H
  2. Public Administration and Public Policy: POLC53H (POLC53Y), POLC66H & POLC67H (POLC65Y), POLD50H, (POLD60H), (POLD61H), POLD64H
  3. International Relations: POLA80H, POLB80H & POLB81H (POLB80Y), POLC82H & POLC83H (POLC82Y), POLC84H & POLC85H (POLC84Y), POLC88H & POLD88H (POLC88Y)
  4. Comparative Politics, Industrial Countries: POLA81H, (POLB87Y), POLB92H & POLB93H (POLB92Y), POLC86H & POLC89H (POLC86Y), POLD51H, POLD62H, POLD64H
  5. Comparative Politics, Developing Countries: POLA90H, POLB90H & POLB91H (POLB91Y), POLC96H & POLC97H (POLC96Y), POLC91H & POLC99H (POLC98Y), POLD94H

NOTE: No more than two courses at the A-level may be counted toward program requirements. If POLB50H & POLB52H (POLB50Y) are used to satisfy the first requirement (POLA51 or [POLB50H & POLB52H (POLB50Y)]) above, then they may not also be used to satisfy the Canadian Government field requirement.

MAJOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES

Supervisor: G. Cleveland

NOTE: Registration in this Program is limited.

Students must have completed a minimum of four credits to be considered for this program. Students with 4-6 course credits will be considered on the basis of GPA including [ECMA04H & ECMA06H or ECMA02Y] & MATA27H. Students with 7-10 course credits will be considered on the basis of GPA including [ECMA04H & ECMA06H or ECMA02Y] & MATA27H and one of ECMB02H and ECMB06H. Students should be aware that the MAT requirement implies that Grade 12 or OAC calculus is a requirement for entry into this program.

This Program is designed to give a coordinated exposure to the subject matter of Economics for Management Studies to students pursuing the three-year degree or to those pursuing the four-year degree with more than a single area of concentration.

The Program consists of six full-credit equivalents in Economics for Management Studies, one-half credit in Mathematics, and one full-credit in Humanities. The Economics courses must include:
[ECMA04H & ECMA06H] or ECMA02Y
and
ECMB02H & ECMB06H
and
[ECMB11H & ECMB12H] or ECMB09Y
and
ECMC02H & ECMC06H
and two full-credit equivalents chosen from the courses in Economics for Management Studies including at least one at the C-level. Students must also complete MATA27H and one FCE in Humanities.

Students who take ECMA01H and ECMA05H (ECMA03Y) and then decide to apply for this program will be permitted to substitute ECMA01H and ECMA05H (ECMA03Y) for [ECMA04H & ECMA06H] or ECMA02Y. However, these students will be required to complete MATA27H before registering for ECMB02H and ECMB06H.

MINOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES

Supervisor: G. Cleveland

NOTE: Registration in this program is not limited. However, some requirements, particularly those at the B-level, may have to be taken in the summer session since access to courses in the fall or winter session cannot be guaranteed.

This program is designed to give exposure to the subject matter in some areas of Economics to students pursuing three or four year degrees. These students will have to combine this minor with other minors or majors in order to graduate. Students need not have completed Grade 12 or OAC calculus in order to enter this program.

The program consists of four full-credit equivalents in Economics for Management Studies as follows:
[ECMA01H & ECMA05H (ECMA03Y)] or [ECMA04H & ECMA06H or ECMA02Y]
and
[ ECMB01H or ECMB02H
and
[ ECMB05H or ECMB06H
Two more FCEs in Economics for Management Studies, including at least one at the C-level.

