Economics (ECON)

Department Statement

“Economics is the study of how individuals, firms, government and other organizations within our society make choices, and how these choices determine society’s use of its resources.” (Joe Stiglitz).

Economics borders on other academic disciplines, such as political science, sociology, psychology, anthropology and business administration. It also draws heavily on the study of history, statistics and mathematics. Economists are central players in setting government policy, from social programs to economic development. In the private sector, they contribute to market research for new products, evaluate the impact of mergers, and assess tax policy.

Students who desire some minimum understanding of economics are encouraged to consider taking one or two courses at the 1200 level. Entrance into higher level courses ordinarily requires a full-year of principles of economics, but this may be waived with the approval of the Department.

The Economics Department is able to offer students with a special interest in economics the opportunity to undertake some concentration beyond the core of required courses in the following areas and associated courses.

Money and Banking: ECON 3307, 4407
Public Finance: ECON 3318, 3319
International: ECON 3327, 3365, 4413, 4414
Quantitative: ECON 3302, 3303, 4403, 4409
Regional: ECON 3324, 3325
Natural Resources and Environment: ECON 3362, 3363
Comparative Systems: ECON 3315
Cost-Benefit Analysis and Health: ECON 3364, 3366
Development: ECON 3310, 4410
Labour: ECON 3340, 3341, 3349
Industrial Organization: ECON 3316
Other theory courses: ECON 4400, 4401, 4404, 4405.

Students who desire a major in economics are encouraged to enrol in an appropriate program under the guidance of a faculty advisor. There are two general programs: (1) Bachelor of Arts with a major in economics, and (2) Bachelor of Commerce with a major in economics.

See Faculty of Arts and Faculty of Commerce, Section 3 of this Calendar, for the basic requirements for these degrees.
In addition to the programs cited above, information on graduate courses, may be found in the Graduate Academic Calendar.

Note: Students are advised that possession of the minimum qualifications does not guarantee admission to a particular academic program. Limits to the number of students who can be in a particular program at any one time exist and depend very much on the number of faculty members available in a particular academic unit.


Major in Economics

Regardless of the degree sought, the Department of Economics requires that the program of study leading to a major in economics include the following:

a. The following economics courses:

  • ECON 1201 Principles of Economics: Micro
  • ECON 1202 Principles of Economics: Macro
  • MGSC 1206 Introduction to Quantitative Methods II
  • MGSC 2207 Introductory Statistics
  • ECON 3300 Intermediate Microeconomic Theory
  • ECON 3301 Intermediate Macroeconomic Theory
  • ECON 4400 Advanced Microeconomic Theory or
  • ECON 4401 Advanced Macroeconomic Theory.
  • One additional course (three (3) credit hours) in ECON at the 4000-level (excluding ECON 4475).
  • 12 additional credit hours in ECON

Majors are encouraged to include ECON 3302 and/or 3303 among their Economics electives.

Students may complete MATH 1210 or 1250 Introductory Calculus in lieu of MGSC 1206.

b. Six (6) credit hours in the humanities: Classics, English other than ENGL 1205, History, Philosophy other than PHIL 1200, Religious Studies, and Modern Languages courses on literature and/or culture. In special circumstances, with the permission of the Chairperson, part of this requirement may be fulfilled by ECON 3315.

c. Six (6) credit hours from the social sciences other than economics.


Bachelor of Arts - Major in Economics

Arts students are encouraged to take MGSC 1205 and/or CISY 1225 in fulfilment of Arts requirement 3b. The above requirements for the major will satisfy Arts regulation 3d and 6 or the 9 credit hours in Arts regulation 3c.

Students must achieve a minimum grade point average of 2.0 in the courses listed in a. above.

Suggested course sequencing for the program is as follows:

Year 1
ENGL 1205 Introduction to Literature 
ECON 1201 Principles of Economics: Micro 
ECON 1202 Principles of Economics: Macro
MGSC 1206 Introduction to Quantitative Methods II 6 hours in two Humanities
6 hours in Social Science but not ECON
6 hours in MATH, Science or modern language (MGSC 1205 and CISY 1225 recommended)

Year 2
MGSC 2207 Introductory Statistics
ECON 3300 Intermediate Microeconomic Theory 
ECON 3301 Intermediate Macroeconomic Theory 
12 hours Arts electives at 2000 level or above
3 hours in Humanities 6 hours electives

Year 3
9 hours in ECON at the 3000 level or above 15 hours Arts electives at 2000 level or above 6 hours electives

Year 4

3 hours in ECON at the 3000 level or above
One of
3 hours in ECON at the 4000 level (excluding 4475
12 hours Arts electives at 2000 level or above
9 hours electives

Bachelor of Commerce - Major in Economics

Upon completion of 45 credit hours, Commerce students with a cumulative grade point average of 2.0 may elect to declare a major in Economics. (In exceptional circumstances, students can also be admitted to the major by permission of the Chairperson.)

