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ECO101H1 and ECO 102H1
Overview: ECO100Y1 to ECO101H1 + ECO102H1
In May 2017, the Department of Economics split the full year 1.0 FCE course ECO100Y1 – Introduction to Economics into two half year 0.5 FCE courses: ECO101H1 – Principles of Microeconomics and ECO102H1 – Principles of Macroeconomics.
ECO101H1 Principles of Microeconomics An introduction to economic analysis and its applications: price determination, market structure, decision making by individuals and firms, public policy. NOTE: extensive use of graphical and quantitative analysis.
Recommended Preparation MCV4U (Calculus & Vectors) and MHF4U (Advanced Functions), or equivalent secondary school mathematics credits
ECO102H1 Principles of Macroeconomics An introduction to economic analysis and its applications from a macroeconomic (economy-wide) perspective. Topics covered include international trade and finance, role of money and the banking system, monetary and fiscal policy. Note: graphical and quantitative analysis are used extensively.
Recommended Preparation MCV4U (Calculus & Vectors) and MHF4U (Advanced Functions), or equivalent secondary school mathematics credits
ECO101H1 is a prerequisite for ECO102H1
Students must achieve 63% in each of the half courses in order to gain entry into the Economics Major and Minor programs, Minor in Environmental Economics, and the Rotman Commerce programs. That is, you will not be able to average out the marks between the 2 courses, and you must obtain a minimum of 63% in each course. (hence the old ECO100Y1 with 67% is replaced with ECO101H1 with 63% and ECO102H with 63%).
Students must successfully complete ECO101H1 with 50% or higher before proceeding into ECO102H1. If you pass ECO101H1, you are allowed to take ECO101H1 at the same time as ECO102H1. If you don't pass ECO101H1, you won't be able to take ECO102H1.
Taking ECO101H1 + ECO102H1 equivalent courses elsewhere
1) The Economics Department strongly encourages all students to take ECO101H1 + ECO102H1 at the St. George Campus. A final grade of 63% in both ECO101H1 and ECO102H1 is required to complete U of T (St. George) Economics and Commerce programs.
2) If you want to take ECO101H1 + ECO102H1 equivalent at UTM or UTSC, a final grade of 67% is required in ECO100Y5 or (MGEA02H3 + MGEA06H3), or 63% is required in ECO101H5 + ECO102H5 .
3) If you want to take ECO101H1 + ECO102H1 equivalent in another university, a final grade equivalent of a B is required in order to receive transfer credit of ECO101H1 + ECO102H1. If you are completing half credits in Introduction to Micro- and Macro-economics, you are required to have a B in each half. Where performance is less than a B, an unspecified credit, ECO1**, will be awarded with exclusion to ECO100Y/ECO101H/ECO102H. In the event you desire enrolment in an Economics / Commerce programs, you will need to complete ECO101H1 and ECO102H1 as an extra credit.
Note: if you completed ECO100Y1 with a mark between 50% and 66% or ECO101H1 and ECO102H1 with a mark between 50% and 62%, and have to retake ECO101H1 + ECO102H1 equivalent in another university as a non-credit course to meet the program requirement, please follow the procedure below:
a) Check Transfer Explorer to see if the course you wish to take has previously been assessed. If yes, and it is within the five year mark then no action is required except if the institution to which you are planning to attend requires a Letter of Permission. The Letter of Permission need to be obtained from the Transfer Credit Office well in advance.
b) If the course has not been previously assessed, the student should be providing the following information to email@example.com for assessment well in advance:
i. Institution attending
ii. Course syllabus
iii. Course weighting/units
iv. Grading scale of institution
At the end of the studies, official final transcript must be sent directly to either Jenny Fan (Commerce students), or Sally Wong (Economics students) for consideration.
Prerequisites for ECO206Y1, ECO208Y1, ECO227Y1 remain at 70% in both ECO101H1 and ECO102H1
These second year courses with minimum marks are entry requirements for the ECO Specialist program, the Economics and Mathematics Specialist, and the Financial Economics Specialist programs. Hence Enrolment Requirements for the ECO MAJ will read as follows in the calendar (just for example):
Required courses and grades for program enrolment: (ECO101H1 with a final mark of at least 63% and ECO102H1 with a final mark of at least 63%, or ECO105Y1 with a final mark of at least 80%), AND MAT133Y1 with a final mark of at least 63%, or (MAT135H1 with a final mark of at least 60% and MAT136H1 with a final mark of at least 60%), or MAT137Y1 with a final mark of at least 55%, or MAT157Y1 with a final mark of at least 55%.
