16.6 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.

A tentative list of upcoming Economics course offerings can be found at www.mun.ca/hss/courses.php.

Economics courses are designated by ECON.

ECON 1010 Introduction to Microeconomics

(same as the former ECON 2010) 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. All sections of this course follow Quantitative Reasoning Course Guidelines available at www.mun.ca/hss/qr.

CR:
the former ECON 2010
ECON 1020 Introduction to Macroeconomics

(same as the former ECON 2020) covers national income accounting, aggregate income analysis, money, banking and foreign trade. All sections of this course follow Quantitative Reasoning Course Guidelines available at www.mun.ca/hss/qr.

CR:
the former ECON 2020
ECON 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. All sections of this course follow Quantitative Reasoning Course Guidelines available at www.mun.ca/hss/qr.

PR:
ECON 1010 (or the former ECON 2010),ECON 1020 (or the former ECON 2020), Statistics 2500 or equivalent
ECON 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 1010 (or the former ECON 2010) and ECON 1020 (or the former ECON 2020), Mathematics 1000
ECON 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 3000
ECON 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.

PR:
ECON 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), Mathematics 1000
ECON 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 3010
ECON 3030 International Economics

is an intermediate course encompassing theories and empirical studies of global trade flows; the effects of trade barriers, and efforts at economic integration such as the North American Free Trade Agreement and the European Union; the Balance of Payments and its links to the foreign exchange markets; the importance of the exchange rate worldwide as a macroeconomic variable; and the causes and lessons of exchange rate crises. All sections of this course follow International Studies guidelines available at www.mun.ca/hss/IS.

PR:
ECON 1010 (or the former ECON 2010) and ECON 1020 (or the former ECON 2020)
ECON 3070 The Structure and Problems of the Newfoundland and Labrador Economy

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

PR:
ECON 1010 (or the former ECON 2010) and ECON 1020 (or the former ECON 2020)
ECON 3080 Natural Resource and Environmental Economics

is application of economic analysis to renewable and non-renewable 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 1010 (or the former ECON 2010)
ECON 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.

PR:
ECON 1010 (or the former ECON 2010)
ECON 3150 Money and Banking

examines the operation of the money and banking system. Topics include the core foundations of money and banking, and how they can be applied to the Canadian banking system and also to an international context, such as worldwide financial crises and the interaction of central banks globally. Selected topics and emphasis will vary from year to year so as to reflect the evolution of the Canadian banking system and the global financial system. All sections of this course follow International Studies guidelines available at www.mun.ca/hss/IS.

PR:
ECON 1010 (or the former ECON 2010) and ECON 1020 (or the former ECON 2020)
ECON 3160 Financial Economics

provides an analysis of the major building blocks of the modern theory of financial economics and their implications for decision-making. To reflect that modern finance is a branch of economics, emphasis will be on how general economic principles and analytical techniques can be applied across all finance sub-fields. Topics include the basic pillars in finance–intertemporal optimization, asset valuation, risk management–and selected issues that will vary each year.

CR:
Economis 3160, the former Business 4500
PR:
Mathematics 1000 or its equivalent, ECON 1010 (or the former ECON 2010) and ECON 1020 (or the former ECON 2020). Students are recommended to take ECON 2550 or its equivalent prior to taking this course.
ECON 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 1010 (or the former ECON 2010)
ECON 3550 Mathematical Economics I

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

PR:
ECON 1010 (or the former ECON 2010), Mathematics 1000 with a "B" standing or Mathematics 2050
ECON 3551 Mathematical Economics II

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

PR:
ECON 3000, ECON 3550, Mathematics 1000 with a "B" standing
ECON 3630 Canadian Economic History in the 20th Century

- inactive course.

ECON 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 1010 (or the former ECON 2010)
ECON 3711 Intergovernmental Relations in Canada

- inactive course.

ECON 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 3000, ECON 3001
ECON 4011 Economic Planning and Development

- inactive course.

ECON 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 3000
ECON 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 3000
ECON 4030 International Trade

is an advanced course in the theory and empirical tests of international trade, strategic trade policy and economic integration, taking a general equilibrium approach, and dispute resolution under the rules of the World Trade Organization, and under the North American Free Trade Agreement. All sections of this course follow International Studies guidelines available at www.mun.ca/hss/IS.

