Office of the Registrar
Faculty of Arts (2014/2015)
12.6 Economics

In accordance with Senate's Policy Regarding Inactive Courses, the course descriptions for courses which have not been offered in the previous three academic years and which are not scheduled to be offered in the current academic year have been removed from the following listing. For information about any of these inactive courses, please contact the Head of the Department.

Economics courses are designated by ECON.

2010

Introduction to Microeconomics I

examines scarcity and opportunity cost. Demand and supply. Elasticity. Household demand: marginal utility. Household demand: indifference curves. Production functions. Short-run and long-run cost functions. Perfect competition in the short run and the long run. Monopoly.

2015

Introduction to Microeconomics II

- inactive course.

2020

Introduction to Macroeconomics

covers national income accounting, aggregate income analysis, money, banking and foreign trade.

2070

The Structure and Problems of the Newfoundland Economy

- inactive course.

2550

Economic Statistics and Data Analysis

is an analysis of economic statistics and the use of economic data. A course designed to introduce students to the task of economic data collection, description and analysis. Emphasis will be on interpretation and analysis of data using computer software programs.

PR: ECON 2010, 2020, and Statistics 2500 or equivalent

3000

Intermediate Micro Theory I

is the basic microeconomic theory course; consumer demand, indifference curve analysis, theory of production and cost, factor substitution, and the theory of the firm under perfect competition and monopoly.

PR: ECON 2010 and 2020

3001

Intermediate Micro Theory II

is a continuation of basic microeconomic theory; the theory of imperfect competition, theory of factor pricing under various market structures, general equilibrium and welfare economics.

PR: ECON 2010, 2020, and 3000

3010

Intermediate Macro Theory I

is aggregate analysis including consumer, investment, government and international sectors, the role of money, determinants of aggregate supply, and the effects of autonomous behavioural changes and fiscal and monetary policies on unemployment, price levels and the balance of payments.

3011

Intermediate Macro Theory II

is a consideration of modern theories of macroeconomics, dynamics, empirical evidence and simulation of the national economy. Emphasis on the availability and effectiveness of government policy instruments.

PR: ECON 2010, 2020, and 3010

3030

International Economics - Issues and Problems in a Canadian Context

is an intermediate course in international economics. The course covers the theory of comparative advantage, the structure and policy issues of the Canadian balance of payments, the foreign exchange market and the institutional aspects of international commerce.

PR: ECON 2010 and 2020

3070

The Structure and Problems of the Newfoundland Economy

is an analysis of the structure of the economy of Newfoundland. Basic economic theory will be applied to current economic issues and problems in Newfoundland.

PR: ECON 2010 and 2020

3080

Natural Resource and Environmental Economics

is application of economic analysis to renewable and nonrenewable natural resource industries such as the fishery, forestry, and mining. Emphasis is given to the criteria for optimal resource use under various market structures and their implications for public policy. Issues of environmental resource management and pollution control will also be covered.

PR: ECON 2010 and 2020

3140

Economic Analysis in Health Care

- inactive course.

3150

Money and Banking

examines the operation of the money and banking system, with special emphasis on Canadian problems. Monetary theory will be treated in relation to income theory and foreign trade.

PR: ECON 2010 and 2020

3360

Labour Market Economics

is an intermediate course concentrating on Canadian labour issues. The course investigates the labour market decisions that workers face and the influence of government decisions. Course topics also include factors affecting a firm's demand for labour, wage determination in non-union market, the role of unions, the various structure of wages and wage differentials in the Canadian setting.

CR: the former ECON 4360

PR: ECON 2010 and 2020

3550

Mathematical Economics I

examines linear algebra and differential calculus, with applications to economics.

PR: ECON 2010, 2020, and Mathematics 1000 or equivalent with a "B" standing, or Mathematics 2050

3551

Mathematical Economics II

covers integral calculus, difference and differential equations, with applications to Economics.

PR: ECON 2010, 2020, and 3550

3600

Industrial Revolutions of the 18th and 19th Centuries

- inactive course.

3610

International Economic History of the 19th and 20th Centuries

- inactive course.

3620

Canadian Economic History to the End of the 19th Century

- inactive course.

3630

Canadian Economic History in the 20th Century

- inactive course.