Rotman Commerce Specific Questions:
Q: How does the change from ECO100Y1 to ECO101H1 + ECO102H1 affect my Rotman Commerce Guaranteed Admission requirement?
A: The marks required for Guaranteed Admission into Y2 of Rotman Commerce starting May 2017 is 63% in each ECO101H1 and ECO102H1. You will not be able to average out the marks between the 2 courses, you must obtain a minimum of 63% in each course.
ECO101H1 is a prerequisite for ECO102H1, if you pass ECO101H1 but don’t meet the 63% to meet Commerce’s Guaranteed Admission marks you will need to take ECO101H1 at the same time as ECO102H1 if your goal is to meet the requirements by the end of August. If you don’t pass ECO101H1 you won’t be able to take ECO102H1. If you previously passed ECO100Y1 and then pass ECO101H1 without meeting the Guaranteed Admission marks then you will not be allowed to attempt ECO101H1 again. These courses are considered equivalent and our Guaranteed Admission only allows for 1 repeat of a required course.
NOTE: Although students are allowed to take them both simultaneously, it may not be in their best interest to do both at once. Summer courses are intense and move at twice the speed, students are advised take ECO101H1 first to achieve 63% +, and then take ECO102H1 to achieve 63% +.
Can I take ECO101H and ECO102H at another university and get credit for it?
The Economics Department strongly encourages all students interested in U of T (St. George) Economics and Commerce programs to complete ECO101H1 and ECO102H1 at the University of Toronto (St. George Campus). The course is tailored to our programs, and the grades are well understood for the purposes of establishing program eligibility. Students who have difficulty meeting our program eligibility conditions are encouraged to re-take (ECO101H1 and ECO102H1) here in the summer (we offer several sections, with plenty of capacity), or again in the regular term. The main challenge with courses taken at other universities (especially in summer programs) is establishing a minimum performance standard that provides no unfair academic advantage over completing the course here. As a matter of fairness to students taking the course here, the following rules are strictly enforced.
If you still want to take first year economics courses at another university, please take note of the following:
The Transfer Credit Office, in consultation with the Economics Department, determines whether a course elsewhere may be considered as an academic equivalent to ECO101H1 and ECO102H1. The Economics department does not deal with transfer credits in any way, and will not consider course requirements met until they have been formally and officially approved by the Transfer Credit Office. Note that in some institutions, this will be a full-year course, while at other institutions it may be a pair of semester courses (i.e., "Principles of Microeconomics" and "Principles of Macroeconomics”). Students should direct all inquiries concerning transfer credit issues and procedures to the Transfer Credit Office.
Please see: Transfer Credit Office
Obtaining Transfer Credit for ECO101H1 and ECO102H1: program eligibility
In order to obtain a credit for a course, the Transfer Credit Office normally requires that a student's grade be a full grade higher than the passing grade at that institution. In other words, the grade needs to convert to a full "C" in order to be considered a pass for transfer credit to U of T. To establish whether a student can be deemed as meeting the 63% (C) or 70% (B-) criteria in ECO101H1 and ECO102H1, the Economics Department extends the same principle: A student must earn the equivalent of a "B" or higher in the course elsewhere to meet our 63% requirement, or an "A-" or higher to meet the 70% requirement.
In general, the Economics Department does not allow online or distance learning courses to be used for establishing program eligibility. This means that students cannot use such courses to meet ECO101H1 and ECO102H1 requirements. If students take such courses, however, they can be used as "ECO1**" courses that meet breadth (but not program) requirements.
1. For all Commerce streams, the Economics Major and Minor Programs, and all courses that require ECO101H1 and ECO102H1 with 63% as a prerequisite:
◦ Students must earn a minimum of B in the course(s) being transferred as ECO101H1 and ECO102H1. From institutions where the ECO101H1 and ECO102H1 package is comprised of two courses (e.g., Principles of Microeconomics and Principles of Macroeconomics), the B minimum applies to both courses (not the average of the two courses).
