1010 INTRODUCTORY MICROECONOMICS
This course provides an introduction to the economic analysis of consumer and producer behaviour. Of particular concern is the role of the market in the allocation of resources and the distribution of income, and how these outcomes are affected by imperfections in the market system and by government policy.
PREREQUISITE: None
Three hours a week

1020 INTRODUCTORY MACROECONOMICS
An introduction to the development, tools and application of macroeconomic analysis in the Canadian economy. Topics discussed will include inflation, unemployment, monetary policy, fiscal policy as well as others.
PREREQUISITE: None
Three hours a week

2030 INTERMEDIATE MICROECONOMICS I
The theories of consumer and producer behaviour developed in Economics 1010 are elaborated upon through the application of classical utility and indifference curve and production isoquant approaches. Choice under uncertainty and competitive market outcomes are also examined.
Cross-listed with AMS-2030.
PREREQUISITE: Economics 1010
Three hours a week

2040 INTERMEDIATE MACROECONOMICS I
This course explores the national economy in terms of the determination of national output, the general price level, the rate of interest, and employment. It then analyzes the effectiveness of monetary and fiscal policy in achieving specific goals and combination of goals.
Cross-listed with AMS-2040.
PREREQUISITE: Economics 1020
Three hours a week

2110 INTRODUCTION TO RESOURCE ECONOMICS
In this course questions concerning the use of natural resources are analyzed using the techniques of microeconomic theory. Issues relating to scarcity and conservation, market failure, inter-temporal allocation of resources, property rights, common property resources, and the environment are discussed from both a Canadian and international perspectives.
PREREQUISITE: Economics 1010 or permission of the instructor
Three hours a week

2120 REGIONAL ECONOMICS
This course analyzes the problems of regional economic development in terms of factors affecting the location of an economic activity, land use, and migration. Regional disparities and the strategies of the Government of Canada and the provincial governments to reduce them from both historical and contemporary perspectives are also discussed.
PREREQUISITE: Economics 1010 or 1020 or permission of the instructor
Three hours a week

2150 ENVIRONMENTAL ECONOMICS
This course is an introduction to the field of environmental economics. Students analyze the types of incentives provided by the economic system that lead to environmental degradation as well as improvement. It presents a critical analysis of traditional economic models and introduces alternative ecological models, along with a discussion of such topics as externalities, valuation of ecological assets, and policy development.
PREREQUISITE: Economics 1010 or permission of the instructor
Three hours per week

2210 CANADIAN ECONOMIC HISTORY
This course surveys the history of Canada’s economic development, emphasizing the interplay of Canada’s resource base, the international economy, and the trade policies of France, England and the United States. Topics include exploitation of the staples trades, industrialization, expansion to the west, the Depression, and our legacy of foreign investment.
PREREQUISITE: Economics 1010 and 1020 or permission of the instructor
Three hours a week

2220 PUBLIC SECTOR ECONOMICS
This course examines the broad nature and function of the public sector, with emphasis on the rationale for the existence of the public sector in a market economy and its impact on resource allocation, distribution of income and economic performance. Topics include anatomy of market failure, types of government intervention to correct market failure, the public good, externalities, and an overview of the growth of the public sector in Canada.
PREREQUISITE: Economics 1010 and 1020, or permission of the instructor
Three hours a week

2420 THE ECONOMICS OF TOURISM
This course uses economic tools to analyze the role of tourism at the provincial, regional, national and international levels. In-put/output analysis is used to compute local multipliers as they relate to the PEI economy. The role of the hospitality industry is also explored.
PREREQUISITE: Economics 1010 or 1020 or permission of the instructor
Three hours a week

2050 INTERMEDIATE MICROECONOMICS II
An extension of Economics 2030, this course covers price determination in monopoly, monopolistic competition, and oligopoly models. Game theory, factor pricing, capital investment over time, general equilibrium, asymmetric information, externalities, and public goods are discussed. The use of microeconomics as a tool in decision-making is illustrated.
PREREQUISITES: Economics 1010 and Economics 2030
3 semester hours