3670

Applications of Choice Theory

examines microeconomic choices made outside perfectly competitive markets. Its topics include areas to which choice theory has been applied, for example, the economics of labour, marriage, sport, entertainment, crime, gambling, and the consumption of addictive goods.

PR: ECON 2010

3711

Intergovernmental Relations

is (I.) federal-provincial-municipal fiscal relations in Canada: intergovernmental tax agreements and equalization payments. (II.) Co-operative federalism: shared-cost programs and opting-out arrangements. (III.) Intergovernmental bargaining in the following issue areas: tax reform; administration of justice; welfare policy; post-secondary education.

CR: the former Political Science 3711

PR: ECON 2010 and 2020

4000

Advanced Microeconomic Analysis

is an advanced treatment of theoretical and applied microeconomic theory, including topics such as intertemporal choice, risk and information, game theory and competitive strategy, index numbers, public goods, externalities, input-output analysis, linear programming, duality theory and empirical microeconomic studies.

PR: ECON 2550, 3000, 3001, 3010

4010

Economics of Development in Less Developed Countries

- inactive course.

4011

Economic Planning and Development

- inactive course.

4025

Public Expenditure

is an analysis of the theory of public expenditure. Relationship to resource allocation and distribution of income. Market failure and the rationale for government intervention. Theory of public goods. Public choice mechanisms. Expenditure patterns in Canada. Public sector budgeting. Public enterprise pricing and investment rules. Introduction to cost-benefit analysis.

CR: the former ECON 4020

PR: ECON 2550, 3000, 3010

4026

Taxation

is an analysis of the theory of taxation. Relationship to resource allocation and distribution of income. Incentive effects of taxation. Tax incidence. Tax structure in Canada at federal, provincial and local levels.

CR: the former ECON 4020

PR: ECON 2550, 3000, 3010

4030

International Trade

is pure theory of trade, commercial policy, price discrimination and cartels, commercial policy for developing countries and the customs union.

PR: ECON 2550, 3000, 3010

4031

International Monetary Problems

is an advanced course in open economy macroeconomics covering balance of payments adjustment under fixed and flexible exchange rates; exchange rate movements and capital movements; the international monetary system; interdependence in the world economy.

PR: ECON 2550, 3000, 3010

4040

Economics of Education

- inactive course.

4050

Inflation: Theory and Policy

- inactive course.

4060

Development of Economic Thought I

is Adam Smith to Karl Marx. A study in the development of Classical Economics with emphasis on the contributions of Smith, Malthus, Ricardo, Mill and Marx.

PR: ECON 2550, 3000, 3010

4061

Development of Economic Thought II

is Alfred Marshall to Keynes. A study in the evolution of marginalism. Emphasis will be placed on the Economics of Marshall and Keynes. Institutional Economics, a parallel development, is also considered.

PR: ECON 2550, 3000, 3010

4070

Forestry Economics

- inactive course.

4080

Advanced Fisheries Economics

- inactive course.

4085

Advanced Environmental Economics

is an advanced treatment of the environmental consequences of economic activities and the associated policy issues.

PR: ECON 2550, 3000, 3010

4090

Mineral and Petroleum Economics

is an introduction to some of the theoretical economic problems and practical solutions involved in the exploration, development and production phases of mineral and petroleum mining in Newfoundland and Labrador.

PR: ECON 2550, 3000, 3010

4100

Industrial Organization and Public Policy

- inactive course.

4120

Applied Welfare Economics and Cost Benefit Analysis

investigates some current criteria of welfare theory found in the literature and then outlines the principles used in measuring changes in consumer and producer welfare. The theory of cost benefit analysis is examined and then the principles are applied to a variety of projects, some of which are proposed to take place in Newfoundland and Labrador.

PR: ECON 2550, 3000, 3010

4140

Health Economics

- inactive course.

4150

Monetary Theory

examines empirical studies in money. Readings in current literature. Monetary theory with applications to problems of employment and foreign trade.

PR: ECON 2550, 3000, 3010

4361

Labour Market Theory and Income Distribution

- inactive course.

4550

Econometrics I

covers estimation of the general linear regression model with emphasis on fundamental theory and examples from published empirical research.

PR: ECON 2550, 3000, 3010

4551

Econometrics II

covers further problems in econometric theory and technique: multicollinearity, autocorrelation, nonlinear estimation, and the identification and estimation of systems of equations. Published empirical research will be discussed and each student will be expected to perform an original empirical study.

