Economics for Management Studies


Faculty List
  • I. Au, B.A., M.A., Ph.D. (Simon Fraser), Professor, Teaching Stream
  • M. Campolieti, B.Sc., M.A., Ph.D. (Toronto), Professor
  • L. Cavenaile, M.A. (Liège), M.Sc. (Maastricht), Ph.D. (New York), Assistant Professor
  • A. Chandra, B.A. (India), M.A., Ph.D. (Illinois), Associate Professor
  • E. Dhuey, B.A. (Colorado), M.A., Ph.D. (California), Professor
  • A.M. Franco, B.A. (California), M.A., Ph.D. (Rochester), Professor
  • G. Frazer, B. Math. (Waterloo), B.Ed. (Western), M.A. (Toronto), M.Phil., Ph.D. (Yale), Associate Professor
  • J. Hicks, B.A. (Mount Allison) M.A. (Queen's), Ph.D. (British Columbia), Assistant Professor
  • H. Krashinsky, B.A. (Queen's), M.A., Ph.D. (Princeton), Associate Professor
  • M. Krashinsky, S.B. (M.I.T.), M.Phil., Ph.D. (Yale), Professor
  • A. Mazaheri, B.A.(Imam Sadegh), M.A, Ph.D. (Toronto), Associate Professor, Teaching Stream
  • J. Parkinson, Hon B.A. (Western), M.A., Ph.D. (Toronto), Associate Professor, Teaching Stream
  • P. Medina Quispe, B.A. (PUCP-Peru), M.A., Ph.D. (Duke), Assistant Professor

Chair: A. Franco, mgtchair.utsc@utoronto.ca

Economics studies how consumers and producers interact in a market economy to provide goods and services. Economics also studies how this process grows and changes over time, and under what circumstances it may fail to function in an optimal fashion. Economic policies to remedy those failures are also examined.

In the Department of Management, the study of Economics is oriented primarily to the needs of students interested in management studies. Therefore, many of our examples will focus on the ways in which firms and consumers in market economies interact. However, students interested in the wide variety of problems considered by Economists will find those matters are also addressed in our courses.

Economics plays a significant role within the various programs leading to the B.B.A. degree. The curriculum provides an excellent background for careers in business, government, and the professions, and may be of considerable interest to students specializing in other disciplines as well. Students may focus their study of economics in the Specialist/Specialist (Co-op) Program in Economics for Management Studies as part of the B.B.A. or may either major or minor in Economics as part of the B.A. degree.

Students wishing to pursue a graduate program in Economics may require some additional courses such as advanced microeconomics, advanced macroeconomics, and others. Students should consult with the Academic Director in Economics at the University of Toronto Scarborough for advice on selecting appropriate courses for graduate studies.

Programs in Economics for Management Studies

Some students are directly admitted from high school, but generally, most students apply to the program at the end of their first year. Later admission is also possible. Students should consult the detailed discussion below.

The following programs are offered:

  1. The Specialist Program in Economics for Management Studies leads to a Bachelor of Business Administration (B.B.A.) and provides a specialization for students wishing for a substantial component of Economics in a Management degree. For full Program details, see the Management section of this Calendar.
  2. The Specialist (Co-op) Program in Economics for Management Studies leads to a Bachelor of Business Administration (B.B.A.) and provides a specialization for students wishing for a substantial component of Economics in a Management degree. This Program includes Co-op work terms. For Program details, see the Management section of this Calendar.
  3. The Major Program in Economics for Management Studies. Enrolment in this program is limited. This program is described below.
  4. The Minor Program in Economics for Management Studies. Enrolment in this program is unlimited. However, students are cautioned that they will not have guaranteed admission to most of the B-level and C-level Economic courses, and will only be accommodated after the Specialist and Major Program students have been admitted. This program is described below.
  5. The Major and Minor programs in Economics for Management Studies cannot be combined.
  6. The Major and Minor programs in Economics for Management Studies cannot be combined with the following Double Degree Programs:
    Double Degree: BBA, Specialist Program in Management and Finance/Honours BSc, Specialist Program in Statistics, Quantitative Finance Stream
    Double Degree: BBA, Specialist (Co-op) Program in Management and Finance/Honours BSc, Specialist (Co-op) Program in Statistics, Quantitative Finance Stream

Courses in Economics for Management Studies

Students who are enrolled in a Specialist or a Major program in the Department of Management will have guaranteed access to enough courses in Economics for Management Studies to complete their programs. To protect that access, program students must register early during the enrolment priority period. After the enrolment priority period ends other students are given access to Economics for Management Studies courses based on academic merit. Students not formally admitted to a Specialist or Major program in the Management Department will likely experience difficulty in gaining access to enough courses to complete an Economics for Management Studies program.