PR:
ECON 3000
ECON 4031 International Monetary Problems

is an advanced open economy international macroeconomics course covering the balance of payments, its links with the national accounts and foreign exchange markets; economic stabilization policies under flexible and fixed exchange rates; exchange rate determination; the open economy trilemma and its policy implications for the choice exchange regimes; international monetary problems in the context of the increasing globalization of financial markets and proposals for reform in the light of exchange rate crises. All sections of this course follow International Studies guidelines available at www.mun.ca/hss/IS.

PR:
ECON 3010
ECON 4040 Economics of Education

- inactive course.

ECON 4050 Inflation: Theory and Policy

- inactive course.

ECON 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 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), and ECON 2550, 3000, 3010
ECON 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 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), and ECON 2550, 3000, 3010
ECON 4070 Forestry Economics

- inactive course.

ECON 4080 Advanced Fisheries Economics

- inactive course.

ECON 4085 Advanced Environmental Economics

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

PR:
ECON 3000
ECON 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 3000
ECON 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.

PR:
ECON 2550, ECON 3000
ECON 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 3000
ECON 4140 Health Economics

is an application of economic analysis to current issues in the organization, financing and utilization of health services.

PR:
ECON 3000
ECON 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 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), ECON 2550, 3000, 3010
ECON 4200 Game Theory

is an introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, stability, commitment, credibility, and asymmetric information are discussed and applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere.

PR:
ECON 3000
ECON 4361 Labour Market Theory and Income Distribution

- inactive course.

ECON 4550 Econometrics I

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

PR:
ECON 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), ECON 2550, 3000, 3010
ECON 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 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), ECON 2550, 3000, 3010, 4550
ECON 4999 Honours Essay

is required as part of the Honours program.

PR:
ECON 1010 (or the former ECON 2010), ECON 1020 (or the former ECON 2020), ECON 2550, 3000, 3010, and admission to the Honours program.

16.6.1 Economics Work Terms

The following Work Term courses are available only to students who are admitted to the Honours in Economics (Co-operative) (B.A. or B.Sc.), Joint Program (Co-operative) (B.Sc. only) or Major in Economics (Co-operative) (B.A. or B.Sc.) programs and who meet continuance requirements outlined in Major in Economics (Co-operative) (B.A. or B.Sc.), Program of Study and Honours in Economics (Co-operative) (B.A. or B.Sc.), Program of Study.

ECON 299W Work Term I

is the first of three full-time work terms and normally follows the completion of two academic semesters within the Economics (Co-operative) program. Students are expected to demonstrate high standards of behaviour and performance in a work environment.

CH:

0

LC:

0

OR:

co-operative professional development sessions

PR:

admission to the Honours or Major in Economics (Co-operative) of the Bachelor of Arts or Bachelor of Science or the Joint Program (B.Sc. only) degree program

ECON 399W Work Term II

is typically the student’s second Economics (Co-operative) program full-time work term and usually follows two academic semesters since the previous work term. Students are expected to further develop and expand their knowledge and work-related skills and demonstrate an ability to deal with increasingly complex work-related concepts and problems.

CH:
0
LC:
0
PR:
Economics 299W
ECON 499W Work Term III

is the final full-time work term and must be followed by an academic semester. 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.

CH:
0
LC:
0
PR:
Economics 399W

AR = Attendance requirement as noted.

CH = Credit hours: unless otherwise noted, a course normally has a credit value of 3 credit hours.

CO = Co-requisite(s): course(s) listed must be taken concurrently with or successfully completed prior to the course being described.

CR = Credit restricted: The course being described and the course(s) listed are closely related but not equivalent.  Credit is limited to one of these courses.  Normally, these courses cannot be substituted, one for the other, to satisfy program requirements.

EQ = Equivalent: the course being described and the course(s) listed are equal for credit determination.  Credit is limited to one of these courses.  These courses can be substituted, one for the other, to satisfy program requirements.

LC = Lecture hours per week: lecture hours are 3 per week unless otherwise noted.

LH = Laboratory hours per week.

OR = Other requirements of the course such as tutorials, practical sessions, or seminars.

PR = Prerequisite(s): course(s) listed must be successfully completed prior to commencing the course being described.

UL = Usage limitation(s) as noted.