Calendar 2007-2008
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Economics For Management Studies (B.B.A./B.A.)

Contents

Courses

ECMA01H3	ECMA04H3	ECMA05H3	ECMA06H3	ECMB01H3	ECMB02H3	ECMB05H3	ECMB06H3
ECMB09Y3	ECMB11H3	ECMB12H3	ECMB35H3	ECMB36H3	ECMB68H3	ECMC02H3	ECMC06H3
ECMC11H3	ECMC12H3	ECMC13H3	ECMC14H3	ECMC20H3	ECMC27H3	ECMC31H3	ECMC32H3
ECMC34H3	ECMC37H3	ECMC38H3	ECMC40H3	ECMC41H3	ECMC42H3	ECMC48H3	ECMC49H3
ECMC51H3	ECMC52H3	ECMC54H3	ECMC61H3	ECMC62H3	ECMC63H3	ECMC66H3	ECMC67H3
ECMC80H3	ECMC91H3	ECMC92H3	ECMC93H3	ECMD11H3	ECMD12H3	ECMD50H3	GGRC04H3
GGRC18H3	GGRC27H3	IDSB01H3	IDSB05H3

Faculty List

M. Krashinsky, S.B. (M.I.T.), M. Phil., Ph.D. (Yale), Professor
M. Campolieti, B.Sc., M.A., Ph.D. (Toronto), Associate Professor
W. Hejazi, B.A. (Western Ontario), M.A., Ph.D. (Toronto), Associate Professor
I.C. Parker, B.A. (Manitoba), M.A. (Toronto), Ph.D. (Yale), Associate Professor
G. Frazer, B.Math (Waterloo), B.Ed. (Western), M.A. (Toronto), M.Phil., Ph.D. (Yale), Assistant Professor
H. Krashinsky, B.A. (Queen's), M.A., Ph.D. (Princeton), Assistant Professor
H. Tian, B.Sc. (Xinjiang), M.Sc., Ph.D. (McGill), Assistant Professor
G. Cleveland, B.A. (Dalhousie), M.A., Ph.D. (Toronto), Senior Lecturer
I.M.S. Au, B.A., M.A., Ph.D. (Simon Fraser), Lecturer
J. Parkinson, B.A. (Western), M.A., Ph.D. (Toronto), Lecturer
M.A. Sillamaa, B.Sc., M.A.Sc., M.A., M.B.A. (Toronto), Ph.D. (McMaster), 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 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 or specialist co-op Program in Economics for Management Studies 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 not offered at UTSC. As soon as possible, such students should consult with the Supervisor of Studies in Economics at U of T Scarborough 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:

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.
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.
Specialist in Political Science & Economics for Management Studies - a specialist degree with equal amounts of Economics and Political Science (6 FCEs each). This program leads to a B.A. degree. Described in detail below.
Major in Economics for Management Studies - program of six FCEs of Economics for Management Studies, one half FCE in Mathematics and one in Humanities. 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 Major Program in Economics for Management Studies.
Minor in Economics for Management Studies - program of four FCEs 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:
Specialist in Management (B.B.A.) - a program emphasizing Management but including four FCEs 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 this Calendar.
Specialist (Co-op) in Management (B.B.A.) - same as #6 above, but also includes Co-op work terms.
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

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). Only transfer students are considered at other times. Students should have ten FCEs or less when they seek admission to programs in the Department of Management. Note that enrolment in ECMB02H, ECMB06H, ECMB11H, ECMB12H, ECMC02H, ECMC06H, ECMC11H, ECMC12H, ECMC13H and ECMC14H 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.
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.
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.

SPECIALIST (CO-OPERATIVE) PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (B.B.A.)

Supervisor of Studies: J. Parkinson 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, fees, work placements, and standing in the Program, please see the Co-operative Programs section of this Calendar, and the admission discussion below.
Program Admission: Minimum qualifications for entry following first year: 4 full credits including: ECMA04H & ECMA06H; [MGTA03H & MGTA04H] or MGTA02Y;
(MATA27H) or [MATA32H & MATA33H] or [MATA30H & MATA35H/MATA36H/MATA37H]; a cumulative GPA of at least 3.0.
Program Requirements: The Specialist Co-operative Program in Economics for Management Studies requires the completion of the following minimum requirements as part of a twenty-credit degree (B.B.A.).