Enrolment in MGEB02H3, MGEB06H3, MGEB11H3, MGEB12H3, MGEC02H3, MGEC06H3, MGEC11H3, MGED11H3, MGED02H3 and MGED06H3 will be strictly limited to students who either are (1) enrolled in Specialist or Major programs offered by the Department of Management, or (2) meet the academic merit criteria.

Courses From Other Disciplines That May Be Counted Towards the Major and Minor Programs in Economics for Management Studies

The following courses may be counted as B-level credits in the Major Program in Economics for Management Studies and the Minor Program in Economics for Management Studies.

CITC18H3 - see the City Studies section of the Calendar
GGRC27H3 - see the Geography section of the Calendar
IDSB01H3 - see the International Development Studies section of the Calendar
IDSC12H3 - see the International Development Studies section of the Calendar

Experiential Learning and Outreach

For a community-based experiential learning opportunity in your academic field of interest, consider the course CTLB03H3, which can be found in the Teaching and Learning section of the Calendar.

economics for management studies Programs

MAJOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (ARTS) - SCMAJ0133

Academic Director: Jack Parkinson Email: ecoss@utsc.utoronto.ca

This Program is designed to give a coordinated exposure to the subject matter of Economics for Management Studies to students pursuing a four-year degree with more than a single area of concentration.

Enrolment Requirements
Enrolment in this Program is limited. Students must have completed a minimum of 4.0 credits, including MGEA02H3, MGEA06H3, and MATA34H3 or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]]. Decisions are made by the Academic Director, on the basis of the Cumulative Grade Point Average (CGPA).
Students may apply until they have completed up to 10.0 credits, and admission will be on the basis of all grades received. Students who have completed more than 10.0 credits will not be considered for admission to the Program.
Students are cautioned that the Mathematics requirement implies that Grade 12 Calculus is a requirement for entry into this program.

Program Requirements

The Program consists of a total of 8.0 credits, and must include:

0.5 credit in Mathematics
MATA34H3 Calculus for Management

Required Economics Courses (4.5 credits)
MGEA02H3 and MGEA06H3
MGEB02H3 and MGEB06H3
MGEB11H3 and MGEB12H3
MGEC02H3 and MGEC06H3
MGEC11H3

2.0 credits from Economics for Management Studies courses including 1.5 credits at the C-level (or higher) [excluding MGEC91H3, MGEC92H3, and MGEC93H3].

1.0 credit in any economics courses offered by the Department of Management; OR any courses offered by the Department of Language Studies, Department of Arts, Culture and Media, Department of English, Department of Historical and Cultural Studies, and the Department of Philosophy.

Students must also complete MATA34H3 or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]].

Note: Students who take MGEA01H3 and MGEA05H3 and then decide to apply to this program will be permitted to substitute MGEA01H3 and MGEA05H3 for [MGEA02H3 & MGEA06H3]. However, these students will be required to complete MATA34H3 or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]], before registering in MGEB02H3, MGEB06H3, MGEB11H3, and MGEB12H3.

STUDENTS WHO ARE CONSIDERING COMBINING PROGRAMS BETWEEN ECONOMICS AND STATISTICS

For students who are intending to pursue a major in Economics with a major or minor in Statistics, we advise the following recommended sequence of required courses. If the sequence outlined below is not followed, it may result in the student taking exclusions and incurring an "EXTRA" credit. An "EXTRA" credit does NOT count towards the 20-credit degree requirement.

1) Students in the Minor Program in Applied Statistics and the Major Program in Economics should take (in order)

MGEB11H3
MGEB12H3
MGEC11H3*
STAC67H3

2) Students in all other Statistics programs and the Major Program in Economics should take (in order).

STAB52H3 or STAB53H3
STAB57H3
MGEB12H3
MGEC11H3*
STAC67H3

* MGEC11H3 may be taken concurrently with STAC67H3. However, if MGEC11H3 is taken after STAC67H3, it will count as an "EXTRA" course and no credit will be given for the degree requirements.

MINOR PROGRAM IN ECONOMICS FOR MANAGEMENT STUDIES (ARTS) - SCMIN0133

Academic Director: Jack Parkinson Email: ecoss@utsc.utoronto.ca

This program is designed to give exposure to the subject matter in some areas of Economics to students who combine the Minor with other programs in order to graduate (see the Degrees section of this Calendar for information). Students need not have completed Grade 12 Calculus in order to enter this program.