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.
Exclusions: ECMA02Y, (ECMA03Y), ECMA04H, ECMA06H, ECO100, ECO105Y

ECMA02Y3 Introduction to Economics: A Mathematical Approach

Economic theory and its application to contemporary Canadian economic problems including: unemployment, inflation, competition, monopoly. Calculus, algebra and graphs are used extensively. Oriented primarily towards students planning to complete the Specialist Program in Management or in Economic Policy Management and Data Analysis, or the Major in Economics for Management Studies.
Exclusions: ECMA01H, (ECMA03Y), ECMA04H, ECMA05H, ECMA06H, ECO100
Prerequisite: Grade 12 or OAC Calculus
Corequisite: MATA27H

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 Economic Policy Management and Data Analysis, and the Major Program in Economics for Management Studies.
Exclusions: ECMA01H, ECMA02Y, (ECMA03Y), ECMA05H & ECO100, ECO105Y
Prerequisite: Grade 12 or OAC Calculus
Corequisite: MATA27H must be completed before students will be admitted to courses requiring this course as a prerequisite.

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.
Exclusions: ECMA02Y, (ECMA03Y), ECMA04H, ECMA06H, ECO100, ECO105Y

ECMA06H3 Introduction to Macroeconomics: A Mathematical Approach

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 Economic Policy Management and Data Analysis, and the Major Program in Economics for Management Studies.
Exclusions: ECMA01H, ECMA02Y, ECMA05H, (ECMA03Y), ECO100, ECO105Y
Prerequisites: Grade 12 or OAC Calculus
Corequisites: MATA27H must be completed before students will be admitted to courses requiring this course as a prerequisite.

IDSB01H3 International Development Studies: Political Economy

Introduces students to major development problems, focusing on international economic and political economy factors. Examines trade, aid, international institutions such as the World Bank, the IMF and the WTO. Examines both conventional economic perspectives as well as critiques of these perspectives. This course can be counted for credit in ECM Programs.
Limited enrolment: 170
Exclusion: ECO230Y
Prerequisite: [ECMA01H & ECMA05H] or [ECMA04H & ECMA06H] or ECMA02Y3 or (ECMA03Y)

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 for the BBA.
Limited enrolment: 80 per section.
Exclusions: ECMB02, (ECMB03), (ECMB04), ECO200, ECO206
Prerequisites: [ECMA04H & ECMA06H] or ECMA02Y or [ECMA01H & ECMA05H] or (ECMA03Y)

ECMB02H3 Price Theory: A Mathematical Approach

Intermediate level development of the principles of microeconomic theory. The course will cover the same topics as ECMB01H, 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.
Limited enrolment: 80 per section.
Exclusions: ECMB01, (ECMB03), (ECMB04), ECO200, ECO206
Prerequisites: [ECMA04H & ECMA06H or ECMA02Y] & MATA27H; students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] and MATA27H may be admitted with the permission of the supervisor of studies.

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 BBA.
Limited enrolment: 80 per section
Exclusions: ECMB06, (ECMB07), (ECMB08), ECO202, ECO208
Prerequisites: [ECMA04H & ECMA06H] or ECMA02Y or [ECMA01H & ECMA05H] or (ECMA03Y)

IDSB05H3 Economics of Small Enterprise and Microcredit

Considers the role of micro- and small/medium enterprise in the development process, as compared to the larger firms. Identifies the role of smaller enterprises in employment creation and a more equitable distribution of income. Examines policies which can contribute to these outcomes, including micro-credit. This course can be counted for credit in ECM Programs.
Limited Enrolment: 60
Prerequisites: [ECMA01H & ECMA05H] or [ECMA04H & ECMA06H] or ECMA02Y3 or (ECMA03Y)

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 ECMB05H, 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.
Limited enrolment: 80 per section
Exclusions: ECMB05, (ECMB07), (ECMB08), ECO202, ECO208
Prerequisites: [ECMA04H & ECMA06H or ECMA02Y]& MATA27H; students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] and MATA27H may be admitted with the permission of the supervisor of studies.

ECMB09Y3 Quantitative Methods in Economics

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, hypothesis testing, simple and multiple regression. Enrolment is limited to students registered in programs requiring this course.
Exclusions: ECMB11H, ECMB12H, (GGRB31H), ANTC35H, (MGTB10H), ECO220, ECO227, PSYB07H, SOCB06H, STAB22H, (STAB47H), STAB52H, STAB57H, STAC67H, STA107H, STA220H & STA221H
Prerequisites: [ECMA04H & ECMA06H or ECMA02Y] & MATA27H; students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] and MATA27H may be admitted with the permission of the supervisor of studies.

