Introduction to Economics

University of Toronto Mississauga

A survey course with emphasis on the basic concepts and techniques of macro and micro economic theory. The concepts introduced will include: national income and its determination; monetary and fiscal techniques; the derivation and use of supply and demand schedules; the theory of the firm; and principles of comparative advantage and foreign exchange fluctuations.
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24HR Notes for ECO100Y5

Available 24 hours after each lecture

Lee Bailey

ECO100Y5 Syllabus for Lee Bailey — Fall 2016

ECO 100 Introduction to Economics
Fall 2018, Winter 2019
Department of Economics, University of Toronto Mississauga
: Tenzin Yindok
: KN 3212
: Tuesday and Thursday, 12:30 to 2 pm in KN 114, or by appointment
Course Preliminaries
This course introduces students to key concepts and applications of economics, and
introduces potential majors to the tools frequently employed by economists. The first
half of the course covers concepts in microeconomics, such as opportunity cost, market
allocation of resources, and market failure. The second half of the course covers topics in
macroeconomics, such as national income, inflation, unemployment, business cycles,
economic growth and macroeconomic policies.
This course fulfills accreditation requirements for the CPA Ontario Professional Education
Program and the CFA learning objectives for economics. A grade of 63% with CGPA 2.5,
or 67% is required in this course if you wish to continue your studies in Economics.
Prerequisites are strictly checked and enforced and must be completed before taking a
course. By taking this course you acknowledge that you will be removed from the course
at anytime if you do no meet all requirements set by the Department of Economics.
Further information can be found in the 2018-2019 Courses Calendar, available from the
Registrars Office or online at
Required Textbooks:
The textbooks for this course are by Karlan, Morduch, Alam & Wong (1st Cdn edition,
Microeconomics and Macroeconomics). Access to Connect, the publisher’s online
resource associated with the books, is mandatory. You should purchase ONE of the
following options.
1. Hard copies of the textbooks plus Connect; ISBN 978-1-260-30592-0
2. Access codes for Connect (which should include electronic versions of the
textbooks); ISBN 978-1-260-30704-7
Course Organization:
IMPORTANT: During the first few days of classes, students should log in to the course
page on Quercus (U. of T.’s online learning management system) at All course related communication will be delivered through
Quercus. You will also find instructions on how to get access to Connect there.
Socrative (, a classroom response system, will be used
from time to time to elicit participation during lectures. An app version can also be
downloaded on smart phones. The use of this website or app is not mandatory, but is
strongly recommended.
This class meets for lectures once a week, in a two-hour block. Missing one lecture
amounts to missing an entire week’s curriculum. Tutorials will begin in the first week of
class and are held on Fridays between 1 and 2 pm. We will move across topics relatively
quickly during the lectures and tutorials. Students are expected to review outside of class
and use office hours for extra study support. Connect has various innovative features that
help students review the textbook. The Economics Aid Centre (KN 114) is staffed by
instructors and TAs, and is typically open Monday through Thursday. The lectures will
generally follow the textbook, but may contain material in addition to what is included in
the textbook, and may include sections from later chapters. If you miss a lecture or a
tutorial, please make sure you get the notes from a classmate.
Final exam
Term tests
Online assignments
Tutorial teamwork
Warm-up exercise/survey
Final Exam (40%):
The two-hour final exam will take place in April. All material covered
during the year is examinable. The time and location of the exam will be announced by
the Registrar. Only basic calculators are allowed. T-cards are required.
Term Tests (40%):
There will be eight equally weighted tests scheduled on the following
dates - Sept 28, Oct 19, Nov 9, Nov 30, Jan 25, Feb 15, March 15, April 5. The tests are 45-
minutes long and are held during tutorials. Please do not leave early, as it is disruptive to
your classmates. Only basic calculators are allowed. T-cards are required. You can use
pencils, provided that they are dark enough to be visible in scans.
Participation and Assignments (20%)
: 20% of your grade will be based on assignments and
1. 8% of your grade will be based on tutorial teamwork, where you work in groups
to complete a short assignment.
2. 10% of your grade will be based on weekly online assignments, to be completed
on Connect. You should expect one such assignment every week, except for the
weeks of term tests. The online assignments are divided into four groups or
Group 1 contains assignments 1 to 4.
Group 2 contains assignments 5 to 7.
Group 3 contains assignments 8 to 10.
Group 4 contains assignments 11 to 14.
The lowest score within each group of assignments will be dropped automatically.
You cannot use assignments from one group to make up for or substitute for
assignments from another group.
3. The remaining 2% of your grade is based on the completion of the following
1% of grade: Complete the Warm-up Exercise (an online exercise for the first
week of class), which involves answering questions about personality traits or
study goals and should take about 1 hour. Its purpose is to learn more about