Enrolment in this Program is unlimited and does not require training in Calculus. However, students are cautioned that they are not guaranteed admission to most of the B-level, C-level, and D-level courses. Students in the Minor will be accommodated only after students in the Specialist and Major programs have been admitted to these courses; therefore, many courses may be unavailable. Students will note that some of the B- and C-level courses in Economics for Management Studies do require Calculus; therefore, students in the Minor Program must choose their courses carefully to ensure that they have the necessary prerequisites.

Program Requirements
The program consists of 4.0 credits in Economics for Management Studies as follows:

MGEA01H3 or MGEA02H3
MGEA05H3 or MGEA06H3
MGEB01H3 or MGEB02H3
MGEB05H3 or MGEB06H3
and
2.0 credits in Economics for Management Studies including 1.0 credit at the C-level.

Note: Students are warned that they are not guaranteed admission to most of the B-level and C-level courses. The following C-level courses, MGEC91H3, MGEC92H3 & MGEC93H3, are available to students in the minor program at the beginning of the registration period.

Note: Students may if they wish, count STAB22H3, ANTC35H3, PSYB07H3 or (SOCB06H3) or a more advanced statistics course as one half credit B-level Economics course in the Minor Program in Economics for Management Studies. While it is not required, students are strongly encouraged to include a statistics course in the program.

 

Economics for Management Studies Courses

MGEA01H3 - Introduction to Microeconomics

Economic theory of the firm and the consumer. Although calculus is not used in this course, algebra and graphs are used extensively to illuminate economic analysis.
Note: This course is not for students interested in applying to the Specialists in Management and Economics leading to the B.B.A or for the Major program in Economics.

Exclusion: MGEA02H3, ECO100Y1, ECO105Y1, ECO101H5
Breadth Requirements: Social and Behavioural Sciences

MGEA02H3 - Introduction to Microeconomics: A Mathematical Approach

Economic theory of the firm and the consumer. Calculus, algebra and graphs are used extensively. The course is oriented towards students interested in the Specialist Program in Management, the Specialist program in Economics for Management Studies, and the Major Program in Economics for Management Studies.

Exclusion: MGEA01H3, ECO100Y1, ECO105Y1, ECO101H5
Recommended Preparation: Completion of Grade 12 Calculus is strongly recommended. It is also recommended that MATA34H3 (or equivalents) be taken simultaneously with MGEA02H3 and MGEA06H3.
Breadth Requirements: Social and Behavioural Sciences

MGEA05H3 - Introduction to Macroeconomics

Topics include output, employment, prices, interest rates and exchange rates. Although calculus is not used in this course, algebra and graphs are used extensively to illuminate economic analysis.
Note: This course is not for students interested in applying to the Specialists in Management and Economics leading to the B.B.A or for the Major program in Economics.

Exclusion: MGEA06H3, ECO100Y1, ECO105Y1, ECO102H5
Breadth Requirements: Social and Behavioural Sciences

MGEA06H3 - Introduction to Macroeconomics: A Mathematical Approach

Study of the determinants of output, employment, prices, interest rates and exchange rates. Calculus, algebra and graphs are used extensively. The course is oriented towards students interested in the Specialist Program in Management, the Specialist program in Economics for Management Studies, and the Major Program in Economics for Management Studies.

Exclusion: MGEA05H3, ECO100Y1, ECO105Y1, ECO102H5
Recommended Preparation: Completion of Grade 12 Calculus is strongly recommended. It is also recommended that MATA34H3 (or equivalents) be taken simultaneously with MGEA02H3 and MGEA06H3.
Breadth Requirements: Social and Behavioural Sciences

MGEB01H3 - Price Theory

This course covers the intermediate level development of the principles of microeconomic theory. The emphasis is on static partial equilibrium analysis. Topics covered include: consumer theory, theory of production, theory of the firm, perfect competition and monopoly. This course does not qualify as a credit for either the Major in Economics for Management Studies or the B.B.A.