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.
Limited enrolment: 80 per section
Exclusions: ECMB09Y; ANTC35H, (MGTB10H), ECO220, ECO227, (GGRB31H), PSYB07H, SOCB06H, STAB22H, (STAB47H), STAB52H, STAB57H, STA107H & STA220H
Prerequisites: [ECMA04H & ECMA06H or ECMA02Y] & MATA27H; students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] and MATA27H may be admitted with the permission of the supervisor of studies.

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.
Limited enrolment: 80 per section
Exclusions: ECMB09Y, ANTC35H, ECO220, ECO227, (GGRB31H), PSYB07H, SOCB06H, STAC67H, STA221H3
Prerequisite: ECMB11H or (STAB47H) or [STAB57H & STAB57H]; & MATA27H

ECMB13H3 Applied Data Analysis

Development of the knowledge and skills necessary to analyze economic data. The course will focus on obtaining and analyzing economic data using EXCEL. Students will further develop their understanding of descriptive statistics, correlation, and regression. Students will be required to submit a major analytical report.
Limited enrolment: 60
Prerequisites: [ECMB09Y or ECMB11H] & MATA27H
Corequisite: ECMB12H (if ECMB11H is used a prerequisite)

GGRB27H3 Location and Spatial Development

Location of a firm; market formation and areas; agricultural location; urban spatial equilibrium; trade and spatial equilibrium; locational competition; equilibrium for an industry; trade and location. This course can be counted for credit in ECM programs.
Exclusion: GGR220
Prerequisites: [ECMA04H & ECMA06H] or ECMA02Y

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.
Limited enrolment: 60
Exclusion: (ECOB35)
Prerequisite: [ECMA04H & ECMA06H] or ECMA02Y or [ECMA01H & ECMA05H] or (ECMA03Y)

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.
Limited enrolment: 60
Exclusion: (ECOB36)
Prerequisites: [ECMA04H & ECMA06H] or ECMA02Y or [ECMA01H & ECMA05H] or (ECMA03Y)
Corequisite: ECMB01H or ECMB02H

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.
Exclusions: (ECO330), (ECOB68), ECO302H
Prerequisite: [ECMA04H & ECMA06H] or ECMA02Y or [ECMA01H & ECMA05H] or (ECMA03Y)
Corequisite: ECMB01 or ECMB02

ECMC02H3 Topics in Price Theory

Continuing development of the principles of microeconomic theory. This course will build on the theory developed in ECMB02H. Topics will be chosen from a list which includes: risk and uncertainty, monopoly and oligopoly, game theory, general equilibrium, Pareto Optimality, externalities.
Limited enrolment: 80 per section
Exclusions: (ECMB03), (ECMB04), ECO200, ECO206
Prerequisite: ECMB02H & MATA27H

GGRC04H3 Urban Residential Geography

Household production; household governance and contracting; household economic behaviour, housing demand, life course and housing career; housing policy and markets; dwelling maintenance and neighbourhood; social mix and segregation. This course can be counted as a B-level credit in ECM programs.
Exclusion: GGR357
Prerequisites: University-level half-credit in data analysis and one of ECMB01, ECMB02, (ECMB03), (ECMB04), GGRB05, GGRB06, GGRB27

ECMC06H3 Topics in Macroeconomic Theory

Continuing development of the principles of macroeconomic theory. The course will build on the theory developed in ECMB06H. Topics will be chosen from a list including consumption theory, investment, exchange rates, rational expectations, inflation, neo-Keynesian economics, monetary and fiscal policy.
Limited enrolment: 80 per section
Exclusions: (ECMB07), (ECMB08), ECO202, ECO208
Prerequisite: ECMB06H & MATA27H

