An introduction to the basic concepts and techniques of microeconomic theory, including: price determination through supply and demand, market failure, microeconomic theories of households and firms, and market structure.

An introduction to the basic concepts and techniques of macroeconomic theory, including: the determination and measurement of national income, money and banking, monetary and fiscal policy in closed and open economies.

An intermediate treatment of the basic tools of economic analysis. Applications may include: choice under uncertainty, oligopoly, industrial organization, pricing, resource allocation, externalities, public goods, income distribution and welfare economics.

Note: ECO200Y5 is not open to Commerce or Management Specialist/Major students during Fall/Winter.

Macroeconomics studies the economy as a whole. The issues it covers include: Why are some countries much richer than others? Why do most Canadians live much better than their ancestors? Why are there recessions in economic activity? What are the causes of inflation and unemployment? What are the consequences of opening up trade and investment with the rest of the world? This course develops a series of models to answer these and similar questions. *ECO202Y5 is not open to Commerce students in Fall/Winter

The course uses microeconomics to analyze a variety of issues from marketing and finance to organizational structure. Topics include consumer preferences and behaviour; demand, cost analysis and estimation; allocation of inputs, pricing and firm behaviour under perfect and imperfect competition; game theory and public policy, including competition policy. Business cases are used to connect theory and practice and to highlight differences and similarities between economics and accounting, marketing and finance. This course is restricted to students in a Commerce or Management program.

A rigorous mathematical treatment of the basic tools of economic analysis regarding consumer and producer theory. Applications may include but are not limited to: choice under uncertainty, oligopoly, industrial organization, pricing, resource allocation, intertemporal consumption, labour supply, externalities, public goods, income distribution and welfare economics. This course is a requirement for certain Specialist Programs and is strongly recommended for students contemplating graduate school.

This course provides a rigorous discussion of models used in the study of macroeconomic phenomena, including business cycles, economic growth, unemployment, inflation, exchange rates, and international trade. This course is a requirement for certain Specialist Programs, and strongly recommended for students contemplating graduate school.

This course covers macroeconomic topics relevant for commerce students. Analytical tools are used to examine various policy questions, including fiscal policy, monetary policy, exchange rate policy, foreign trade policy, labour market policy, and government regulation of financial intermediaries.

An introduction to the use of statistical analysis, including such topics as elementary probability theory, sampling distributions, tests of hypotheses, estimation; analysis of variance and regression analysis. Emphasis is placed on applications in economics and business problems.

This course will allow students to develop their programming skills through practical experience using software commonly utilized in advanced Economics courses. Assessments in the course will be contextualized using Economic examples and/or questions. The goal is to enhance software competencies necessary for further studies and career progression in Economics.

This course provides students with a rigorous introduction to statistical analysis such as probability models, random variables, point and interval estimation, hypothesis testing, probability theory, estimation theory, sampling distributions, hypothesis testing, and simple regression analysis. By the end of the course, students should be familiar with the basic tools used to model uncertainty in economics and finance, to test hypotheses, and to estimate model parameters. This course focuses on both the theory and application of these statistical methods. It provides a solid foundation for subsequent courses in econometrics. This course is recommended for students planning graduate studies in Economics.

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Additional details are available from the academic advisor or departmental website. Limited Enrolment. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Additional details are available from the academic advisor or departmental website. Limited Enrolment. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.

This course provides a richly rewarding opportunity for students in their second year to work in the research project of a professor in return for 299H course credit. Students enrolled have an opportunity to become involved in original research, learn research methods and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.

This course provides a richly rewarding opportunity for students in their second year to work in the research project of a professor in return for 299Y course credit. Students enrolled have an opportunity to become involved in original research, learn research methods and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.

This course will focus on the economic success and failure of several key countries and regions from the start of the second millennium up to the early twentieth century. Topics include: pre-modern growth in China & India vs. Europe, the first industrial revolution, exploitation and international trade in the British Empire, the standards-of-living debate, the second industrial revolution. This course is part of the Certificate in Global Perspectives.

This course will focus on the economic success and failure of several key countries and regions during the twentieth century. Topics include: globalization, causes and consequences of interwar instability, a history of modern development (Japan, the Asian Tigers, India & China vs. Latin America), new institutional economics & new economic geography: African atrophy. This course is part of the Certificate in Global Perspectives.