Prerequisite: [MGEA01H3 or MGEA02H3] and [MGEA05H3 or MGEA06H3]
Exclusion: MGEB02H3, ECO200Y1, ECO204Y1, ECO206Y1
Breadth Requirements: Social and Behavioural Sciences

MGEB02H3 - Price Theory: A Mathematical Approach

Intermediate level development of the principles of microeconomic theory. The course will cover the same topics as MGEB01H3 but will employ techniques involving calculus so as to make the theory clearer to students. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: [MGEA02H3 and MGEA06H3 and MATA34H3] or [MGEA02H3 and MGEA06H3 and [MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]].
Exclusion: MGEB01H3, ECO200Y1, ECO204Y1, ECO206Y1
Breadth Requirements: Social and Behavioural Sciences
Note: 1. Students who have completed [MGEA01H3 and MGEA05H3 and MATA34H3] or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3]] and [[MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]] may be admitted with the permission of the Academic Director, Economics. 2. MGEB01H3 is not equivalent to MGEB02H3

MGEB05H3 - Macroeconomic Theory and Policy

Intermediate level development of the principles of macroeconomic theory. Topics covered include: theory of output, employment and the price level. This course does not qualify as a credit for either the Major in Economics for Management Studies or for the B.B.A.

Prerequisite: [MGEA01H3 or MGEA02H3] and [MGEA05H3 or MGEA06H3]
Exclusion: MGEB06H3, ECO202Y1, ECO208Y1, ECO209Y1
Breadth Requirements: Social and Behavioural Sciences

MGEB06H3 - Macroeconomic Theory and Policy: A Mathematical Approach

Intermediate level development of the principles of macroeconomic theory. The course will cover the same topics as MGEB05H3 but will employ techniques involving calculus so as to make the theory clearer to students. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: [MGEA02H3 and MGEA06H3 and MATA34H3] or [MGEA02H3 and MGEA06H3 and [MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]].
Exclusion: MGEB05H3, ECO202Y1, ECO208Y1, ECO209Y1
Breadth Requirements: Social and Behavioural Sciences
Note: Students who have completed: [MGEA01H3 and MGEA05H3 and MATA34H3] or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]] may be admitted with the permission of the Academic Director, Economics.

MGEB11H3 - Quantitative Methods in Economics I

An introduction to probability and statistics as used in economic analysis. Topics to be covered include: descriptive statistics, probability, special probability distributions, sampling theory, confidence intervals. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: [MGEA02H3 and MGEA06H3 and MATA34H3] or [MGEA02H3 and MGEA06H3 and [MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]].
Exclusion: ANTC35H3, ECO220Y1, ECO227Y1, PSYB07H3, (SOCB06H3), STAB22H3, STAB23H3, STAB52H3, STAB53H3, STAB57H3, STA107H5, STA237H1, STA247H1, STA246H5, STA256H5, STA257H1
Breadth Requirements: Quantitative Reasoning
Note: Students who have completed: [MGEA01H3 and MGEA05H3 and MATA34H3] or [[MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]] may be admitted with the permission of the Academic Director, Economics.

MGEB12H3 - Quantitative Methods in Economics II

A second course in probability and statistics as used in economic analysis. Topics to be covered include: confidence intervals, hypothesis testing, simple and multiple regression. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB11H3 or STAB57H3
Exclusion: ECO220Y1, ECO227Y1, STAB27H3, STAC67H3
Breadth Requirements: Quantitative Reasoning
Note: 1. STAB27H3 is not equivalent to MGEB12H3.

2. Students are expected to have completed MGEA02H3 and MGEA06H3 (or equivalent) before taking MGEB12H3.

MGEB31H3 - Public Decision Making

A study of decision-making by governments from an economic perspective. The course begins by examining various rationales for public involvement in the economy and then examines a number of theories explaining the way decisions are actually made in the public sector. The course concludes with a number of case studies of Canadian policy making.

Prerequisite: [MGEA01H3 or MGEA02H3] and [MGEA05H3 or MGEA06H3]
Breadth Requirements: Social and Behavioural Sciences

MGEB32H3 - Economic Aspects of Public Policy

Cost-Benefit Analysis (CBA) is a key policy-evaluation tool developed by economists to assess government policy alternatives and provide advice to governments. In this course, we learn the key assumption behind and techniques used by CBA and how to apply these methods in practice.

Prerequisite: [MGEA01H3 or MGEA02H3] and [MGEA05H3 or MGEA06H3]
Corequisite: MGEB01H3 or MGEB02H3
Breadth Requirements: Social and Behavioural Sciences

MGEC02H3 - Topics in Price Theory

Continuing development of the principles of microeconomic theory. This course will build on the theory developed in MGEB02H3. Topics will be chosen from a list which includes: monopoly, price discrimination, product differentiation, oligopoly, game theory, general equilibrium analysis, externalities and public goods. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB02H3
Exclusion: MGEC92H3, ECO200Y1, ECO2041Y, ECO206Y1
Breadth Requirements: Social and Behavioural Sciences

