www.mun.ca/econ

Economics, the scientific study of how societies use scarce resources to produce and distribute commodities, is a versatile and flexible discipline. The Department has a strong focus on teaching and applied research. Students graduate with problem-solving skills needed to analyze how individuals (microeconomics) and governments (macroeconomics) can efficiently achieve their objectives, given their constraints. Economics students are trained how to evaluate and predict economic relationships. The discipline draws on and collaborates with the sciences (fisheries, health, environment, petroleum) and other disciplines (business, sociology, history, epidemiology, geography, political science, statistics and mathematics) to deal with a variety of topics, including economic growth, monetary policy, fair taxation, regional and municipal economic development, natural resource economics, and the economics of environmental impacts.

The following programs are available in the Department:

1. Major in Economics (B.A. or B.Sc.)

2. Honours in Economics (B.A. or B.Sc.)

3. Honours in Economics (Co-operative) (B.A. or B.Sc.)

4. Minor in Economics

5. Joint Major in Economics (B.A. only)

6. Joint Programs (B.Sc. Only)

7. Joint Program (Co-operative) (B.Sc. Only)

8. Major in Economics (Co-operative) (B.A. or B.Sc.)

Economics course descriptions are found at the end of the Faculty of Humanities and Social Sciences section under Course Descriptions, Economics and are designated by ECON.

The Bachelor of Arts requires the successful completion of a minimum of 120 credit hours. A student must meet the requirements for a departmental Major, Minor, or Honours program and also meet the Program Regulations – General and Honours Degrees for the Faculty of Humanities and Social Sciences. A student is therefore advised to consult with the Admission to the Bachelor of Arts General Degree Programs regulations, the Program Regulations - General and Honours Degrees which also includes the Bachelor of Arts General Degree Components, The Major Program, and The Minor Program regulations. Information regarding honours programs is available at Bachelor of Arts (Honours) Degree Regulations as well as under each department’s regulations.

A student is strongly encouraged to consult with an academic advisor to discuss available programs and requirements in the Faculty of Humanities and Social Sciences including the Core Requirements, The Major Program, The Minor Program, and the Bachelor of Arts (Honours) Degree Regulations. A student is advised to declare a program of study, including a Major and a Minor, before completing the first 45 credit hours of study. Information about declaring a Major and Minor in the Faculty of Humanities and Social Sciences is available at www.mun.ca/hss/programs/undergraduate/ideclare.php. Information regarding advisors for the Faculty of Humanities and Social Sciences is available at www.mun.ca/hss/about/contact/liaisons.php.

Students are normally admitted to the B.Sc. Program upon successful completion of 30 credit hours which must include:

1. 6 credit hours in Critical Reading and Writing (CRW) courses, including at least 3 credit hours in English courses; and

2. 6 credit hours in Mathematics courses.

1. Students may major in Economics as part of either a B.A. or a B.Sc program. See the Regulations for the General Degree of Bachelor of Arts and the Degree Regulations for the General Degree of Bachelor of Science, as appropriate.

2. ECON 1010 (or the former ECON 2010) and/or ECON 1020 (or the former ECON 2020) are prerequisites for all other Economics courses except the former Economics 2070.

3. Economics 2550, 3000 and 3010 are prerequisites for all 4000-level courses.

4. Students shall consult with the Head of the Department or delegate when choosing courses for a Major in Economics.

5. Mathematics 1000 or its equivalent is the prerequisite for Economics 3000, 3010, and 3550.

6. B.A. students who undertake a Major in Economics shall complete Statistics 2500 and at least 39 credit hours in courses in Economics of which:

   1. 1010 (or the former 2010), 1020 (or the former 2010), 2550, 3000, 3001, 3010 and 3550 are obligatory.

   2. Eighteen credit hours shall be chosen from among the various Economics courses in consultation with the Head of the Department or delegate, and will include at least 9 credit hours in courses at the 4000-level.

   3. Students may, with the approval of the Head of the Department or delegate, substitute Statistics 2550 for Statistics 2500.

7. B.A. students majoring in Economics shall complete a minor of 24 credit hours in one other approved subject, or a second Major in accordance with Regulations for the General Degree of Bachelor of Arts. It is recommended that the Minor or second Major be chosen from the following subjects: Business, Mathematics, Political Science, Statistics, Computer Science, History, Geography, Philosophy, Sociology, or Anthropology.

8. B.Sc. students who undertake a Major in Economics shall complete at least 42 credit hours in courses in Economics of which:

   1. 1010 (or the former 2010), 1020 (or the former 2020), 2550, 3000, 3001, and 3010 are obligatory.