2060 INTERMEDIATE MACROECONOMICS II
This course addresses the theory of inflation, unemployment, economic growth and fluctuations, the determination of the balance of payments and the exchange rate, and monetary and fiscal policies in closed and open economies.
PREREQUISITES: Economics 1020 and Economics 2040
3 semester hours

2510 MONEY AND FINANCIAL INSTITUTIONS
This course analyzes the nature and role of money in the economy. It examines commercial banking, central banking, money and capital markets, and other financial intermediaries. Elements of business finance are discussed with particular emphasis on the role of public financial institutions. Also included are financing foreign trade, consumer finance, an examination of public finance, and monetary policy.
PREREQUISITE: Economics 1010 and 1020
Three hours a week

2710 ECONOMICS OF CRIME AND PUNISHMENT
This course applies the theories and tools of economics to a variety of issues relating to criminal activity, law enforcement, justice and punishment.  Topics will include the impact of criminal activity, the sources of crime, evolving crime rates, drugs, addiction and crime, so-called ‘victimless’ crime, organized crime, gun control, white-collar crime, and a number of issues in enforcement and deterrence including imprisonment and the death penalty.
PREREQUISITE:  Economics 1010
Three hours a week

2830 AGRICULTURAL ECONOMICS
This course introduces students to agricultural economics and the role of agriculture in the economy. It reviews the structure of the food and fibre system from the farm and its suppliers to marketing and consumers. The role of agriculture in development, problems in agricultural trade, and alternatives in market structures and management are among the topics covered.
PREREQUISITE: Economics 1010 and 1020 or permission of the instructor
Three hours a week

2850 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analyzed in an introductory/general manner.

2910 MANAGERIAL ECONOMICS
Managerial economics is the study of those economic principles and techniques needed in the evaluation, planning and management of economic projects in such fields as natural resources, agriculture, international and regional development. Optimization techniques, process programming, demand, cost and price analysis, and the study of alternative management regimes and optimizing goals are among the topics to be studied.
PREREQUISITE: Economics 1010
Three hours a week

3030 ECONOMIC METHODOLOGY
This course provides a critical analysis of various methodologies used by economists. It introduces students to research in economics by focusing attention on competing economic paradigms and the problem of empirical verification of economic hypotheses.
PREREQUISITE: Economics 2030 and 2040, Statistics 1210 or Statistics 1910
Three hours a week

3040 CANADIAN ECONOMIC PROBLEMS
This course examines selected contemporary problems of the Canadian economy by focusing on the formulation and analysis of economic policies designed to deal with these problems.
PREREQUISITE: Economics 1010 and 1020 or permission of the instructor
Three hours a week

3070 MATHEMATICAL ECONOMICS
This is an introduction to the use of mathematics in theoretical economic analysis. Topics to be considered include utility maximization, efficient production, price and income determination, the adjustment to and stability of equilibrium, inflation, and the impact of government spending and taxation programs.
PREREQUISITE: Economics 1010 and 1020, Mathematics 1110 and 1120. Non-economic majors without Economics 1010-1020 but possessing a strong background in mathematics may be admitted with the instructor’s permission
Three hours a week

3080 INTRODUCTION TO ECONOMETRICS
This course concentrates on effective procedures for the statistical estimation and testing of key parameters in economic models. Remedies are developed for problems associated with model specification. Multicollinearity, serial correlation, heteroscedasticity, simultaneous equations, and forecasting.
PREREQUISITE: Economics 2030 and 2040, Statistics 1210 or Statistics 1910, and either Mathematics 1120 or 1910
Three hours a week

3110 HISTORY OF ECONOMIC THOUGHT (I)
This course traces economics ideas from the Greek philosophers to the end of the classical school in the mid-nineteenth century, in particular the works of Plato, Aristotle, St. Thomas Aquinas, the English Mercantilists, the French physiocrats, Adam Smith, Thomas Malthus, David Ricardo, and J.S. Mill. A continuing theme is the relationship between the development of economic ideas and the structure of the society in which the economist lived.
Cross-listed with History 4610.
PREREQUISITE: Economics 1010 and 1020 or permission of the instructor
Three hours a week