MGEC06H3 - Topics in Macroeconomic Theory

Continuing development of the principles of macroeconomic theory. The course will build on the theory developed in MGEB06H3. Topics will be chosen from a list including consumption theory, investment, exchange rates, rational expectations, inflation, neo-Keynesian economics, monetary and fiscal policy. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB06H3
Exclusion: ECO202Y1, ECO208Y1, ECO209Y1
Breadth Requirements: Social and Behavioural Sciences

MGEC08H3 - Economics of Markets and Financial Decision Making

This course covers key concepts and theories in both microeconomics and macroeconomics that are relevant to businesses and investors. Topics to be covered include the market structures; the economics of regulations; the foreign exchange market; economic growth; and policy mix under different macro settings. Aside from enhancing students' understanding of economic analyses, this course also helps students prepare for the economics components in all levels of the CFA exams.

Prerequisite: MGEB02H3 and MGEB06H3
Exclusion: MGEC41H3, MGEC92H3, MGEC93H3, ECO200Y1, ECO204Y1, ECO206Y1, ECO310H1, ECO364H1, ECO365H1
Breadth Requirements: Social and Behavioural Sciences

MGEC11H3 - Introduction to Regression Analysis

This course builds on the introductory regression analysis learned in MGEB12H3 to develop the knowledge and skills necessary to obtain and analyze cross-sectional economic data. Topics includes, multiple regression, Instrumental variables, panel data, maximum likelihood estimation, probit regression & logit regression. “ R”, a standard software for econometric and statistical analysis, will be used throughout the course. By the end of the course students will learn how to estimate economic relations in different settings, and critically assess statistical results.

Prerequisite: MGEB12H3
Exclusion: ECO374H5, ECM375H5, STA302H; MGEC11H3 may not be taken after STAC67H3.
Breadth Requirements: Quantitative Reasoning

MGEC20H3 - Economics of the Media

An examination of the role and importance of communications media in the economy. Topics to be covered include: the challenges media pose for conventional economic theory, historical and contemporary issues in media development, and basic media-research techniques. The course is research-oriented, involving empirical assignments and a research essay.

Prerequisite: MGEB01H3 or MGEB02H3
Breadth Requirements: Social and Behavioural Sciences

MGEC22H3 - Behavioural Economics

Intermediate level development of the principles of behavioural economics. Behavioural economics aims to improve policy and economic models by incorporating psychology and cognitive science into economics. The course will rely heavily on the principles of microeconomic analysis.

Prerequisite: MGEB02H3
Recommended Preparation: Grade B or higher in MGEB02H3. MGEC02H3 and the basics of game theory would be helpful.
Breadth Requirements: Social and Behavioural Sciences
Note: Priority will be given to students who have completed MGEC02H3.

MGEC25H3 - Special Topics in Economics

This course covers special topics in an area of Economics. The specific topics will vary from year to year. It will provide students with an opportunity to explore a range of topics through the application of different economic methodologies and analyses. Also, it will highlight current faculty research expertise, and will also allow faculty to present material not covered in our existing course offerings in greater detail.

Prerequisite: MGEB02H3 and MGEB06H3
Breadth Requirements: Social and Behavioural Sciences

MGEC26H3 - Special Topics in Economics

This course covers special topics an area of economics. The specific topics will vary from year to year. It will provide students with an opportunity to explore a range of topics through the application of different economic methodologies and analyses. It will also highlight current faculty research expertise and provide an opportunity to present material not covered in our existing course offerings in greater detail.

Prerequisite: MGEB02H3 and MGEB06H3

Breadth Requirements: Social and Behavioural Sciences

MGEC31H3 - Economics of the Public Sector: Taxation

A course concerned with the revenue side of government finance. In particular, the course deals with existing tax structures, in Canada and elsewhere, and with criteria for tax design.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: MGEC91H3, ECO336H1, ECO337H1
Breadth Requirements: Social and Behavioural Sciences

MGEC32H3 - Economics of the Public Sector: Expenditures

A study of resource allocation in relation to the public sector, with emphasis on decision criteria for public expenditures. The distinction between public and private goods is central to the course.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: MGEC91H3, ECO336H1, ECO337H1
Breadth Requirements: Social and Behavioural Sciences

MGEC34H3 - Economics of Health Care

A study of the economic principles underlying health care and health insurance.
This course is a survey of some of the major topics in health economics. Some of the topics that will be covered will include the economic determinants of health, the market for medical care, the market for health insurance, and health and safety regulation.