   2. Six credit hours shall be chosen from either 3550 and 3551, or 4550 and 4551.

   3. Eighteen credit hours shall be chosen from among the various Economics courses in consultation with the Head of the Department or delegate, and will include at least 9 credit hours in courses at the 4000-level.

9. B.Sc. students must complete credits from other Science disciplines as follows:

   1. Mathematics 1000, 1001, and 2050.

   2. Statistics 2550, or its equivalent, and an additional 3 credit hours of Statistics.

   3. Computer Science 1000, and an additional 3 credit hours of Computer Science. With the approval of the Head of the Department or delegate, students may substitute another 1000-level Computer Science course for Computer Science 1000.

   4. At least 3 credit hours in an additional science subject other than Mathematics/Statistics, Economics, and Computer Science.

1. See the General Regulations for the B.A. (Honours) Degree and the Degree Regulations for the Honours Degree of Bachelor of Science.

2. All students shall consult with the Head of the Department or delegate when choosing courses for an Honours program.

3. All students shall complete all non-Economics courses required of B.A. or B.Sc. Majors, and at least 60 credit hours in courses in Economics, including 1010 (or the former 2010), 1020 (or the former 2020), 2550, and at least 36 credit hours at the 3000-level or above including 3000, 3001, 3010, 3011, 3550, 3551, 4550 and 4551.

4. Twenty-four credit hours in electives in Economics shall be chosen in consultation with the Head of the Department or delegate, including at least 9 credit hours in courses at the 4000-level. In addition, all Economics Honours students are required to write an essay.

1. Twelve required credit hours: Economics 1010 (or the former 2010), 1020 (or the former 2020), 3000, 3010.

2. Mathematics 1000 or its equivalent is the prerequisite for Economics 3000, 3010 and 3550.

3. Twelve credit hours in Economics electives of which 3 credit hours must be at the 4000-level. The 12 credit hours shall be chosen in consultation with the Head of the Department or Delegate.

4. Course prerequisites stipulated in the General Degree regulations and in the course descriptions shall apply to a Minor in Economics.

As an alternative to a minor in the B.A., a student may choose to complete a major in Economics and a major in another eligible program in the Faculty of Humanities and Social Sciences. The Joint Major Program requires 3 fewer credit hours in each participating major as prescribed in each program’s Calendar entry. For the joint major in Economics, 3 fewer credit hours shall be required to fulfill clause 6.b. of the Major in Economics above.

Programs for Joint Majors in Economics and Computer Science, Pure Mathematics, Applied Mathematics or Statistics, and a Joint Major in Statistics and Economics (Co-operative) are found under the heading Joint Program Regulations in the entry for the Faculty of Science.

Students who wish to take a Joint Major in Economics and Computer Science, Mathematics or Statistics must arrange their program in consultation with the heads of the respective departments and comply with the General Regulations for the Majors Degrees.

This Economics Program is available to full-time Economics majors (B.A. and B.Sc.) only.

The ECEO provides an excellent mutual opportunity for students and employers. Qualified students will obtain rewarding employment experience in fields related to Economics for several months of continuous duration. Students will learn valuable practical skills in an employment situation during their course of study. Furthermore, paid employment will help to defray the cost of their education. The objectives of the Work Term component of the ECEO are embodied in the Work Term descriptions found under Course Descriptions, Economics, Work Terms. The descriptions serve to guide the student and the employer toward achieving these objectives.

1. Admission Requirements

   1. Admission is competitive and selective. Therefore, prospective students are encouraged to consider an alternate degree program in the event that they are not accepted into the Co-operative program.

   2. Applicants should note that it is possible to enter Term 1 only in the Fall semester commencing in September of each academic year. Application forms are available online at www.mun.ca/coop/programs/economics/docs_forms.php or in the Department of Economics.

   3. The primary criterion used in reaching decisions on applications for admission is overall academic achievement. Students with weak overall academic records are unlikely to be admitted.

   4. To be eligible for admission to Term 1 an applicant must have successfully completed a minimum of 30 credit hours with an overall average of at least 65% as follows: All applicants must have completed Economics 1010 (or the former 2010), 1020 (or the former 2020); at least 6 credit hours in English (English 1110 is recommended); Mathematics 1000; and 15 credit hours chosen from courses in the Faculties of Humanities and Social Sciences, Business or Science. It is advised that Bachelor of Arts students choose courses which can satisfy the requirements for the Core Program (see Regulations for the General Degree of Bachelor of Arts for these requirements), including courses in a second language. Bachelor of Science applicants must have completed Mathematics 1001.