2. For the Economics Specialist courses (ECO206Y1, ECO208Y1, or ECO227Y1), or Economics programs that require a 70% minimum in both ECO101H1 and ECO102H1 or ECO100Y1.
◦ Students must earn a minimum grade in the transfer courses of A- (A minus). Again, this applies to both microeconomics and macroeconomics components, where applicable. No exceptions. The evaluation of whether a student has met these conditions will be made by the Economics Department, on the basis of official transcripts that have been submitted to the Transfer Credit Office. No other documentation will be accepted.
1. Students should be aware that the Economics Department checks prerequisites very carefully, and that these rules will be applied strictly (as is our usual practice). The minimum grades are precisely that. Close doesn't count.
2. Students should also be warned that a Letter of Permission is insufficient documentation when attempting to enrol in 200+ level economics courses. Ideally, the credit will already be officially transferred by the time students enrol in September. However, administrative delay at that time of year is normal, and not the responsibility of the Economics Department. The best way to avoid the hassles of transferring a credit in such a tight time-frame is to take the course at U of T. We will not provide any special accommodation to students who miss the enrolment deadlines because of delay in processing transfer credits.
3. Students should expect that they will be denied enrolment in second-year courses, and will have lower priority for enrolment in all courses, until the transfer credit, and the establishment of the minimum grades, are formally approved. This will also require showing OFFICIAL documentation (Letter of Permission + Official Transcripts) to either Jenny Fan (Commerce students), or Sally Wong (Economics students).
4. If students are planning to take courses elsewhere, they should also know that they need a Letter of Permission from the Transfer Credit Office in advance. Such permissions are not provided by the Economics Department. The Economics Department does not deal directly with students in matters of transfer credits. If students take a course elsewhere without the Letter of Permission, or without understanding the rules as laid out in this document, they do so at their own risk.
Should I enrol in (ECO101H1 + ECO102H1) or ECO105Y1?
Students who intend to pursue a minor, major or specialist program in Economics should take (ECO101H1 + ECO102H1). ECO105Y1 is an introductory course for students who do not intend to take further courses in Economics. It may also be used for some programs, such as International Relations and Peace & Conflict Studies. A grade of 80% or higher in ECO105Y1 does allow students to continue in some, but not all, Economics programs.
I had a low grade in (ECO101H1 + ECO102H1) / ECO100Y / 105Y. Can I enrol in upper year ECO courses or subject POSts?
Students who pass (ECO101H1 + ECO102H1), ECO100Y or ECO105Y but do not obtain the required minimum grade to enrol in 200-level ECO courses or in an ECO subject POSt CANNOT enrol in upper year ECO courses or subject POSts. The only way to do so is to obtain the required grade in (ECO101H1 + ECO102H1) / ECO100Y (or ECO105Y) by repeating the course. If students repeat (ECO101H1 + ECO102H1)/ECO100Y or ECO105Y, it will appear as an "extra course" on the transcript and will not be included in the student's CGPA. The final mark can only be used to qualify for admission to higher level courses and subject POSts.
Can I take (ECO101H1 + ECO102H1) at UTM or UTSC?
Sometimes it is necessary to take the equivalent of (ECO101H1 + ECO102H1)/ECO100Y at another campus of the University of Toronto (i.e., UTSC or UTM). Indeed, this is a reasonable course of action if (ECO101H1 + ECO102H1) (St. George) is full, and you do not wish to wait until the summer (when there is usually plenty of space in (ECO101H1 + ECO102H1)(St. George). 67% (or 70%, as appropriate) in ECO100Y5 (UTM) or 63% (or 70%, as appropriate) in ECO101H5 + ECO102H5 (UTM) is required to be taken as equivalent to (ECO101H1 (63%) + ECO102H1 (63%)) at St. George. From UTSC (Scarborough), you must meet the 67% (or 70%, as appropriate) thresholds in BOTH MGEA02H3 and MGEA06H3. No course with a grade less than the minimum thresholds can be used to meet program or prerequisite requirements in Economics. Please refer to the Course Prerequisites page for a list of alternative courses that are accepted to meet prerequisite.
I received a transfer credit for ECO1**. Do I still have to take (ECO101H1 + ECO102H1)?
