The problem of scarcity and its implications, choice; opportunity cost, specialization and exchange; supply and demand; economic choices of households and firms; competition and monopoly; resource markets; public policy; income distribution.

National income; aggregate supply and aggregate demand; inflation, unemployment and interest rates; money and monetary institutions; economic growth; balance of payments; and exchange rates.

must be taken prior to or at the same time as 1022A/B. Students are strongly advised to take

Introduces students in engineering and science programs to Economics. The course makes use of calculus to examine topics including the problem of scarcity and its implications, opportunity cost, supply and demand; competition and monopoly; resource markets; income distribution; inflation, money and monetary institutions; balance of payments; and exchange rates.

the former Applied Mathematics 1412A/B, the former Applied Mathematics 1413.

Review of limits and derivatives of exponential, logarithmic and rational functions. Trigonometric functions and their inverses. The derivatives of the trig functions and their inverses. L'Hospital's rules. The definite integral. Fundamental theorem of Calculus. Simple substitution. Applications including areas of regions and volumes of solids of revolution.

An enriched version of Calculus 1000A/B. Basic set theory and an introduction to mathematical rigour. The precise definition of limit. Derivatives of exponential, logarithmic, rational trigonometric functions. L'Hospital's rule. The definite integral. Fundamental theorem of Calculus. Integration by substitution. Applications.

or Applied Mathematics 1413. Restricted to students registered in the Faculty of Engineering and Science only.

ECONOMIC 2001A/B

ECONOMICS FOR ENGINEERING AND SCIENCE STUDENTS

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