PR: ECON ECON 2550, 3000, 3010, 4550

4999

Honours Essay

is required as part of the Honours program.

PR: ECON 2550, 3000, 3010 and admission to the Honours program.

AR = Attendance requirement; CH = Credit hours are 3 unless otherwise noted; CO = Co-requisite(s); CR = Credit can be retained for only one course from the set(s) consisting of the course being described and the course(s) listed; LC = Lecture hours per week are 3 unless otherwise noted; LH = Laboratory hours per week; OR = Other requirements of the course such as tutorials, practical sessions, or seminars; PR = Prerequisite(s); UL = Usage limitation(s).
12.6.1 Work Terms

The following Work Terms are a requirement of the Bachelor of Arts and Bachelor of Science Co-operative Education Option only.

299W

Work Term I

follows the successful completion of Academic Term 2. For most students, it represents their first work experience in a professional environment and as such represents their first opportunity to evaluate their choice of pursuing a career in Economics. Students are expected to learn, develop and practice the high standards of behaviour and performance normally expected in the work environment. (A detailed description of each job is normally posted during the job competition.)

As one component of the Work Term, the student is required to complete a work report. The work report, as a minimum requirement should

  1. analyse an issue/problem related to the student's work environment.

  2. demonstrate an understanding of the structure of a professional report, and show reasonable competence in written communication and presentation skills. (Students should consult the evaluation form provided in the placement package.)

Late reports will not be graded unless prior permission for a late report has been given by the co-ordinator.

Seminars on professional development, conducted by the Co-operative Education Services Centre (CESC), are presented during Academic Term 2 to introduce and prepare the student for participation in the subsequent work terms. Topics may include, among others, work term evaluation, work report writing, career planning employment seeking skills, resume preparation, selfemployment, ethics and professional concepts, behavioural requirements in the work place, assertiveness in the work place and industrial safety.

CH: 0

LC: 0

PR: Admission to the Co-operative Education Option of the Bachelor of Arts or Bachelor of Science degree programs and successful completion of Academic Term 2.

399W

Work Term II

follows the successful completion of Academic Term 4. Students are expected to further develop and expand their knowledge and work-related skills and should be able to accept increased responsibility and challenge. In addition, students are expected to demonstrate an ability to deal with increasingly complex work-related concepts and problems. The Work Report, as a minimum requirement should

  1. analyse an issue problem related to the student's work environment and demonstrate an understanding of practical application of concepts relative to the student's academic background,

  2. demonstrate competence in creating a professional report, and

  3. show competence in written communication and presentation skills.

Late reports will not be graded unless prior permission for a late report has been given by the co-ordinator.

CH: 0

LC: 0

PR: Admission to the Co-operative Education Option of the Bachelor of Arts or Bachelor of Science degree programs and successful completion of Academic Term 4.

499W

Work Term III

follows the successful completion of Academic Term 5. Students should have sufficient academic grounding and work experience to contribute in a positive manner to the problem-solving and management processes needed and practiced in the work environment. Students should become better acquainted with their discipline of study, should observe and appreciate the attitudes, responsibilities, and ethics normally expected of professionals and should exercise greater independence and responsibility in their assigned work functions.

The Work Report should reflect the growing professional development of the student and, as a minimum requirement, will

  1. demonstrate an increased ability to analyse a significant issue/problem related to the student's experience in the work environment

  2. demonstrate a high level of competence in producing a professional report, and

  3. show a high level of competence in written communication and presentation skills.

Late reports will not be graded unless prior permission for a late report has been given by the co-ordinator.

CH: 0

LC: 0

PR: Admission to the Co-operative Education Option of the Bachelor of Arts or Bachelor of Science degree programs and successful completion of Academic Term 5.

AR = Attendance requirement; CH = Credit hours are 3 unless otherwise noted; CO = Co-requisite(s); CR = Credit can be retained for only one course from the set(s) consisting of the course being described and the course(s) listed; LC = Lecture hours per week are 3 unless otherwise noted; LH = Laboratory hours per week; OR = Other requirements of the course such as tutorials, practical sessions, or seminars; PR = Prerequisite(s); UL = Usage limitation(s).