8.5 FCEs (full credit equivalents) in Economics for Management Studies, including ECMA04H, ECMA06H, ECMB02H, ECMB06H, [ECMB11H & ECMB12H or ECMB09Y], ECMC02H, ECMC06H, ECMC11H, ECMC12H, ECMC13H, ECMC14H, ECMD50H and two additional FCEs in Economics for Management Studies including at least one at the C-level (not including ECMC91H,ECMC92H,ECMC93H).
MATA32H & MATA33H
MGTA03H, MGTA04H, 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 this Calendar.
At least 1.0 FCE from courses within the Department of Humanities.

Note related to Requirement 2 above: The introduction of MATA32H & MATA33H is effective as of 2007 Fall and affects all students admitted to U of T Scarborough in the Fall of 2007 or after. Students from previous years should have completed (MATA27H) and (CSCA02H). These courses will be offered for the last time in 2007 Summer.
Students should be aware that the mathematics requirement implies that Grade 12 or OAC 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 programs leading to the B.B.A. Students in this program will be assessed as per those rules.
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 Department 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 2.5 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 Specialist Co-op Program are advised to take the following courses in their first calendar year:
First Year: ECMA04H, ECMA06H, MGTA03H, MGTA04H, MGTB05H, MGTB06H, MATA32H, MATA33H.
First Summer: ECMB02H, ECMB06H, [ECMB11H & ECMB12H or ECMB09Y].

SPECIALIST PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (B.B.A.)

Supervisor of Studies: J. Parkinson E-mail: economics-supervisor-studies@utsc.utoronto.ca
This program will provide a specialization for those wishing a substantial component of Economics in a Management degree (B.B.A.) and/or seeking to prepare themselves for studies at the Masters' level.
Program Admission: 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 CGPA, and on their performance in ECMA04H, ECMA06H, MGTA03H, MGTA04H & (MATA27H) or [MATA32H & MATA33H] (or equivalents).
Program Requirements:

8.5 full-credit equivalents in Economics for Management Studies including: ECMA04H, ECMA06H, ECMB02H, ECMB06H, [ECMB11H & ECMB12H or ECMB09Y], ECMC02H, ECMC06H, ECMC11H, ECMC12H, ECMC13H, ECMC14H, ECMD50H and two additional FCEs in Economics for Management Studies including at least one at the C-level (not including ECMC91H, ECMC92H, ECMC93H).
MATA32H & MATA33H (see note below)
MGTA03H, MGTA04H, 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 this Calendar.
At least 1.0 FCE from courses within the Department of Humanities.

SPECIALIST PROGRAM IN POLITICAL SCIENCE AND ECONOMICS FOR MANAGEMENT STUDIES (B.A.)

Supervisor of Studies: J. Parkinson E-mail: economics-supervisor-studies@utsc.utoronto.ca
Program Admission: Note: Registration in this Program is limited.
Students must have completed a minimum of four FCEs to be considered for this Program. Students with between 4-10 FCEs will be considered on the basis of CGPA and completion of 1 FCE (full credit equivalent) in Economics at the introductory level.
Program Requirements: Six full-credit equivalents are required in each of the two disciplines, as specified below. Students must also complete at least four FCEs in disciplines other than Political Science & Economics for Management Studies.
Required Courses in Economics for Management Studies
Six FCEs, made up of the following:
[ECMA04H & ECMA06H] or [ECMA01H & ECMA05H]
ECMB01H or ECMB02H
ECMB05H or ECMB06H
ECMC31H & ECMC32H
ECMB35H or ECMB36H or ECMC38H or ECMB68H or ECMC66H
ECMC27H or ECMC80H
Plus two more FCEs in ECM, including at least one at the C-level.
Required Courses in Political Science
Six FCEs, including the following:
[POLB50H & POLB52H]
and
[POLB70H & POLB71H]
One FCE from each of any three of the following fields:

Canadian Government: POLC53H, POLC54H, POLC57H, POLC66H, POLC67H, POLD50H, POLD51H
Public Administration and Public Policy: POLC53H, POLC55H, POLC57H, POLC66H, POLC67H, POLD50H, POLD64H, POLD90H
International Relations: POLA80H, POLA83H, POLA84H, POLB80H, POLB81H, POLC82H, POLC83H, POLC84H, POLC85H, POLC88H, POLC95H, POLD87H, POLD88H
Comparative Politics: POLA81H, POLA90H, POLB90H, POLB91H, POLB92H, POLB93H, POLC86H, POLC89H, POLC90H, POLC91H, POLC92H, POLC93H, POLC96H, POLC97H, POLC99H, POLD51H, (POLD62H), POLD64H, POLD90H, POLD94H

Note: The six full-credit equivalents in Political Science must include at least one full credit at the C- or D- level and no more than one full credit at the A-level.

MAJOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (B.A.)

Supervisor of Studies: J. Parkinson E-mail: 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 FCEs to be considered for this program. Students with 4-6 FCEs will be considered on the basis of cumulative GPA including ECMA04H, ECMA06H & (MATA27H) or [MATA32H & MATA33H]. Students with 7-10 FCEs will be considered on the basis of cumulative GPA including ECMA04H, ECMA06H & (MATA27H) or [MATA32H & MATA33H] 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.
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-credit equivalents in Economics for Management Studies, one full-credit equivalent in Mathematics, and one full-credit equivalent in Humanities. The Economics courses must include:
ECMA04H & ECMA06H
ECMB02H & ECMB06H
[ECMB11H & ECMB12H] or ECMB09Y
ECMC02H & ECMC06H
ECMC11H
Plus 1.5 FCEs chosen from the courses in Economics for Management Studies including at least one at the C-level (not including ECMC91H, ECMC92H, ECMC93H).
Students must also complete MATA32H & MATA33H (or equivalent) and one FCE in Humanities.
Note: The introduction of MATA32H & MATA33H is effective as of 2007 Fall and affects all students admitted to U of T Scarborough in the Fall of 2007 or after. Students from previous years should have completed MATA27H. This course will be offered for the last time in 2007 Summer.
Note: Students who take ECMA01H and ECMA05H and then decide to apply for this program will be permitted to substitute [ECMA01H & ECMA05H] for [ECMA04H & ECMA06H]. However, these students will be required to complete MATA32H and MATA33H before registering for ECMB02H and ECMB06H.

MINOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (B.A.)

Supervisor of Studies: J. Parkinson E-mail: 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 minors or majors in order to graduate. (See the Degrees section of this Calendar for information.) Students need not have completed Grade 12 or OAC 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 FCEs in Economics for Management Studies as follows:
ECMA01H or ECMA04H
ECMA05H or ECMA06H
ECMB01H or ECMB02H
ECMB05H or ECMB06H
Plus two more FCEs 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. New C-level courses have been developed (ECMC91H, ECMC92H, and ECMC93H) and will be available to students in the minor program. Future additions available to students in the minor program are anticipated.
Note: Students may if they wish, count STAB22H, ANTC35H, PSYB07H or SOCB06H or a more advanced statistics course as one half credit B-level Economics course in the Minor Program in Economics for Management Studies. While not required, students are strongly encouraged to include a statistics course in the program.

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.
Exclusion: (ECMA02Y), (ECMA03Y), ECMA04H, ECO100Y, ECO105Y

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.
Exclusion: ECMA01H, (ECMA02Y), (ECMA03Y), ECO100Y, ECO105Y
Prerequisite: Grade 12 or OAC Calculus
Corequisite: It is strongly recommended that MATA32H & MATA33H be taken simultaneously with ECMA04H & ECMA06H

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.
Exclusion: (ECMA02Y), (ECMA03Y), ECMA06H, ECO100Y, ECO105Y

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.
Exclusion: (ECMA02Y), (ECMA03Y), ECMA05H, ECO100Y, ECO105Y
Prerequisite: Grade 12 or OAC Calculus
Corequisite: It is strongly recommended that MATA32H & MATA33H be taken simultaneously with ECMA04H & ECMA06H