ECMC09H3 Applied Regression Analysis

Economic theory, including the formulation of econometric tests and economic hypotheses. Students will learn how to estimate regressions, undertake hypothesis tests, and critically assess statistical results. The implications and treatment of special statistical problems that arise in estimating economic relationships will also be discussed.
Limited enrolment: 60 per section
Exclusions: (ECMC11Y), ECO327Y
Prerequisites: ECMB02H & ECMB06H & ECMB12H & ECMB13H

ECMC10H3 Empirical Applications of Regression Analysis

The course will build on the theory developed in ECMC09H and emphasize applications of the methods to microeconomics, e.g. among other topics labour supply and hedonic pricing methods A great deal of the term work will involve computer-based assignments, in which students estimate regressions.
Limited enrolment: 60 per section
Exclusion: (ECMC11Y), ECO327Y
Prerequisite: ECMC09H

ECMC13H3 Advanced Microeconomic Theory

An upper level extension of the ideas studied in ECMB03. 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 signaling problems.
Exclusion: ECO326, (ECOC13)
Prerequisites: [ECMB09Y or ECMB12H] & ECMC02H

ECMC14H3 Advanced Macroeconomic Theory

This course will review recent developments in macroeconomics, including new classical and new Keynesian theories of inflation, unemployment and business cycles.
Exclusion: ECO325, (ECOC14)
Prerequisites: [ECMB09Y or ECMB12H] & ECMC06H

GGRC18H3 Urban Transportation Policy Analysis

Demand forecasting; methodology of policy analysis; impacts on land values, urban form and commuting; congestion; transit management; regulation and deregulation; environmental impacts and safety. This course can be counted as a B-level credit in ECM programs.
Exclusion: GGR324
Prerequisites: University-level half-credit in data analysis and one of ECMB01H, ECMB02, (ECMB03), (ECMB04), GGRB05, GGRB06, GGRB27

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.
Limited enrolment: 60.
Exclusion: (ECOC20)
Prerequisites: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

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.
Limited enrolment: 60 per section
Exclusions: ECMC26H, ECO322
Prerequisites: [ECMB01H or ECMB02H] & [ECMB05H or ECMB06H]

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.
Limited enrolment: 60.
Exclusions: ECO236 (ECOC31), ECO336Y
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

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.
Limited enrolment: 60
Exclusions: ECO236, (ECOC32), ECO336Y
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

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.
Limited enrolment: 60
Exclusion: ECO369Y
Prerequisite: ECMB02H & MATA27H

ECMC37H3 Law and Economics

A study of laws and legal institutions from an economic perspective. Includes the development of a positive theory of the law suggesting that laws frequently evolve so as to maximize economic efficiency. The efficiency of various legal principles is examined. Topics covered are drawn from: externalities, property rights, environmental law, contracts, torts, product liability and consumer protection, criminal law, and procedure.
Limited enrolment: 60.
Exclusion: ECO320, (ECOC37)
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

ECMC40H3 Economics of Organization and Management

Covers 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, contractural theory, risk sharing, property rights, corporate financial structure and vertical integration.
Limited enrolment: 60
Exclusion: ECO310, (ECOC40), ECO370Y
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

ECMC41H3 Industrial Organization

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 limited use of calculus in this course.
Limited enrolment: 60
Exclusion: ECO310, (ECOC41), ECO380H3
Prerequisite: ECMB02H or (ECMB03Y) or (ECMB04Y)

ECMC42H3 The Economics of the Internet and E-Commerce

The internet is radically changing communications, access to information, and commerce. This course will explore key issues associated with the development of the Internet and E-commerce, including business strategy, pricing; intellectual property rights; government regulation and taxation. Students are advised that there is a substantial amount of reading required for this course.
Limited enrolment: 60
Prerequisites: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

ECMC48H3 Money and Banking

An introduction to the role of banking institutions in the economy. There will be a focus on basic economic theory underlying financial intermediation. Specifically, the interaction of the Bank of Canada, the chartered banks, trust companies, credit unions and households in the credit and financial services market will be considered.
Limited enrolment: 60 per section
Exclusion: (ECO348)
Prerequisite: ECMB05H or ECMB06H or (ECMB07Y) or (ECMB08Y)