3120 HISTORY OF ECONOMIC THOUGHT (II)
This course traces the evolution of modern economic ideas beginning with Karl Marx. It considers Socialist, Neoclassical, Institutional and Keynesian Schools of Economic thought.
Cross-listed with History 4620.
PREREQUISITE: Economics 1010 and 1020 or permission of the instructor
Three hours a week

3240 LABOUR ECONOMICS
From a theoretical perspective this course examines the workings of the labour market under different supply and demand conditions. Topics discussed include labour force participation, human capital investment, unemployment, discrimination and the effects of government policies such as the minimum wage, unemployment insurance, welfare and pay equity legislation.
PREREQUISITE: Economics 2030 or instructor’s permission
Three hours a week

3310 INTERNATIONAL TRADE
This course examines the causes and economic consequences of international trade. Topics covered include theories of international trade, aggregate national gains from trade, effects of trade on the distribution of income, tariffs and non-tariff trade barriers, the basic theory of international factor movements, and commercial policy.
PREREQUISITE: Economics 2030
Three hours a week

3320 INTERNATIONAL MONETARY ECONOMICS
This course focuses on theories of balance of payments adjustment mechanisms and the efficiency of foreign exchange markets. Topics covered include modeling the open economy; the effects of incomes, prices, interest rates and exchange rates on international trade and capital flows; exchange rate regimes, capital mobility and macroeconomic policy coordination; the role of international institutions; and problems of international liquidity.
PREREQUISITE: Economics 2040
Three hours a week

3410 ECONOMIC DEVELOPMENT THEORY
This course provides a broad theoretical framework for understanding the development problems of developing countries. Topics covered include theories of economic growth and development, sources of economic growth, patterns of economic development, the role of capital and saving in economic development, inward-looking and outward-looking development, and the problem of industrialization in developing countries.
PREREQUISITE: Economics 2040
Three hours a week

3420 ECONOMIC DEVELOPMENT POLICY
This course focuses on development strategies and policies for the developing world and related controversies concerning IMF-style stabilization packages. The emphasis is on international aspects of economic development, neo-structuralist policy prescriptions, and empirical aspects of the problem of financing economic development. Selected country case studies are analyzed, particularly from Sub-Saharan Africa and Latin America.
PREREQUISITE: Economics 3410
Three hours a week

3430 GLOBAL ECONOMIC ISSUES
This course is designed to explore some economic dimensions of the contemporary globalized world. The course analyzes several defining characteristics and processes relating to international trade, finance, regionalism and multilateralism, public policy, and economic development with a focus on globalization. It introduces several economic concepts, theories and tools that are essential for analyzing a range of economic issues and policies generated by globalization, and the globalized world economy.
PREREQUISITE:  Economics 1010 and 1020 or permission of the instructor
Three hours a week

3610 INTRODUCTION TO GAME THEORY
The course consists of an introduction to game theory with an emphasis on economics applications. As such, the course will first present an introduction to the basic ideas and concepts underlying Game Theory. It will then introduce the concepts of strategic decisions in a static setting through games including dominant strategies, Nash equilibrium and mixed strategies. The course will also deal with the analysis of strategic decisions in a dynamic setting through sequential games, backward induction, and repeated games.
PREREQUISITES: Economics 2030 and a course in statistics (Statistics 1210, 1920, or Business 2510) or permission of the instructors

3710 THE ECONOMICS OF SPORTS
This course uses economic analysis to examine a variety of aspects of the business of sports. Topics include the structure of sports markets, the value of franchises to owners and cities, competitive balance, salaries, collective agreements, and discrimination. In examining these issues, this course uses models and methods from a variety of fields of economics, including labour economics, industrial organization and competition policy, cost-benefit game theory, public finance, and urban economics.
Cross-listed with KINE 3710.
PREREQUISITES: Economics 2030 or permission of the instructor. For Kinesiology students KINE 2320.
3 semester hours

EC 3720 ECONOMICS OF BEER
This course applies the theories and tools of economics to a variety of issues relating to the brewing and consumption of beer in Canada and around the world. Analysis includes the demand for beer, the evolution of production methods and economies of scale, strategy and tactics, advertising, and the growing concentration and globalization of the beer industry. The interaction of the beer industry with competition policy, public finance, and other public policy concerns is also considered.
PREREQUISITE:  Economics 1010 and 1020 or permission of the instructor
Three hours a week

