IFYEC003 2024/25

INTERNATIONAL FOUNDATION YEAR (IFY)

© Northern Consortium UK Ltd. 0

TABLE OF CONTENTS

Syllabus Overview ............................................................................................................................... 2

Assessment .......................................................................................................................................... 3

Assessment Objectives ........................................................................................................................ 4

General Learning Outcomes ................................................................................................................ 4

Teaching, Learning and Assessment Guidance ................................................................................... 5

Resources .......................................................................................................................................... 11

Module Content ................................................................................................................................ 13

Appendix A - Exemplar Teaching Plan .............................................................................................. 29

Appendix B - Assessment Criteria ..................................................................................................... 39

Appendix C - Marking & Feedback Sheet ......................................................................................... 40

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 1

SYLLABUS OVERVIEW
Module Code IFYEC003

Module Name Economics

Programme Name International Foundation Year

Percentage breakdown of Coursework 20%

Percentage breakdown of Exam/Test 80%

The syllabus will usually be delivered over two 15-week

Delivery period
semesters.

Recommended minimum teaching hours 120 (4 hours per week over 30 weeks)

Recommended minimum independent

120 (4 hours per week over 30 weeks)
study hours

AIMS
This module is designed to introduce students to the necessary subject knowledge and understanding
required for the successful study of Economics and related Business disciplines at undergraduate level
in an NCUK University. This module will also develop key knowledge and understanding of economic
concepts and principles in a national and global economic environment. It will also encourage students
to be able to explain key economic concepts and theories and be able to apply these to a range of real-
world issues and problems. Students will also develop analytical skills and the ability to evaluate the
strengths and weaknesses of the market economy and the role of government within it.

TOPICS OF STUDY
 The Economic Problem  Production Possibility Frontiers

 The Determination of Demand & Supply for  Elasticity of Demand & Price Elasticity of
Goods & Services Supply

 Price Determination in the Market System  Market Failure

 Government Intervention in the Market  Revenue, Costs & Profits and the Objectives
System of Firms

 Production in the Short and Long Run  Perfect Competition

 Monopoly & Oligopoly  Monopolistic & Non-Price Competition

 Introduction to Macroeconomics &

 Aggregate Demand & Aggregate Supply
Macroeconomic Equilibrium

 Consumption & Investment  Unemployment

 Inflation  Economic Growth & Well-Being

 Balance of Payments and Exchange Rates  Fiscal Policy

 Money and Monetary Policy  Supply Side Policy

 International Trade

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 2

ASSESSMENT
What is Assessed? Topics A-O

Duration/Word
1 hour 40 minutes
Count
Total Marks 50
End of
Semester 1  10 multiple choice questions (10 marks in total).
Test  1 data response question (20 marks in total).
Rubric
 1 essay question from a choice of 2 (20marks in
total).

Contribution to
10%
Overall Grade

What is Assessed? Topics A-U

Duration/Word 1250-1500 words (excluding appendices and

Count bibliography)

Coursework Total Marks 100

Rubric  A single essay question

Contribution to
20%
Overall Grade

What is Assessed? Topics A-Z

Duration/Word
2 hours 40 minutes
Count
Total Marks 100

 20 multiple choice questions (20 marks in total).

Final  2 data response questions (40 marks in total).
Examination
 1 essay question from a choice of 2 on
Rubric
Microeconomics (20 marks).
 1 essay question from a choice of 2 on
Macroeconomics (20 marks).

Contribution to
70%
Overall Grade

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 3

ASSESSMENT OBJECTIVES
End of
Semester 1 Coursework Exam
Description Overall
Test (20%) (70%)
(10%)
Knowledge & Understanding:
Demonstrate knowledge of terms/concepts
and theories/models to show an
AO1 60% 30% 40% 40%
understanding of the behaviour of economic
agents and how they are affected by and
respond to economic issues.
Application:
Apply knowledge and understanding to
AO2 various economic contexts to show how 20% 20% 20% 20%
economic agents are affected by and respond
to economic issues.
Analysis:
Analyse issues within economics, showing an
AO3 10% 25% 20% 20%
understanding of their impact on economic
agents.
Evaluation:
Evaluate economic arguments using
AO4 10% 25% 20% 20%
appropriate evidence to support informed
judgements relating to economic issues.

GENERAL LEARNING OUTCOMES

On successful completion of this module, a student will be able to:

 Demonstrate knowledge and understanding of specified economics

Knowledge and subject content.
understanding  Understand and apply knowledge to the problems arising from real world
economic situations.

 To critically analyse and evaluate the economic problems arising from

Intellectual skills real world economic situations.

 Write academic essays appropriate for the study of economics in higher

education.
Practical skills
 Use appropriate generic ICT software in the analysis of data and
presentation of findings.

 Undertake independent study.

Transferable skills  Make appropriate use of information and research from a variety of
sources.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 4

TEACHING, LEARNING
AND ASSESSMENT GUIDANCE
Teachers should use a range of different learning and delivery styles in order to give students experience
of the types of approach they will encounter in an NCUK University e.g. lectures, tutorials, seminars,
laboratory practicals etc. Appendix A (Exemplar Teaching Plan) suggests a delivery format designed to
facilitate teaching and learning in each topic. This is provided as a guide and teachers are at liberty to
diverge from this plan. The Study Centre may also choose to timetable more than the minimum number
of teaching hours (4 hours per week) to meet the needs and abilities of students.