This course focuses on quantitative analysis of firms' strategies in real-world industries, using tools from applied microeconomics and statistics. Topics include studies of monopoly, oligopoly, imperfect competition, and the estimation of demand and cost functions that underpin these markets.

The course studies firms’ pricing decisions drawing on tools from economic theory. Some examples of the questions that are addressed are: How does a firm determine the price for a new product? How should it optimally price to different market segments? What form do these prices take? When and how should a firm change prices overtime? When should an auction be used to sell a product? What type of auction yields greater profits? The analysis is supplemented by real world examples and case studies from the business world.

This course studies firms’ strategies and the role of government regulators in different markets. Specifically, it studies strategic decisions that firms make when they interact with other firms. These include how to price in the face of competition, how much to invest in R&D or advertising, and whether to buy a rival (by merging, integrating). The course also analyzes the conditions under which firm’s choices require intervention by market regulators due to a tension between firms’ profits and consumer welfare. The course draws on tools from microeconomics and game theory, and the analysis is supplemented by real world examples and case studies from the business world.

Application of economics to the field of environmental and natural resource economics. This course uses economic theory and empirical evidence to address important environmental issues, such as management of renewable and non-renewable resources, and different forms of environmental regulation and pollution control. The course will focus on market based instruments, such as tradeable pollution rights, and climate change problems.

This course will teach students how to analyze firms and markets, with emphasis on innovation and competition. Topics include: economic growth and productivity, the process of creative destruction, the innovator’s dilemma, the incentives to innovate, product differentiation, dynamic optimization, artificial intelligence, and patent statistics.

This course examines the economic basis for law and legal institutions. The topics covered include the microeconomic analysis of property rights, contract law, tort law, crime, and the limitations of economic analysis. The appropriate economic measures of damages in tort and contract cases will be discussed. No previous familiarity with the law is assumed. (This is an economic analysis of legal issues, not a course in law.)

This course is a continuation of ECO320H5 An Economic Analysis of Law: Part 1. The topics covered include the microeconomic analysis of corporate law, law and financial markets, bankruptcy law, intellectual property law, marriage and divorce law and the choice between regulation and the common law.

Economic development and transformation of the low-income countries of Latin America, Africa and Asia. Theory and policy analysis relating to the following economic issues in these countries: higher rates of economic growth, the role of the government in resource allocation, the industrial-agricultural sector interface, inward versus outward looking trade strategies, and the international debt problem. The following problems will also be addressed: food supply, domestic savings, tax revenue, foreign exchange, foreign direct investment, high rates of inflation, benefit-cost analysis and economic planning.

This course studies the economic foundations of macroeconomic theory and develops analytical skills in constructing and solving macroeconomic models. This course is recommended for students contemplating graduate studies. This course is part of the Certificate in Advanced Economics.

This course is an advanced analysis of microeconomic theory, including the behaviour of consumers under uncertainty; issues in poverty, inequality and social welfare; game theory and its applications to economics and political economy. This course is recommended for students contemplating graduate studies. This course is part of the Certificate in Advanced Economics.

This is a course on the application of economic analysis to four major areas of urban activity. The areas are land markets, housing and buildings, transportation, and public finance. In each area, we will consider the role of the government and attempt to understand the source of many current urban economic problems.

Public Economics I focuses on contemporary public policy questions. The goal of the course is to help students develop and apply analytical tools, such as cost-benefit analysis, to examine pressing policy issues of our time. Issues include responses to global warming, preserving biodiversity, combating growing inequality, and the regulation of addictive substances. Students will learn how to use empirical evidence to examine these issues. The course places a strong emphasis on discussion, debate, and effective writing about policy issues from an economics perspective.

Public Economics II builds on Public Economics I (although the latter is not a prerequisite). The course focuses on externalities and market failure, and the appropriate role of government in response. Students will study the actual role of government in a variety of settings, with a view to identifying ways of improving economic efficiency and the quality of the environment (among other desirable ends) through different types of policy reform. The course should appeal to students who would like to learn more about applied microeconomic analysis and/or who are interested in public policy issues. The course will provide students with a useful set of microeconomic tools for analyzing public policy questions. Students will also learn basic empirical methods, develop effective writing skills, and apply the techniques learned to examine a variety of interesting current policy issues.