An Honest Insight into an ARBUS Economics Major
Like all ARBUS programs, you must declare your major before the end of your 1B term. Aside from compulsory courses (ARBUS 101, ECON 101, ARTS 130, etc.), first year ARBUS students have a plethora of courses available that will prepare you for the major that you declare.
Course selection may be intimidating for many, so in this blog, I will go over the courses that I took and recommend for those interested in majoring in Economics. These courses are not only required to declare an Economics major, but also prepare you for future courses, providing a glimpse of what is ahead in this major.
First Year: Intro to Economics Courses
In 1A, all ARBUS students are required to take ECON 101 (Introduction to Microeconomics). If you plan to major in Economics, you also need to take ECON 102 (Introduction to Macroeconomics) in 1B. ECON 101 & 102 will prepare you for upper-year courses by establishing a foundation of basic theoretical economic concepts.
Most students study by memorizing concepts rather than understanding them because the evaluations are mainly multiple choice. Nonetheless, those concepts will follow you for the rest of your degree so it is worth developing an understanding of them as it will help you in the long-run.
From my experience, 2B was when I had to go beyond just memorizing the solution algorithm. I had to take ECON 290 (Models of Choice in Competitive Markets). This is your first real microeconomics class, which will require you to actually understand the models rather than just deriving first order conditions.
Second Year: Math Courses for Economics
What first year doesn’t prepare you for is your math-intensive 2A, where mathematical fields such as calculus and statistics are heavily emphasized. This term is more so math with economic context, so your advisor will suggest you take MATH 104 and MATH 103 (Introduction to Calculus and Linear Algebra, respectively).
I also highly recommend you take this advice, regardless of how well you did well in Grade 12 Advanced Functions and Calculus. The concepts in MATH 104 and 103 courses will help you build a strong foundation for the rest of your Economics degree.
Third Year: Specialized Economics Courses
Moving into third year, things start to get more interesting. While there are still required classes, you are given more freedom to take Economics courses which specialize in areas you have more interest in. Some course recommendations include ECON 231 (International Trade), ECON 254 (Economics of Sport), and ECON 332 (International Finance).
Recommended Courses for Econ Majors
Below is a table that provides an overview of course sequences that I recommend taking to fulfill your Honours Economics degree requirements. The table also leaves room for your Arts and Business Requirements. There are 9 ARBUS Courses you will have to take throughout your degree. Additionally, you will have to meet all BA Arts Breadth Requirements.
1A
ECON 101: Introduction to Microeconomics
MATH 104: Introductory Calculus for Arts and Social Science
1B
ECON 102: Introduction to Macroeconomics
MATH 103: Introductory Algebra for Arts and Social Science
2A
ECON 211: Introduction to Mathematical Economics
ECON 221: Statistics for Economists
ECON 206: Money and Banking 1
2B
ECON 290: Models of Choice in Competitive Markets
ECON 322: Econometric Analysis 1
ECON 231: Introduction to International Economics
3A
ECON 391: Equilibrium in Market Economies
ECON 323: Econometric Analysis 2
ECON 371: Business Finance 1
4A
ECON 332: International Finance
ECON 406: Money and Banking 2
4B
ECON 423: Time Series Econometrics
ECON 408: Business Cycles