ECO1** CANNOT be used in any Economics program, or substitute for (ECO101H1 + ECO102H1)/ECO100Y/ECO105Y in any program, or be used to meet prerequisite purposes. So, if you have ECO1** and would like to take any more Economics courses, you will have to take (ECO101H1 + ECO102H1). ECO1** is typically awarded for introductory economics courses (i.e, IB Economics), or other introductory economics courses that are not deemed equivalent to (ECO101H1 + ECO102H1)/ ECO100Y. While ECO1** cannot be used for program or prerequisite purposes in Economics, it can still be used as a generic first-year social science credit, and counts towards your degree.
Can I take a course for CR/NCR and count it towards an ECO program? [NOTE: this is not an exchange or transfer credit issue]
By default, "cannot be used to satisfy subject POSt requirements unless explicitly permitted by the program" and to be as clear as possible, the Economics department does not permit CR courses to count towards the ECO requirements in any ECO or RSM program. CR courses are specifically intended for course outside a student's program. If you have mistakenly taken an ECO course for CR, it still won't count. Please consult your College Registrar's office about reversing the CR status, or you will have to take another course.
I am going on an Exchange...how do I get transfer credits assessed?
Many students approach the Department of Economics for advice concerning taking courses while on exchange programs. This document provides answers to many frequently encountered questions. A few notes of preamble:
The procedures we describe are for courses taken on formally approved student exchange programs administered by the Centre for International Experience. Students taking courses outside a formal exchange program ("Post-Admission Transfer Credits") should consult with the Transfer Credit Office, though the general principles of course assessment are similar. Please see: Transfer Credit Office
Before submitting courses for assessment to the Economics Department, please consult with the CIE, as they can provide very useful background on the institutions that you can spend your exchange.
The Economics Department is strongly supportive of student exchange programs. That said, it is important for students to do a significant amount of background research before selecting an institution to spend their exchange: Not all universities offer Economics courses that will transfer back to U of T at a level that will be useful to a student's program. More specifically, we will not approve courses for transfer to U of T that do not meet our own academic standards that follow the criteria described below.
Some very popular exchange destinations are highly problematic in terms of yielding useful ECO courses, especially at the 300-level. You should be very careful in avoiding these institutions if you are looking for ECO credits: They may be wonderful places to do an exchange, and have strength in other academic fields, but can be disappointing if you expect 300-level ECO credits.
For example, many Business-oriented undergraduate programs include ECO courses that are taught at a level below U of T (i.e., courses that require only Principles of Economics, i.e. (ECO101H + ECO102H)/ECO100Y). Such courses are a great match for their own students, but will not transfer back to U of T at more than the 200-level.
Other examples include English-language courses taught in non-English language institutions that are aimed at Exchange students -- these courses are meant to be accessible, and are not suitable for an honours-level ECO program (such as those offered at U of T).
Given resource constraints, the Economics Department can only play a limited role in advising students about course selection elsewhere, beyond what is contained in this document. It is the student's responsibility to do the legwork and background research in support of their exchange program.
After reading the information in this document, students should submit to the Department the relevant information for a maximum of a few (e.g., three) courses, well in advance of their exchange (i.e., think weeks, not days). It takes time to conduct these assessments, occasionally requiring consultation with a committee.
Your email should clearly specify whether you are on a formal (approved) exchange program, and you should cc the Centre for International Experience in all of your email communications with us.
All requests for the informal evaluation of a particular course by the Economics Department must be sent by email to firstname.lastname@example.org. The email must include:
1. The student’s name and student number;
2. The course name and number from the other institution;
3. Weblinks to the course description and information at the other institution;
4. Weblinks to a description of the entire economics program at the other institution. This allows us to see what courses comprise the program (i.e., what courses are introductory economics, intermediate-level economics, etc.);
5. A copy of the syllabus of the course to be taken, or a recent syllabus from the identical course;
6. The name and contact information of the course instructor;
7. The number of contact hours (weeks and hours per week);
8. OFFICIAL Course prerequisites – THIS IS ABSOLUTELY ESSENTIAL;
9. Method of student evaluation;
10. Course textbook (or reading list);
Only with ALL of the above information will we be able to decide whether a course is equivalent to an offering at the University of Toronto.
The syllabus, and a link to both the course description and Economics program description will usually contain all of the required information. Once you confirm that, this is all you need to send us.