Prerequisite: MGEB02H3
Exclusion: ECO369H1
Breadth Requirements: Social and Behavioural Sciences

MGEC37H3 - Law and Economics

A study of laws and legal institutions from an economic perspective. It includes the development of a positive theory of the law and suggests that laws frequently evolve so as to maximize economic efficiency. The efficiency of various legal principles is also examined. Topics covered are drawn from: externalities, property rights, contracts, torts, product liability and consumer protection, and procedure.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: ECO320H1
Breadth Requirements: Social and Behavioural Sciences

MGEC38H3 - The Economics of Canadian Public Policy

This course provides a comprehensive study of selected Canadian public policies from an economic point of view. Topics may include environmental policy, competition policy, inflation and monetary policy, trade policy and others. We will study Canadian institutions, decision-making mechanisms, implementation procedures, policy rationales, and related issues.

Prerequisite: [MGEB01H3 or MGEB02H3] and [MGEB05H3 or MGEB06H3]
Exclusion: ECO336H1, ECO337H1
Breadth Requirements: Social and Behavioural Sciences

MGEC40H3 - Economics of Organization and Management

This course examines the economics of the internal organization of the firm. Emphasis will be on economic relationships between various parties involved in running a business: managers, shareholders, workers, banks, and government.
Topics include the role of organizations in market economies, contractual theory, risk sharing, property rights, corporate financial structure and vertical integration.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: ECO310H1, ECO370Y5, ECO380H5
Breadth Requirements: Social and Behavioural Sciences

MGEC41H3 - Industrial Organization

This course covers the economics of the firm in a market environment. The aim is to study business behaviour and market performance as influenced by concentration, entry barriers, product differentiation, diversification, research and development and international trade. There will be some use of calculus in this course.

Prerequisite: MGEB02H3
Exclusion: MGEC08H3, MGEC92H3, ECO310H1
Breadth Requirements: Social and Behavioural Sciences

MGEC45H3 - Sports Data, Analysis and Economics

This course is intended to apply concepts of analytic management and data science to the sports world. Emphasis on model building and application of models studied previously, including economics and econometrics, is intended to deepen the students’ ability to apply these skills in other areas as well. The course will address papers at the research frontier, since those papers are an opportunity to learn about the latest thinking. The papers will both be interested in sports intrinsically, and interested in sports as a way to assess other theories that are a part of business education.

Prerequisite: MGEB12H3
Exclusion: RSM314H3
Breadth Requirements: Social and Behavioural Sciences

MGEC51H3 - Labour Economics I

Applications of the tools of microeconomics to various labour market issues. The topics covered will include: labour supply; labour demand; equilibrium in competitive and non-competitive markets; non-market approaches to the labour market; unemployment. Policy applications will include: income maintenance programs; minimum wages; and unemployment.

Prerequisite: MGEB02H3
Exclusion: ECO339H1
Breadth Requirements: Social and Behavioural Sciences

MGEC54H3 - Economics of Training and Education

This course studies the economic aspects of how individuals and firms make decisions: about education and on-the-job training. Economics and the business world consider education and training as investments. In this class, students will learn how to model these investments, and how to create good policies to encourage individuals and firms to make wise investment decisions.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: ECO338H1, ECO412Y5
Breadth Requirements: Social and Behavioural Sciences

MGEC58H3 - Economics of Human Resource Management

This course focuses on the various methods that firms and managers use to pay, recruit and dismiss employees. Topics covered may include: training decisions, deferred compensation, variable pay, promotion theory, incentives for teams and outsourcing.

Prerequisite: MGEB02H3
Exclusion: (MGEC52H3), ECO381H5
Breadth Requirements: Social and Behavioural Sciences

MGEC61H3 - International Economics: Finance

Macroeconomic theories of the balance of payments and the exchange rate in a small open economy. Recent theories of exchange-rate determination in a world of floating exchange rates. The international monetary system: fixed "versus" flexible exchange rates, international capital movements, and their implications for monetary policy.

Prerequisite: MGEB05H3 or MGEB06H3
Exclusion: ECO230Y1, ECO365H1
Breadth Requirements: Social and Behavioural Sciences

MGEC62H3 - International Economics: Trade Theory

An outline of the theories of international trade that explain why countries trade with each other, and the welfare implications of this trade, as well as empirical tests of these theories. The determination and effects of trade policy instruments (tariffs, quotas, non-tariff barriers) and current policy issues are also discussed.

