The following programs are available in the Department:
Students are normally admitted to the B.Sc. Program upon successful completion of 30 credit hours which must include:
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Six credit hours in English courses
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Six credit hours in Mathematics courses
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Students may Major in Economics as part of either a B.A. or a B.Sc program. See the General Regulations for the B.A. and B.Sc. Degrees as appropriate.
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Economics 2010 and 2020 are prerequisites for all other Economics courses except Economics 2070.
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Economics 2550, 3000 and 3010 are prerequisites for all 4000-level courses.
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Candidates shall consult with the Head of the Department or delegate when choosing courses for a Major in Economics.
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Mathematics 1000 or its equivalent is the prerequisite for Economics 3000, 3010, and 3550.
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B.A. candidates who undertake a Major in Economics shall complete Statistics 2500 and at least 39 credit hours in courses in Economics of which:
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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.
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Candidates may, with the approval of the Head of the Department or delegate, substitute Statistics 2510 for Statistics 2500.
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B.A. candidates majoring in Economics shall complete a minor of 24 credit hours in one other approved subject, or a second Major in accordance with General Regulations. 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.
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B.Sc. candidates who undertake a Major in Economics shall complete at least 42 credit hours in courses in Economics of which:
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B.Sc. candidates must complete credits from other Science disciplines as follows:
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Statistics 2510, or its equivalent, and an additional 3 credit hours of Statistics
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Computer Science 1700, and an additional 3 credit hours of Computer Science. With the approval of the Head of the Department or delegate, candidates may substitute another 1000-level Computer Science course for Computer Science 1700. Minors in Computer Science should enroll in Computer Science 1710.
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At least 3 credit hours in an additional science subject other than Mathematics/Statistics, Economics, and Computer Science
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See the General Regulations for the B.A. and B.Sc. (Honours) Degrees.
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All candidates shall consult with the Head of the Department or delegate when choosing courses for an Honours program.
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All candidates shall complete all non-Economics courses required of B.A. or B.Sc. Majors, and at least 60 credit hours in courses in Economics, of which 2010, 2020, 2550, 3000, 3001, 3010, 3011, 3550, 3551, 4550 and 4551 shall be chosen.
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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 candidates are required to write an essay.
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Mathematics 1000 or its equivalent is the prerequisite for Economics 3000, 3010 and 3550.
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Twelve credit hours in Economics electives shall be chosen in consultation with the Head of the Department or Delegate.
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Course prerequisites stipulated in the General Degree regulations and in the course descriptions shall apply to a Minor in Economics.
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 Programs 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.
Economics Co-operative Education Option (ECEO)
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 timing of the Work Terms and the structure of the ECEO generally are such that employers stand to gain from the acquired employable skills of economists in training. The objectives of the Work Term component of the ECEO are embodied in the Work Term descriptions below. The descriptions serve to guide the student and the employer toward achieving these objectives.
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Admission Requirements
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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.
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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 in the Department of Economics. The deadline for applications for admission to Term 1 is March 1.
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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.
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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 2010 and 2020; at least 6 credit hours in English*; Mathematics 1000; and 15 credit hours chosen from courses in the Faculties of Arts** Business or Science. B.Sc. applicants must have completed Mathematics 1001.
*It is recommended that students complete English 1110 as one of these English courses.
**It is also advised that B.A. students choose courses which can satisfy the requirements for the Core Program (see Arts Degree Regulations for these requirements), including courses in a second language.
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Students may apply for admission to Advanced Standing.
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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.
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Program of Study
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Promotion from each of Terms 1 through 6 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.
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In addition to the 30 credit hours required for admission, students are required to complete the six academic terms in the ECEO program for a total of 120 credit hours. Students must complete three Work Terms which follow Academic Terms 2, 4, and 5.
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Courses shall normally be taken in academic terms or "blocks" in the sequenced course load and order as set out in the table Major in Economics (Co-operative Option) B.A. Academic Course Program or in the table Major in Economics (Co-operative Option) B.Sc. Academic Course Program. Unspecified credits may be used to fulfill elective requirements only.
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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.
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Work Term Placement
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General management of the work terms in the ECEO is the responsibility of the Division of Co-operative Education (DCE). 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 co-ordinator (hereafter referred to as co-ordinator) 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.
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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.
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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.
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A student who has been accepted to the ECEO program may obtain his/her own work term placement outside the competition. Such employment positions must be confirmed by the employer, and must be approved by the co-ordinator.
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Students are expected to submit, within a month from starting a Work Term, a plan of the intended work that term.
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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.
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Registration and Evaluation of Performance
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In Work Terms I, II, and III, students must register for Economics 299W, 399W, and 499W respectively.
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Student performance evaluations are to be completed by the employer and returned to the co-ordinator. The Work Term evaluations shall consist of two components:
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On-the-job Student Performance:
Job performance shall be assessed by the co-ordinator 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.