Transfer Credits - more information about transferability of specific courses
There are several important principles applied to the evaluation of course equivalencies. Students should take these into consideration BEFORE sending requests to the Department.
Students CANNOT earn transfer credit under any circumstances for: Intermediate core courses: ECO204Y1, ECO206Y1, ECO208Y1, ECO209Y1
With rare exceptions: Advanced Micro, Macro, and Econometrics: ECO325H1, ECO326H1, ECO374H1, and ECO375H1. Exceptions are considered from universities with outstanding Economics departments offer courses that are comparable to our specialist-stream core courses;
All 400-level courses.
It is also not possible to meet the "ECO220Y1(70%)" requirement with a transfer credit. If a student obtains ECO220Y1 by transfer credit, they will not be able to take any course, or enrol in any program that requires 70% in ECO220Y1. For example, this means that students will not be eligible to take ECO374H1 or ECO375H1, or to enrol in the Economics Specialist or Financial Economics Specialist programs.
It is possible to obtain credit for ECO200Y1, ECO202Y1, or ECO220Y1 by transfer credit, as long as a student does not need a particular grade on their U of T transcripts (like 70%). Such transfer credits may be especially useful for the Economics Major program. However, students need to be very careful. The most common problem is that students take a one semester course in micro, macro, or stats, and this will only transfer as ECO2**H -- a half course. This is essentially useless, as you need a full-year equivalent of ECO200Y1, ECO202Y1, and ECO220Y1. There is no way to complete the "other half" of intermediate micro or macro. Such students often need to forfeit the transfer credit, and take ECO200Y1 or ECO202Y1 from the beginning. We will not accept a half course of micro, macro, or stats as meeting any program or prerequisite requirement.
Students therefore need to take a full two-semester sequence of intermediate courses if they expect the transfered courses to be useful at U of T.
Please do not waste your time requesting credit for "Microeconomics" unless it is clearly "Intermediate." Many courses called "Microeconomics" are "Principles of Microeconomics" (i.e. ECO101H1 + ECO102H1).
This is where most exchange students encounter problems, unless they are spending their exchange at an institution with an outstanding undergraduate program in Economics. NB: Not all outstanding business programs have outstanding economics courses.
Unless a course has an EXPLICIT binding prerequisite of intermediate-level economics, it will be evaluated as a 200-level course, with exclusions to our 200 and 300-level comparable courses. Students should not be confused by the “number” associated with courses at other institutions. A “Third-year” course elsewhere could easily be equivalent to a “Second-year” course here. A good example at U of T is ECO 230Y (“International Economics”) which is not equivalent in level, but is an exclusion to ECO364H` and ECO365H1 (The latter require intermediate-level courses; ECO230Y1 only requires (ECO101H1 + ECO102H1)/ECO100). Indeed, many courses elsewhere may even use a similar textbook to our 300-level courses, but only require the equivalent of (ECO101H1 + ECO102H1)/ECO100Y -- they are just taught at a lower level than our 300-level courses. Another useful example is UBC -- they have "300" level courses and similar-looking "400" level courses. The distinction is that the 300-level require only Principles of Economics ((ECO101H1 + ECO102H1)/ECO100Y1), while the 400-level require Intermediate-level Economics. We only accept their 400-level (i.e., Honours stream) courses as 300-level at U of T. The bottom line is that we will not assess a course at the 300-level unless it explicitly builds on intermediate economics, with binding prerequisites ("Recommended" is insufficient -- it must be required). We do not grant exemptions to this requirement.
"The Economy of Country X" : Many universities offer courses on the economy of a particular country (i.e., for a Scottish university, "Economic Issues in Scotland," "The Economic History of Scotland."). These courses may be intellectually fulfilling, especially when the university has experts on the economy of country X. However, these courses are aimed at a wide audience, typically requiring no more than the equivalent of (ECO101H1 + ECO102H1)/ECO100Y. They almost never transfer at the 300-level, and should be avoided, at least if the objective is obtaining a 300-level U of T credit.
We will not accept business courses, including many finance courses, as ECO courses. Students taking such courses (i.e., accounting, entrepreneurship, international business, etc.) should check with Rotman (if they are in the Commerce program). If they are not in Rotman, there may be no way to transfer such courses -- we will never approve a course as an ECO course unless it is an economics course. Again, the prerequisites will be a useful guide for a student in assessing whether a course is ECO.