ECMC49H3 Financial Economics

This course introduces students to the theoretical underpinnings of financial economics. Topics covered include: intertemporal choice, expected utility , the CAPM, cost of capital, use of debt by the firm and dividend policy, market efficiency, the term structure of interest rates, and option pricing models. Key empirical tests are also reviewed.
Limited enrolment: 60
Exclusion: (ECOC49), ECO358H3
Prerequisites: [ECMB02H or (ECMB04Y)] & [ECMB06H or (ECMB08Y)] & [ECMB12H or ECMB09Y)

ECMC51H3 Labour Economics I

Applications of the tools of microeconomics to various labour market issues. The topics covered will include: fertility; 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; unemployment.
Limited enrolment: 60
Exclusions: ECO239, ECO339, (ECOC51)
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

ECMC52H3 Labour Economics II

A continuation of ECOC51H. 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; migration.
Limited enrolment: 60
Exclusions: ECO239, ECO339, (ECOC52)
Prerequisites: ECMC51H & [ECMB02H or (ECMB04Y)] & [ECMB12H or ECMB09Y]

MGTC52H3 Business Negotiation

An introduction to the theory and practice of negotiation in business. This course develops approaches and tactics to use in different forums of negotiation, and an introduction to traditional and emerging procedures for resolving disputes. To gain practical experience, students will participate in exercises which simulate negotiations.
Limited enrolment: 60
Exclusion: (MGTC54Y)
Prerequisites: MGTA02Y & [MGTB23H & MGTB29H or MGTB27Y]

MGTC53H3 Introduction to Industrial Relations

An overview of the industrial system and process. The course will introduce students to: industrial relations theory, the roles of unions and management, law, strikes, grievance arbitration, occupational health and safety, and the history of the industrial relations system. Students will participate in collective bargaining simulations.
Limited enrolment: 60
Exclusion: (MGTC54Y)
Prerequisites: Completion of at least ten full-credit equivalents including [ECMA01H & ECMA05H (ECMA03Y)] or [ECMA04H & ECMA06H or ECMA02Y] & MGTA02Y

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.
Limited enrolment: 60
Exclusion: ECO328, (ECOC61), ECO230Y
Prerequisites: [ECMB06H or (ECMB08Y)] & MATA27H

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.
Limited enrolment: 60
Exclusion: ECO328, (ECOC62), ECO230Y
Prerequisites: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

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.
Limited enrolment: 60
Exclusions: ECO324, (IDSC66H)
Prerequisite: ECMB01H or ECMB02H or (ECMB03Y) or (ECMB04Y)

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.
Limited Enrolment: 60
Exclusions: ECO324, (IDSC67H)
Prerequisite: ECMC66H

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.
Limited enrolment: 60 per section
Exclusion: (ECOB81Y), ECO321Y, ECO306Y
Prerequisites: ECMB01H or ECMB02H or ECMB05H or ECMB06H

ECMC90H3 Research Methods in Economic Policy Management and Data Analysis

An introduction to the techniques used for economic policy research. Students will work closely with one member of the faculty in carrying out research. Enrolment is limited to students who have been accepted into the Co-operative Program in Economic Policy Management and Data Analysis.
Prerequisites: ECMB02H & ECMB06H & [ECMB11H & ECMB12H or ECMB09Y]

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 term.

Students must obtain consent from the supervising instructor and the Supervisor of Studies before registering for this course.

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 and a faculty member with whom to work, write papers on their topic and present their ongoing work to the class.
Exclusion: (ECOD50)
Prerequisites: [ECMB02H & ECMC02H or (ECMB04Y)] & [ECMB06H & ECMC06H or (ECMB08Y)] or [(ECMB03Y) & (ECMB07Y) & [ECMB11H & ECMB12H or ECMB09Y]. This course should be taken among the last 5 credits of a twenty-credit degree.

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University of Toronto at Scarborough 2003/2004 Calendar
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