3810 WOMEN, ECONOMICS AND THE ECONOMY
This course examines the treatment of women by the discipline of economics from both mainstream and feminist perspectives. It includes a review of the feminist critique of traditional economics, as well as an examination of the economic literature pertaining to women and women’s activities. Topics include women in the workforce and the economic analysis of fertility, marriage and divorce, and household production.
Cross-listed with Diversity and Social Justice Studies 3810
PREREQUISITE: Economics 1010 or 1020 or permission of the instructor. For DSJS students, DSJS 1090, or permission of the instructor.
Three hours a week

3820 ECONOMICS OF AGING IN AN AGING SOCIETY
This course examines the microeconomics of individual choices with respect to aging in the macroeconomic and public fiscal dimensions of an aging society. It deals with these matters in the context of economic conditions and policy in Canada.
PREREQUISITES: Economics 1010 and 1020
3 semester hours

3850 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analyzed in an introductory/general manner.

EC 3910 ECONOMICS OF ENTREPRENEURSHIP
This course builds on the economic principles developed in the first year by extending students’ knowledge of markets and the firm to the role of the entrepreneur and their interaction with the broader economy. Topics include the economic theories and empirical findings regarding the determinate, financing and the economic impact of entrepreneurship. The impact of public policy, taxation, market regulation on entrepreneurship is also explored.
PREREQUISITE:  Economics 1010 and 1020
Three hours a week

4030 ADVANCED MICROECONOMICS
This course extends and analyzes topics developed in Economics 2030 at an advanced level. These include demand, production and cost theories, competing theories of the firm, factor pricing, and general equilibrium.
PREREQUISITE: Economics 2030 and 3070
Three hours a week

4040 ADVANCED MACROECONOMICS
This course traces the development of the microeconomic foundations of macroeconomic theory to expand students’ analytical skills by constructing and solving macroeconomic models. Topics may include: dynamic choice, uncertainty and rational expectations, business cycles, fiscal and monetary policy.
PREREQUISITE: Economics 2040 and 3070
Three hours a week

4050 FINANCIAL ECONOMICS
This course provides an understanding of the economic analysis of the financial system beyond the introductory level. It places particular emphasis on the structure, operation and the role of financial markets, such as money markets, capital markets and derivative markets, and the characteristics of various financial securities traded in these markets. The main topics covered in the course include economic theories of saving and investment behaviour, asset demand and supply under uncertainty, decision making by investors in the presence of uncertainty, portfolio analysis, managing risk, and the models of asset pricing.
PREREQUISITES: Economics 2030, 2040, and 2510, or permission of the instructor
Three hours a week

4120 PUBLIC FINANCE
This course deals with the role of the public sector in attaining an efficient allocation of resources and an equitable distribution of income in a market economy. It focuses on theories of public expenditure and taxation, and emphasizes criteria for the evaluation and selection of public expenditure and tax programs. Special attention is given to Canadian fiscal problems and current policy issues in this area.
PREREQUISITE: Economics 2030 and 2040
Three hours a week

4130 ECONOMETRICS II
This course is a continuation of Econometrics I (EC 3080) intended to introduce students to a selection of estimation and hypothesis-testing methods commonly employed in applied economic research. These additional topics include (but are not necessarily limited to) the analysis of time series, panel data, binary choice models, and basic Monte Carlo/bootstrap methods.
PREREQUISITE: Economics 4110

4210-4220 DIRECTED STUDIES IN ECONOMICS
These are courses in Economics on a variety of topics for students who have qualified for advanced study. Readings and/or research will be undertaken in a variety of specialized areas. The topics offered must be approved by the Chair of the Department and the Dean of the Faculty. (See Academic Regulation 9 for Regulations Governing Directed Studies.)

4850 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analyzed in an introductory/general manner.
NOTE: The Department encourages students to select “Economic Papers on Island Topics” which may be eligible for a prize from the Prince Edward Island Department of Industry/ ACOA Awards.