Prerequisite: MGEB02H3 or [MGEB01H3 and MATA34H3] or [MGEB01H3 and [MATA29H3 or MATA30H3 or MATA31H3 or MATA32H3] and [MATA33H3 or MATA35H3 or MATA36H3 or MATA37H3]]
Exclusion: MGEC93H3, ECO230Y1, ECO364H1
Breadth Requirements: Social and Behavioural Sciences

MGEC65H3 - Economics of the Environment and Climate Change

This course provides an Economic framework to understand issues around the environment and climate change. The economic toolkit to understand these issues includes externalities, tradeoffs, cost-benefit analysis, marginal analysis, and dynamic accounting. The course will cover optimal policy approaches to pollution, carbon emissions, and resource extraction. These include carbon taxes, subsidies, cap-and-trade systems, bans, and quotas. Both theoretical and empirical approaches in Economics will be discussed.

Prerequisite: MGEB02H3 and MGEB12H3
Breadth Requirements: Social and Behavioural Sciences

MGEC71H3 - Money and Banking

There will be a focus on basic economic theory underlying financial intermediation and its importance to growth in the overall economy. The interaction between domestic and global financial markets, the private sector, and government will be considered.

Prerequisite: MGEB05H3 or MGEB06H3
Exclusion: ECO349H1
Breadth Requirements: Social and Behavioural Sciences

MGEC72H3 - Financial Economics

This course introduces students to the theoretical underpinnings of financial economics. Topics covered include: intertemporal choice, expected utility, the CAPM, Arbitrage Pricing, State Prices (Arrow-Debreu security), market efficiency, the term structure of interest rates, and option pricing models. Key empirical tests are also reviewed.

Prerequisite: MGEB02H3 and MGEB06H3 and MGEB12H3
Exclusion: ECO358H1
Breadth Requirements: Social and Behavioural Sciences

MGEC81H3 - Economic Development

An introduction to the processes of growth and development in less developed countries and regions. Topics include economic growth, income distribution and inequality, poverty, health, education, population growth, rural and urban issues, and risk in a low-income environment.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: ECO324H1
Breadth Requirements: Social and Behavioural Sciences

MGEC82H3 - International Aspects of Development Policy

This course will use the tools of economics to understand international aspects of economic development policy. Development policy will focus on understanding the engagement of developing countries in the global economy, including the benefits and challenges of that engagement. Topics to be discussed will include globalization and inequality, foreign aid, multinational corporations, foreign direct investment, productivity, regional economic integration, and the environment.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: ECO324H1, ECO362H5
Breadth Requirements: Social and Behavioural Sciences

MGEC91H3 - Economics and Government

This course provides an overview of what governments can do to benefit society, as suggested by economic theory and empirical research. It surveys what governments actually do, especially Canadian governments. Efficient methods of taxation and methods of controlling government are also briefly covered.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: MGEC31H3, MGEC32H3, ECO336Y5, ECO336H1, ECO337H1
Breadth Requirements: Social and Behavioural Sciences

MGEC92H3 - Economics of Markets and Pricing

The course builds on MGEB01H3 or MGEB02H3 by exposing students to the economics of market structure and pricing. How and why certain market structures, such as monopoly, oligopoly, perfect competition, etc., arise. Attention will also be given to how market structure, firm size and performance and pricing relate. Role of government will be discussed.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.

Prerequisite: MGEB01H3 or MGEB02H3
Exclusion: MGEC02H3, MGEC08H3, MGEC41H3, ECO200Y1, ECO204Y1, ECO206Y1, ECO310H1, ECO310Y5
Breadth Requirements: Social and Behavioural Sciences

MGEC93H3 - International Economics

This course provides general understanding on issues related to open economy and studies theories in international trade and international finance. Topics include why countries trade, implications of various trade policies, theories of exchange rate determination, policy implications of different exchange rate regimes and other related topics.
Note: This course may be applied to the C-level course requirements of the Minor Program in Economics for Management Studies. It may not, however, be used to meet the requirements of any program that leads to a B.B.A. or of the Major Program in Economics for Management Studies.

Prerequisite: [MGEB01H3 or MGEB02H3] and [MGEB05H3 or MGEB06H3]
Exclusion: MGEC08H3, MGEC62H3, ECO230Y1, ECO364H1, ECO365H1
Breadth Requirements: Social and Behavioural Sciences

MGED02H3 - Advanced Microeconomic Theory

An upper-level extension of the ideas studied in MGEC02H3. The course offers a more sophisticated treatment of such topics as equilibrium, welfare economics, risk and uncertainty, strategic and repeated interactions, agency problems, and screening and signalling problems. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB12H3 and MGEC02H3
Exclusion: ECO326H1
Breadth Requirements: Social and Behavioural Sciences

MGED06H3 - Advanced Macroeconomic Theory

This course will review recent developments in macroeconomics, including new classical and new Keynesian theories of inflation, unemployment and business cycles.
Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB12H3 and MGEC06H3
Exclusion: ECO325H1
Breadth Requirements: Social and Behavioural Sciences

MGED11H3 - Theory and Practice of Regression Analysis

This is an advanced course building on MGEC11H3. Students will master regression theory, hypothesis and diagnostic tests, and assessment of econometric results. Treatment of special statistical problems will be discussed. Intensive computer-based assignments will provide experience in estimating and interpreting regressions, preparing students for MGED50H3. Enrolment is limited to students registered in programs requiring this course.