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The Work Report:
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Students are required to submit a Work Term report to the co-ordinator on the first day of final exams.
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Work Term reports shall be evaluated by a faculty member and the co-ordinator.
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If an employer designates a report to be of a confidential nature, both employer and the co-ordinator must agree as to the methods to protect the confidentiality of such a report before the report may be accepted for evaluation.
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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 co-ordinator 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:
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Pass with Distinction: Indicates OUTSTANDING PERFORMANCE in both the work report and the job performance.
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Pass: Indicates that PERFORMANCE MEETS EXPECTATIONS in both the work report and the job performance.
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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.
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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.
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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.
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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 co-ordinator 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.
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Admission Requirements
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.
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Program of Study
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See the General Regulations for the B.A. and B.Sc. (Honours) Degrees.
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All candidates shall consult with the Head of the Department or delegate when choosing courses for an Honours program.
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All candidates shall complete all non-Economics courses required of B.A. or B.Sc. Majors, and at least 60 credit hours in Economics, of which 2010, 2020, 2550, 3000, 3001, 3010, 3011, 3550, 3551, 4120, 4550 and 4551 shall be chosen.
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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 candidates are required to write an essay.
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Promotion from each of Terms 1 through 6 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.
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In addition to the 30 credit hours required for admission, students are required to complete the six academic terms in the ECEO program for a total of 120 credit hours. Students must complete three Work Terms, which follow Academic Terms 2, 4 and 5.
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Courses shall normally be taken in academic terms or "blocks" in the sequenced course load and order set out in the table Honours in Economics (Co-operative Option) B.A. Academic Course Program or in the table Honours in Economics (Co-operative Option) B.Sc. Academic Course Program. Unspecified credits may be used to fulfill elective requirements only.
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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.
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Work Term Placement
See Major in Economics (Co-operative), (B.A. or B.Sc.) Economics Co-operative Education Option (ECEO).
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Registration and Evaluation of Performance
See Major in Economics (Co-operative), (B.A. or B.Sc.) Economics Co-operative Education Option (ECEO).
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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 2010 and 2020 are prerequisites for all advanced courses in Economics. Either course may be taken for semester credit by those intending to complete only 3 credit hours in Economics.
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.
Prerequisite: 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.
3001
Intermediate Micro Theory II
is a continuation of basic micro-economic theory; the theory of imperfect competition, theory of factor pricing under various market structures, general equilibrium and welfare economics.
Prerequisite: ECON 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.
Prerequisite: ECON 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.
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.
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.
3140
Economic Analysis in Health Care
evaluates the role of economic analysis to health and medical care. Topics in the application of cost effectiveness analysis [and cost-benefit analysis] to health care programs, as well as comparisons of the Canadian experience with other health care systems will be discussed.
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.
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.
Note:
Students who have completed the former ECON 4360 may not receive credit for ECON 3360.
3550
Mathematical Economics I
3551
Mathematical Economics II
covers integral calculus, difference and differential equations, with applications to Economics.
Prerequisite: ECON 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.
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.
Prerequisites: ECON 2010 and ECON 2020
Note:
Credit may be obtained for only one of ECON 3711 and the former Political Science 3711.
4000
Advanced Microeconomic Analysis
is an advanced treatment of theoretical and applied microeconomic theory, including topics such as inter-temporal 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.
Prerequisite: ECON 3001
4010
Economics of Development in Less Developed Countries
is a problem and policy approach to the economics of development, with emphasis on the issues of poverty, inequality and unemployment. General economic principles, theories and models are examined in the context of less developed economies, and global, institutional and structural implications are drawn.
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.
Note:
Credit may not be obtained for both ECON 4020 and ECON 4025.
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. Note:
Note:
Credit may not be obtained for both the former Economics 4020 and Economics 4026.
4030
International Trade
is pure theory of trade, commercial policy, price discrimination and cartels, commercial policy for developing countries and the customs union.
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.
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.
4061
Development of Economic Thought II
- inactive course.
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.
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.
4100
Industrial Organization and Public Policy
is the study of the basic characteristics of structure, behaviour and performance of industry with particular reference to the Canadian economy. Relation of industrial structure to social purpose is examined, with an emphasis on public regulations of monopoly and the objectives and implementation of anti-combines policy.
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.
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.
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.
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.
Prerequisite: ECON 4550.
4999
Honours Essay
is required as part of the Honours program.
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
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analyse an issue/problem related to the student's work environment.
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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.
Note:
Seminars on professional development, conducted by the 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, self-employment, ethics and professional concepts, behavioural requirements in the work place, assertiveness in the work place and industrial safety.
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
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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
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demonstrate competence in creating a professional report, and
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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.
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
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demonstrate an increased ability to analyse a significant issue/problem related to the student's experience in the work environment
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demonstrate a high level of competence in producing a professional report, and
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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.