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 B.B.A.
Limited enrolment: 120 per section.
Exclusion: ECMB02H, ECO200Y, ECO206Y
Prerequisite: [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.
Exclusion: ECMB01H, ECO200Y, ECO206Y
Prerequisite: [[ECMA04H & ECMA06H] or (ECMA02Y)] & [MATA27H or [MATA32H & MATA33H]]
Students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] & [MATA27H or [MATA32H & MATA33H]] 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 B.B.A.
Limited enrolment: 120 per section
Exclusion: ECMB06H, ECO202Y, ECO208Y, ECO209Y
Prerequisite: [ECMA04H & ECMA06H] or (ECMA02Y) or [ECMA01H & ECMA05H] 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
Exclusion: ECMB05H, ECO202Y, ECO208Y, ECO209Y
Prerequisite: [ECMA04H & ECMA06H or (ECMA02Y)] & [MATA27H or [MATA32H & MATA33H]]
Students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] & [MATA27H or [MATA32H & MATA33H]] 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.
Limited enrolment: 80 per section
Exclusion: ECMB11H, ECMB12H, ANTC35H, ECO220Y, ECO227Y, PSYB07H, SOCB06H, STAB22H, STAB27H, (STAB47H), STAB52H, STAB57H, STAC67H
Prerequisite: [ECMA04H & ECMA06H or (ECMA02Y)] & [MATA27H or [MATA32H & MATA33H]]
Students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] & [MATA27H or [MATA32H & MATA33H]] 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: 120 per section
Exclusion: ECMB09Y, ANTC35H, ECO220Y, ECO227Y, PSYB07H, SOCB06H, STAB22H, (STAB47H), STAB52H, STAB57H
Prerequisite: [ECMA04H & ECMA06H or (ECMA02Y)] & [MATA27H or [MATA32H & MATA33H]]
Students who have completed [ECMA01H & ECMA05H or (ECMA03Y)] & [MATA27H or [MATA32H & MATA33H]] 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
Exclusion: ECMB09Y, ECO220Y, ECO227Y, STAB27H, STAC67H. Note: STAB27H is not equivalent to ECMB12H
Prerequisite: [ECMB11H or (STAB47H) or [STAB52H & STAB57H]] & [MATA27H or [MATA32H & MATA33H]]

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
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
Prerequisite: [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.
Prerequisite: [ECMA04H & ECMA06H] or (ECMA02Y) or [ECMA01H & ECMA05H] or (ECMA03Y)
Corequisite: ECMB01H or ECMB02H

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: 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.
Limited enrolment: 80 per section
Exclusion: ECMC92H, ECO200Y, ECO206Y
Prerequisite: ECMB02H & [MATA27H or [MATA32H & MATA33H]]

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. Enrolment is limited to students registered in programs requiring this course.
Limited enrolment: 80 per section
Exclusion: ECO202Y, ECO208Y, ECO209Y
Prerequisite: ECMB06H & [MATA27H or [MATA32H & MATA33H]]

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.
Limited enrolment: 60
Exclusion: (ECMB13H). ECMC11H may not be taken after or concurrently with STAC67H or ECO327Y.
Prerequisite: [ECMB11H & ECMB12H] or ECMB09Y

ECMC12H3 Theory and Practice of Regression Analysis
This is an advanced course building on ECMC11H. 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 ECMD50H. Enrolment is limited to students registered in programs requiring this course.
Limited enrolment: 30
Exclusion: ECO327Y, STA302H
Prerequisite: ECMB11H, ECMB12H, ECMC11H, ECMB02H & ECMB06H

ECMC13H3 Advanced Microeconomic Theory
An upper level extension of the ideas studied in ECMC02H. 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.
Limited enrolment: 35
Exclusion: ECO326H
Prerequisite: [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.
Enrolment is limited to students registered in programs requiring this course.
Limited enrolment: 35
Exclusion: ECO325H
Prerequisite: [ECMB09Y or ECMB12H] & ECMC06H

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.
Prerequisite: ECMB01H or ECMB02H

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
Exclusion: ECO322Y, ECO429Y
Prerequisite: [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
Exclusion: ECMC91H, ECO336Y
Prerequisite: ECMB01H or ECMB02H