how to help promote academic and personal success.
1% of grade: A follow-up second survey to the warm-up exercise that should
take about 15 minutes to complete.
Detailed emails will be sent to the class regarding this exercise.
Policies regarding missed exams or missed/ late assignments are on the next page.
Chapter Coverage
Test date
Sept 28
Oct 19
Nov 9
Market failure
Nov 30
GDP, Income Inequality,
Inflation, Unemployment
Jan 25
AS-AD Model, Fiscal Policy
Feb 15
Monetary Policy, Financial
Mar 15
International Economics,
Economic Growth
Apr 5
Chapter coverage may change a bit as the term progresses.
I expect students will engage in proper classroom etiquette. Laptops and similar devices
should only be used for course-related activities. If I observe disruptive behavior in
lectures and tutorials, I reserve the right to deduct participation points.
NO CAMERAS PLEASE. Please do not record or photograph lecture presentations.
If a
student wishes to record, photograph, or otherwise reproduce lecture presentations,
course notes or other materials provided by the instructors, he or she must obtain the
instructor’s written consent beforehand. Otherwise all such reproduction is an
infringement of copyright and is prohibited. In the case of private use by students with
disabilities, the instructor’s consent will not be unreasonably withheld.
Communication Policy
: For email queries, you can expect a response within 24 hours on
working days. Students should use their email addresses, and write ECO 100
in the subject line. Please do not email the teaching assistants. If you have a question
that requires detailed discussion, please speak to me in person during office hours or
after the lecture.
Late or Missed Assignments:
It is each student’s responsibility to ensure that any online
submission of assignments is submitted successfully by the due date. Accommodations
will not be made for unsuccessful submissions due to, but not limited to, i) the system
timing out ii) submitting the incorrect document(s) iii) poor or no internet connection etc.
Accommodations due to late registration into the course will not be approved. Since
students are allowed to drop four online assignments (according to the rules described
previously), late submissions and time extensions will not be granted. Missed tutorial
activities cannot be made up.
Missed Term Tests:
Please note that students cannot petition to rewrite a test once they
start writing the test. If you are feeling ill, please do not start the test.
If all of the requirements described below are met, you will be excused from the test, and
your grade will be proxied using material from the corresponding section of the final
exam. Please note that the written explanation and documentation that you submit
represents an appeal from you. If an appeal is not received, or if the appeal is deemed
unacceptable, you will receive a grade of zero for the item you missed.
Under all
circumstances, you must write at least six of the term tests.
In accordance with the guidelines in the Academic Calendar, complete the following steps
in order to be considered for academic accommodation for up to TWO missed tests due
to extenuating circumstances.
1. Declare your absence on the day of or day after your absence on ACORN.
2. Within 48 hours, complete an online Special Consideration Request at Late requests will not be
considered without a "letter of explanation" as to why the request is late.
Please note that the system only supports Microsoft Internet Explorer and
Firefox for the time being.
3. Within one week of submitting the online request, submit original supporting
documentation (e.g. Verification of Student Illness or Injury form, accident
report, etc.) to the DROP BOX located outside Room 3274, Innovation
Building. Do not email the documents to the instructor or the TA’s.
a) The Verification of Student Illness or Injury forms (available on the
Registrar’s webpage) must show that the physician was consulted within
ONE day of the test date. A statement merely confirming a report of illness
made by the student is NOT acceptable (such as, “This patient tells me
that he was feeling ill on that day.”).
b) If support was obtained from someone other than a practitioner listed on
the U of T Verification of Student Illness or Injury form, then a Verification
of Extenuating Circumstances form is acceptable.
c) If you missed your test for a reason connected to your registered
disability, the department will accept documentation supplied by the UTM
AccessAbility Resource Centre.
d) ROSI declarations are not accepted as supporting documentation.
e) If your reason for absence is due to a last-minute flight change due to a
family emergency (illness/death etc.) you must provide your flight itinerary
INCLUDING the date the flight was purchased as well as boarding passes in
addition to proof of death/illness/accident.
f) Other documentation can include, but is not limited to, letter of support
from AccessAbility, automobile collision or police reports, death
certificate, and supporting documentation from employers, lawyers and
other related personnel.
It is your responsibility to ensure that your email account is working and able to receive
emails. Claims that a Departmental decision was not received will not be considered as a
reason for further consideration. Pre-purchased plane tickets, family plans, weddings, or
busy schedules are not acceptable reasons for academic accommodation.
Missed Final Exam:
Refer to the Deferred Exam instructions on the Registrar’s webpage.
Written requests for re-grading of term tests MUST BE SUBMITTED within