To complete a major in Economics, students must attain a minimum grade point average of 2.2 in ECON courses below as indicated by *.
Suggested course sequencing for the program is as follows:

Year 1

CISY 1225 Introduction to Computer Applications
*ECON 1201 Principles of Economics: Micro
*ECON 1202 Principles of Economics: Macro 
ENGL 1205 Introduction to Literature
MGMT 1281 Introduction to Business Management 
MGSC 1205 Quantitative Methods I
MGSC 1206 Quantitative Methods II
Nine (9) non-Commerce elective credit hours

Year 2

ACCT 2241 Introductory Financial Accounting 
ACCT 2242 Introductory Managerial Accounting 
CMLW 2201 Legal Aspects of Business - Part I 
COMM 2293 Communications
MGSC 2207 Introductory Statistics
MGMT 2383 Micro Organizational Behaviour 
MGMT 2384 Macro Organizational Behaviour
MKTG 2270 Introduction to Marketing
*ECON 3300 Intermediate Microeconomic Theory
*ECON 3301 Intermediate Macroeconomic Theory

Year 3

*ECON 4400 Advanced Microeconomic Theory
   or *ECON 4401 Advanced Macroeconomic Theory
FINA 2360 Business Finance I
FINA 3361 Business Finance II
*Six (6) credit hours in Economics electives at the 3000 level or above
Six (6) credit hours in humanities or language electives [Classics, History, Philosophy (except PHIL 1200), Religious Studies, English, or Modern Languages]
MGMT 3480 Ethical Responsibilities of Organizations
Six (6) credit hours in free electives

 

Year 4

MGMT 4489 Strategic Management
*Six (6) credit hours ECON electives at 3000 level or above
*Three (3) credit hours in ECON electives at 4000 level (excluding ECON 4475)
Six (6) credit hours in social sciences (excluding Economics) elective [Anthropology, Geography, Political Science, Sociology, or Psychology]
Three (3) credit hours in non-Commerce electives Nine (9) credit hours in free electives

Students are encouraged to take ECON 3300 or 3301 in year 2 and defer 3 credit hours in ECON electives to year 3.


Honours in Economics

The Department of Economics offers honours programs to students enrolled in either the Bachelor of Arts or the Bachelor of Commerce. Descriptions of the general requirements for the degrees of Bachelor of Arts (Honours) and of Bachelor of Commerce (Honours) are contained in Section 3. In addition to these general requirements, for graduation with honours in economics, all students must comply with the following:

a. Students must satisfy the applicable requirements for a major in economics as outlined above.

b. The sixty (60) credit hours in economics presented for honours must include:

(i) ECON 1201, ECON 1202, MGSC 1206, and MGSC 2207, or equivalent;
(ii) ECON 3300 and ECON 4400;
(iii) ECON 3301 and ECON 4401;
(iv) ECON 3302, ECON 3303, and ECON 4403, or nine (9) credit hours from the Mathematics and Computing Science Department with the approval of the Chairperson of the Economics Department;
(v) ECON 4498;
(vi) ECON 4499 or another advanced economics three (3) credit hours approved by the Chairperson of the Department;
(vii) either ECON 3310, ECON 3312, ECON 3315, ECON 3323, or another three (3) economics credit hours approved by the Chairperson;
(viii) ECON 4404 or ECON 4405.

c. With the approval of the Chairperson of the Economics Department, a student may be permitted to substitute up to twelve (12) credit hours from a related subject area as part of the sixty (60) credit hours in economics presented for honours.

d. Commerce students doing honours in economics are permitted to count nine (9) economics credit hours at the 3000-level or above as a non-commerce elective.

e. The recommended course selection and sequence for the degree of Bachelor of Commerce (Honours: Economics) can be found in the Bachelor of Commerce section of this Calendar.

f. Students contemplating pursuing graduate studies in Economics are encouraged to enrol in Mathematics courses beyond those required for Honours. Courses in Calculus and Linear Algenra are recommended. Students should consult with the chairperson for advice.


Concentration in Economics (Bachelor of Arts only)

To obtain a concentration in Economics in partial fulfillment of the B.A. General degree (i.e., one with Double Arts Concentrations and a minimum of ninety (90) credit hours), a minimum of twenty-four (24) credit hours in Economics with a minimum grade point average of 2.00 is required.
Further details are available from the chairperson.


Minor in Economics

Students in the Bachelor of Arts and the Bachelor of Science have the option of declaring a minor in Economics. To satisfy the requirements for this minor students must complete twenty-four (24) credit hours in Economics, with at least twelve (12) credit hours at the 3000-level or above.