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
Exclusion: ECMC91H, ECO336Y
Prerequisite: ECMB01H or ECMB02H

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: ECO369H, (ECO369Y)
Prerequisite: ECMB02H & [MATA27H or [MATA32H & MATA33H]]

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, contracts, torts, product liability and consumer protection, and procedure.
Limited enrolment: 60.
Exclusion: ECO320H, ECO320Y
Prerequisite: ECMB01H or ECMB02H

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.
Limited enrolment: 60
Exclusion: (ECO236H), (ECO236Y), ECO336Y
Prerequisite: [ECMB01H or ECMB02H] & [ECMB05H or ECMB06H]

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, contractual theory, risk sharing, property rights, corporate financial structure and vertical integration.
Limited enrolment: 60
Exclusion: ECMC92H3, ECO310Y, ECO370Y, ECO381H, ECO426H
Prerequisite: ECMB01H or ECMB02H

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 use of calculus in this course.
Limited enrolment: 60
Exclusion: ECMC92H, ECO310Y
Prerequisite: ECMB02H

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
Prerequisite: ECMB01H or ECMB02H

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, the government will be considered.
Limited enrolment: 60 per section
Prerequisite: ECMB05H or ECMB06H

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: ECO358H
Prerequisite: [ECMB02H] & [ECMB06H] & [ECMB12H or ECMB09Y]

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; unemployment.
Limited enrolment: 60
Exclusion: ECO239Y, ECO339Y, ECO361Y
Prerequisite: ECMB02H

ECMC52H3 Labour Economics II
A continuation of ECMC51H. 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
Exclusion: ECO239Y, ECO339Y, ECO361Y
Prerequisite: ECMC51H & ECMB02H & [ECMB12H or ECMB09Y]

ECMC54H3 Economics of the Family
This course studies the economic aspects of how families make decisions - about employment, child care, 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.
Limited enrolment: 60
Exclusion: ECO332H
Prerequisite: ECMB02H

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: ECMC93H, ECO230Y, ECO328Y, ECO365H
Prerequisite: ECMB05H or ECMB06H

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: ECMC93H3, ECO230Y, ECO328Y, ECO364H
Prerequisite: ECMB01H or ECMB02H

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.
Limited enrolment: 60
Prerequisite: ECMC61H

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
Exclusion: ECO324Y
Prerequisite: ECMB01H or ECMB02H

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
Exclusion: ECO324Y
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: ECO321Y
Prerequisite: ECMB01H or ECMB02H or ECMB05H or ECMB06H

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 and of the Specialist Program in Political Science and 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.
Exclusion: ECMC31H, ECMC32H, ECO336Y
Prerequisite: ECMB01H or ECMB02H

ECMC92H3 Economics of Markets and Pricing
The course builds on ECMB01H (or ECMB02H) 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 and of the Specialist Program in Political Science and 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.
Exclusion: ECMC02H, ECMC41H, ECO200Y, ECO206Y, ECO310Y
Prerequisite: ECMB01H or ECMB02H

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 and of the Specialist Program in Political Science and 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.
Exclusion: ECMC62H, ECO230Y, ECO328Y
Prerequisite: [ECMB01H or ECMB02H] & [ECMB05H or ECMB06H]

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.

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.
Prerequisite: [ECMB02H & ECMC02H], [ECMB06H & ECMC06H], [ECMB11H & ECMB12H or ECMB09Y] & ECMC11H. This course should be taken among the last 5 credits of a twenty-credit degree.
Corequisite: ECMC12H

GGRC04H3 Urban Residential Geography

GGRC18H3 Urban Transportation Policy Analysis

GGRC27H3 Location and Spatial Development
These courses may be counted as B-level credits in ECM programs. (See the Geography section of this Calendar for full descriptions.)

IDSB01H3 International Development Studies: Political Economy

IDSB05H3 Economics of Small Enterprise and Microcredit
These courses may count for B-level credit in ECM programs. (See the International Development Studies section of this Calendar for full descriptions.)

Published Friday January 18th, 2008 Section last updated Fri Jan 18, 2008

Calendar 2007-2008
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