Prerequisite: MGEB02H3 and MGEB06H3 and MGEB11H3 and MGEB12H3 and MGEC11H3
Exclusion: ECO475H1
Breadth Requirements: Quantitative Reasoning

MGED25H3 - Advanced Special Topics in Economics

This course covers more advanced special topics an area of economics. That is, the topics covered will be more advanced than those covered by a C-level special topics course and thus have at least one specified C-level course as a listed prerequisite. The specific topics will vary from year to year. This course will provide students with an opportunity to explore a range of topics through the application of different economic methodologies and analyses. It will highlight current faculty research expertise and provide an opportunity to present material not covered in our existing course offerings in greater detail.

Prerequisite: At least 0.5 credit at the C-level in MGE courses
Breadth Requirements: Social and Behavioural Sciences

MGED26H3 - Advanced Special Topics in Economics

This course covers more advanced special topics an area of economics. That is, the topics covered will be more advanced than those covered by a C-level special topics course and thus have at least one specified C-level course as a listed prerequisite. The specific topics will vary from year to year. This course will provide students with an opportunity to explore a range of topics through the application of different economic methodologies and analyses. It will highlight current faculty research expertise and provide an opportunity to present material not covered in our existing course offerings in greater detail.

Prerequisite: At least 0.5 credit at the C-level in MGE courses
Breadth Requirements: Social and Behavioural Sciences

MGED43H3 - Organization Strategies

Explores the issue of outsourcing, and broadly defines which activities should a firm do "in-house" and which should it take outside? Using a combination of cases and economic analysis, it develops a framework for determining the "best" firm organization.

Prerequisite: MGEB02H3 and [MGEC40H3 or MGEC41H3]
Exclusion: RSM481H1
Breadth Requirements: Social and Behavioural Sciences

MGED50H3 - Workshop in Economic Research

This course introduces to students the techniques used by economists to define research problems and to do research. Students will choose a research problem, write a paper on their topic and present their ongoing work to the class.

Prerequisite: MGEB02H3 and MGEC02H3 and MGEB06H3 and MGEC06H3 and MGEB11H3 and MGEB12H3 and MGEC11H3. This course should be taken among the last 5.0 credits of a twenty-credit degree.
Corequisite: MGED11H3
Exclusion: ECO499H1
Breadth Requirements: Social and Behavioural Sciences
Course Experience: University-Based Experience

MGED63H3 - Financial Crises: Causes, Consequences and Policy Implications

This course studies the causes, consequences and policy implications of recent financial crises. It studies key theoretical concepts of international finance such as exchange-rate regimes, currency boards, common currency, banking and currency crises. The course will describe and analyze several major episodes of financial crises, such as East Asia, Mexico and Russia in the 1990s, Argentina in the early 2000s, the U.S. and Greece in the late 2000s, and others in recent years.

Prerequisite: MGEC61H3
Breadth Requirements: Social and Behavioural Sciences

MGED70H3 - Financial Econometrics

Financial econometrics applies statistical techniques to analyze the financial data in order to solve problems in Finance. In doing so, this course will focus on four major topics: Forecasting returns, Modeling Univariate and Multivariate Volatility, High Frequency and market microstructure, Simulation Methods and the application to risk management.

Prerequisite: MGEC11H3 and [MGEC72H3 or MGFC10H3]
Exclusion: ECO462H`
Breadth Requirements: Quantitative Reasoning

MGED90H3 - Supervised Reading

These courses will normally be made available only to upper-level students whose interests are not covered by other courses and whose performance in Economics courses has been well above average. Not all faculty will be available for these courses in any single session.
Note: Students must obtain consent from the Economic, Academic Director, the supervising instructor and the Department of Management before registering for this course.

MGED91H3 - Supervised Reading

These courses will normally be made available only to upper-level students whose interests are not covered by other courses and whose performance in Economics courses has been well above average. Not all faculty will be available for these courses in any single session.
Note: Students must obtain consent from the Economic, Academic Director, the supervising instructor and the Department of Management before registering for this course.

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