   5. Students who have already completed more than the 30 credit hours that are required for admission to the program may apply for entry into the program with Advanced Standing into a Term beyond Term 1. Students with Advanced Standing will be placed in that term of the program judged to be appropriate considering the number of credit hours.

   6. Transfer students from other universities will be placed in that term of the program judged to be appropriate considering equivalent credits, as determined by the Department.

2. Program of Study

   1. Promotion from each Term requires a passing grade in all specified required courses and an overall average of at least 60% in all courses including electives. A student who fails a required course or fails to maintain the overall average of 60% will not be promoted to the next term and will be required to withdraw from the program. The student in question may apply for readmission in a subsequent year after passing the specified required course(s) previously failed, or re-establishing the 60% average.

   2. In addition to the 30 credit hours required for admission, students are required to complete a total of 120 credit hours and three Work Terms. Students wishing to change the sequence of the work terms must first consult with the Co-operative Coordinator and receive written approval from the Head of the Department or delegate. Students must complete their program on an academic term.

      Students are expected to enroll in courses in the academic terms in the sequence order as set out in Table 1 Major in Economics (Co-operative Option) B.A. Academic Course Program or in Table 2 Major in Economics (Co-operative Option) B.Sc. Academic Course Program. Students wishing to change the sequence of the courses and/or reduce the course load required in the academic terms must consult with the Co-op Coordinator and receive written approval from the Head of the Department or delegate. Unspecified credits may be used to fulfill elective requirements only.

   3. UNIVERSITY REGULATIONS - General Academic Regulations (Undergraduate) Classification of Students notwithstanding, students do not require special permission to register for courses while on work terms if the courses are in addition to the prescribed program.

3. Work Term Placement

   1. General management of the work terms in the ECEO is the responsibility of Co-operative Education. It is responsible for assisting potential employers to become involved in the program, organizing competitions for Work Term employment, arranging student-employer interviews and facilities, data base management, and for the continual development of employment opportunities. The program coordinator (hereafter referred to as coordinator) is an Academic Staff member who will work with the department to counsel students, visit students on their work assignments and evaluate the work term.

   2. Work placement is not guaranteed but every effort is made to ensure that appropriate employment is made available. In the case of students who are required to withdraw from the program, the DCE has no responsibility for placement until they have been re-admitted to the program.

   3. A student who applies for admission to the co-op program gives permission to the University to provide a copy of the applicant's resume, university transcript and work term evaluations to potential employers.

   4. A student who has been accepted to the ECEO program may obtain a work term placement outside of the competition. Such employment positions must be confirmed by the employer, and must be approved by the coordinator.

   5. Students are expected to submit, within a month from starting a Work Term, a plan of the intended work that term.

   6. Salaries paid to co-operative students are determined by employers based on their internal wage structures, and tend to increase as the student progresses through the program and assumes more responsibility. However, students should not expect the income from work terms to make them completely self-supporting.

4. Registration and Evaluation of Performance

   1. In Work Terms I, II, and III, students must register for Economics 299W, 399W, and 499W respectively.

   2. Student performance evaluations are to be completed by the employer and returned to the coordinator. The Work Term evaluations shall consist of two components:

      1. On-the-job Student Performance:

         Job performance shall be assessed by the coordinator in consultation with the department using information gathered during the Work Term and input from the employer towards the end of the Work Term. Formal written documentation from the employer shall be sought. Evaluation of the job performance will result in one of the following classifications: OUTSTANDING, ABOVE EXPECTATIONS, SATISFACTORY, MARGINAL PASS, FAIL.

      2. The Work Report:

         • Students are required to submit a Work Term report to the coordinator on the first day of final exams.

         • Work Term reports shall be evaluated by a faculty member and the coordinator.

         • If an employer designates a report to be of a confidential nature, both employer and the coordinator must agree as to the methods to protect the confidentiality of such a report before the report may be accepted for evaluation.

         • Reports must contain original work related to the Work Term placement. The topic must relate to the work experience and will be chosen by the student in consultation with the employer. The topic must be approved by the coordinator or a faculty member of the Department of Economics.

         Evaluation of the work term will result in one of the following classifications: OUTSTANDING, ABOVE EXPECTATIONS, SATISFACTORY, MARGINAL PASS, FAIL.

         The evaluation of the job performance and the work term report are recorded separately on the transcript. Overall evaluation of the work term will result in one of the following final grades being awarded:

         • Pass with Distinction: Indicates OUTSTANDING PERFORMANCE in both the work report and the job performance.

         • Pass: Indicates that PERFORMANCE MEETS EXPECTATIONS in both the work report and the job performance.