one month of the test to the DROP BOX located outside Room 3274, Innovation
Building. The request must clearly explain where extra marks are warranted. Re-grading
involves the whole test. Please note that while rare, your grade can potentially be
lowered if a mistake in grading is found. Also note that the teaching assistants who lead
your weekly tutorials do not grade your term tests. Re-grading concerns should not be
directed to them.
Equity Statement and Academic Rights:
The University of Toronto is committed to equity
and respect for diversity. All members of the learning environment in this course should
strive to create an atmosphere of mutual respect. As a course instructor, I will neither
condone nor tolerate behaviour that undermines the dignity or self-esteem of any
individual in this course and wish to be alerted to any attempt to create an intimidating
or hostile environment. It is our collective responsibility to create a space that is inclusive
and welcomes discussion. Discrimination, harassment and hate speech will not be
tolerated. If you have any questions, comments, or concerns you may contact the UTM
Equity and Diversity officer at or the University of Toronto
Mississauga Students’ Union Vice President Equity at
Academic Rights:
You, as a student at UTM, have the right to the following.
1. Receive a syllabus by the first day of class.
2. Rely upon a syllabus once a course is started. An instructor may only change marks’
assignments by following the University Assessment and Grading Practices Policy
provision 1.3.
3. Refuse to use (you must be offered an alternative form of submission).
4. Have access to your instructor for consultation during a course or follow up with the
department chair if the instructor is unavailable.
5. Ask the person who marked your term work for a re-evaluation if you feel it was not
fairly graded. You have up to one month from the date of return of the item to
inquire about the mark. If you are not satisfied with a re-evaluation, you may appeal
to the instructor in charge of the course if the instructor did not mark the work. If
your work is remarked, you must accept the resulting mark. You may only appeal a
mark beyond the instructor if the term work was worth at least 20% of the course
6. Receive at least one significant mark (15% for H courses, 25% for Y courses) before
the last day you can drop a course for H courses, and the last day of classes in the first
week of January for Y courses taught in the Fall/Winter terms.
7. Submit handwritten essays so long as they are neatly written.
8. Have no assignment worth 100% of your final grade.
9. Not have a term test worth 25% or more in the last two weeks of class.
10. Retain intellectual property rights to your research.
11. Receive all your assignments once graded.
12. View your final exams. To see a final exam, you must submit an online Exam
Reproduction Request within 6 months of the exam. There is a small non-refundable
13. Privacy of your final grades.
14. Arrange for representation from Downtown Legal Services (DLS), a representative
from the UTM Students’ Union (UTMSU), and/or other forms of support if you are
charged with an academic offence.
Academic Integrity/Honesty or Academic Offenses:
It is your responsibility as a student at
the University of Toronto to familiarize yourself with, and adhere to, both the Code of
Student Conduct and the Code of Behaviour on Academic Matters.
This means, first and foremost, that you should read them carefully.
The Code of Student Conduct is available from the U of T Mississauga website
(Registrar > Academic Calendar > Codes and Policies) or in your print version of the
Academic Calendar.
The Code of Behaviour on Academic Matters is available from the U of T Mississauga
website (Registrar > Academic Calendar > Codes and Policies) or in your print version
of the Academic Calendar.
Another helpful document that you should read is How Not to Plagiarize, by M. Proctor.
U of T Mississauga and the AccessAbility Resource Centre are committed to
the full participation of students with disabilities in all aspects of campus life. The
AccessAbility Resource Centre provides academic accommodations and services to
students who have a physical, sensory, or learning disability, mental health condition,
acquired brain injury, or chronic health condition, be it visible or hidden. Students who
have temporary disabilities (e.g., broken dominant arm) are also eligible to receive
services. All interested students must have an intake interview with an advisor to discuss
their individual needs. Students who require accommodation are advised to visit the
AccessAbility Resource Centre as early as possible to have their needs assessed, as it may
take some time to process the application.
The centre is located in Room 2047, South
Bldg., and can be contacted via phone (905-569-4699) and email
( Find more information at
Policy on Religious Observances:
Under the Policy on Scheduling of Classes and
Examinations and Other Accommodations for Religious Observances, students observing
relgious holidays can expect reasonable accommodation. With respect to minimum
advance notice, the Policy provides that "Students have a responsibility to alert members
of the teaching staff in a timely fashion to upcoming religious observances and
anticipated absences." Since students would normally be aware of upcoming religious
observances as well as examination schedules in advance, a minimum of three weeks
advance notice will be considered sufficient. As with any academic accommodation
request, students must submit an on-line Special Consideration Request at

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