         • Fail: Indicates FAILING PERFORMANCE in the work report or the job performance.

         For promotion from the Work Term, a student must obtain at least a Pass. Students should also refer to the UNIVERSITY REGULATIONS - General Academic Regulations (Undergraduate) of the University.

         The grades awarded for each work term will be noted on the transcript of the student.

   3. If a student fails to achieve the Work Term standards specified above the student will be required to withdraw from the program. Such a student may reapply to the program after a lapse of two semesters, at which time the student will be required to repeat the Work Term with satisfactory performance before being admitted to any further academic term in the Faculty. A given work term may be repeated only once, and not more than two work terms may be repeated in the entire program.

   4. In order to be considered for readmission, students must formally apply for readmission to the program not later than the deadline date specified in Clause b. of the Admission section 1. above.

   5. A student who withdraws from a Work Term without acceptable cause subsequent to a job placement will be required to withdraw permanently from the Co-operative education program. Students who drop a Work Term without prior approval from both the coordinator and the Head of the Department of Economics, or who fail to honour an agreement to work with an employer, or conduct themselves in such a manner as to cause their discharge from the job will normally be awarded a failed grade for the Work Term in question. Permission to drop a Work Term does not constitute a waiver of degree requirements, and students who have obtained such permission must complete an approved Work Term in lieu of the one dropped.

See Major in Economics (Co-operative) (B.A. or B.Sc.) Economics Co-operative Education Option (ECEO) and the General Regulations for the B.A. and B.Sc. (Honours) Degrees.

1. See the General Regulations for the B.A. (Honours) Degree and the Degree Regulations for the Honours Degree of Bachelor of Science.

2. All students shall consult with the Head of the Department or delegate when choosing courses for an Honours program.

3. All students shall complete all non-Economics courses required of B.A. or B.Sc. Majors, and at least 60 credit hours in Economics, including 1010 (or the former 2010), 1020 (or the former 2020), 2550, and at least 36 credit hours at the 3000-level or above including 3000, 3001, 3010, 3011, 3550, 3551, 4120, 4550 and 4551.

4. Twenty-one credit hours in electives in Economics shall be chosen in consultation with the Head of the Department or delegate, including at least 6 credit hours in courses at the 4000-level. In addition, all Economics Honours students are required to write an essay.

5. Promotion from each Term requires a grade of 70% in all specified required courses and an overall average of at least 70% in all courses including electives. A student who fails a required course or fails to maintain an overall average of 70% will not be promoted to the next term and will be required to withdraw from the program. The student in question may be eligible from readmission in the subsequent year after passing the specified required course(s) previously failed, or re-establishing the 70% average. See also UNIVERSITY REGULATIONS - Regulations for the Honours Degree.

6. In addition to the 30 credit hours required for admission, students are required to complete 120 credit hours and three Work Terms. Students wishing to change the sequence of the work terms must first consult with the Co-op Coordinator and receive approval in writing from the Head of the Department or delegate. Students must complete their program on an academic term.

7. Courses shall normally be taken in academic terms in the sequenced order as set out in Table 3 Honours in Economics (Co-operative Option) B.A. Academic Course Program or in Table 4 Honours in Economics (Co-operative Option) B.Sc. Academic Course Program. Students wishing to change the sequence of the courses and/or reduce the course load required in the academic terms must consult with the Co-op Coordinator and receive written approval from the Head of the Department or delegate. Unspecified credits may be used to fulfill elective requirements only.

8. UNIVERSITY REGULATIONS - General Academic Regulations (Undergraduate), Classification of Students notwithstanding, students do not require special permission to register for courses while on work terms if the courses are in addition to the prescribed program.

See Major in Economics (Co-operative) (B.A. or B.Sc.) Economics Co-operative Education Option (ECEO).

See Major in Economics (Co-operative) (B.A. or B.Sc.) Economics Co-operative Education Option (ECEO).

In addition to completing the normal requirements for a Bachelor of Arts and one of a Joint Honours, Honours, Major or Minor in Economics, students may elect to complete requirements for the International Bachelor of Arts (iBA). As part of the minimum 120 credit hours, a student may use eligible credit hours in Economics to jointly satisfy other requirements of the iBA degree. When selecting courses, a student is encouraged to consult with an academic advisor early in the program, to consider Table 2 Possible Course Sequencing for the International Bachelor of Arts (iBA) (First 60 Credit Hours), and to consider Economics courses listed in Table 3 International Studies (IS) Designated Courses. Up to 12 credit hours in Economics IS courses may be used towards the International Studies (IS) Courses Requirement.