Teachers should take every opportunity to use case study and data response or practice material to
develop the ability of students to apply their knowledge and develop their skills of handling and evaluating
information. Tutorials should involve both group and individual activities, with a strong emphasis on
applying knowledge from lectures and independent study to problem-solving. It is important for all
students to have opportunities to speak in English during each tutorial. Suggested activities include
students being encouraged to explain in English their answers in pairs or small groups, students providing
answers to the whole class whilst standing at the front of the group, student-led presentations, and group
activities that require discussion and debate.

Students will have different backgrounds in the subject and it will be necessary to provide opportunities
for directed independent study, so as to allow each student to develop at their own pace to reach the
required level for the assessments. Activities (homework) for independent study should be set weekly. It
is advisable to also consult with EAP teachers when planning homework as there may be subject tasks
which can support the development of academic English (and vice-versa).

DEVELOPING INDEPENDENT LEARNING

It is important that the learners are given the guidance and support to develop from pupils within a teacher-
led learning environment, to students who feel confident taking ownership of their learning through
independent study. As students may have an educational background where concepts of teaching and
learning are different to those prevalent in NCUK Universities, aspects of independent learning should be
introduced gradually throughout the programme.

Below are suggested examples of ideas which could be used to encourage independent learning:

Acknowledging Failure and Success

A fear of failure or making mistakes can be a significant obstacle which prevents learners from being
independent. It is therefore important to acknowledge the benefits of failure with regard to learning early
in the module delivery. This could be explored in more depth through case studies and examples in which
failure leads to success. Teachers should ensure that students are also praised, particularly through
formative feedback, and encourage learners to demonstrate development from their past mistakes.

Classroom Reversal

Where possible, teachers might entrust the teaching, practice and revision of sub-topics or items from the
syllabus to students themselves. Sharing the responsibility of teaching with students can be a more
motivating way to encourage them to take their first steps into independent study than being asked to
study independently for purely personal reasons. It also provides a strong reason why independent learning

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 5

should be carried out (in this case, to support their peers) and a visible outcome of their independent work
(the performance of their peers).

A demonstration of possible student-led tasks and activities can be a useful way to introduce this concept
within the classroom. A clear schedule for student-led sessions can also help to make it routine. Sessions
could be led by groups initially before asking students to lead them individually when they have grown in
confidence.

PAST ASSESSMENTS
Many learners can find it reassuring to revisit past assessments to support their preparation for formative
and summative assessments. A selection of past Coursework, End of Semester 1 Test and Final Examination
papers are available for this purpose via the NCUK Teachers’ Hub. It is important that students are guided
to sections and questions which will support the meeting of current learning outcomes or that past
assessments are appropriately adapted to ensure their fit to the current syllabus.

While classroom time can be allocated to the review of and use of past papers, students should also have
the opportunity to make use of these for independent study. Teachers should work with colleagues to
decide which papers may be kept aside for use in formative assessment or class time and which to release
to students for independent study.

There are a number of ways past assessments can be used to support learning in addition to recalling
knowledge. These include:

 An exploration of incorrect or incomplete answers which could highlight gaps in understanding and
help to inform future teaching and learning
 Identifying whether the correct structure is being used to answer extended answers
 Practicing answers to certain questions within particular time constraints
 Distinguishing different command words, such as ‘explain’, ‘describe’ and ‘evaluate’
 Allowing students to notice weaknesses in their own knowledge or answers by allowing them to
self-mark with the assessment criteria
 Allowing students to establish a greater familiarity with the assessment criteria and what they are
expected to do to achieve a certain grade

SUPPORTING ENGLISH LANGUAGE DEVELOPMENT

It is important for the development of academic literacies that the delivery of the subject material is
integrated with the English for Academic Purposes (EAP) module (or EAP for Proficient Users or Research
and Communication Skills modules where appropriate). Regular communication between the subject
module teacher(s) and the EAP, EAPPU or RCS teacher(s) will provide a basis on which to support and
guide students. Students will benefit from collaborative activities, where the subject module and
EAP/EAPPU/RCS teachers jointly deliver classes in relation to activities such as essay or report writing
style and using academic sources.

There are also a number of simple tasks and approaches which can be built into this module which can
support language development. These include:

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 6

Introducing New Vocabulary

When students are introduced to new vocabulary in class, ensure that these words are not introduced in
isolation, but in a chunk or phrase within a wider understood context. As an example, if students were
given the following extract from the Economist (2021), they may be unfamiliar with the word ‘ailments’:

The cholera pandemic of the early 1830s hit France hard. It wiped out nearly 3% of Parisians in a
month, and hospitals were overwhelmed by patients whose ailments doctors could not explain.

If this word was then to be explored and recorded, it would be better to look at this chunk:

…hospitals were overwhelmed by patients whose ailments doctors could not explain.

By giving students a clear context, it is easier to initially discern meaning while also making it more
memorable for revision. By keeping the word within a larger chunk, there are also a number of grammatical
and lexical relationships which can be established by learners:

 Common collocations; explain ailments, a patient’s ailments.

 The inclusion of ‘ailments’ in the semantic field of medicine / health.
 The determiner ‘whose’ implies that ‘ailments’ is a noun and the ‘s’ that it is a plural, countable
noun.
 Wider examples of past passive and defining relative clauses.

Although it should not be expected that this level of exploration is conducted within a subject module,
highlighting new vocabulary in chunks does give language learners a greater opportunity to notice features
of language at their own speed. It also provides a grammatical template which students can build on when
writing their own answers.

Highlighting Stressed Syllables

One way to support the development of students spoken fluency and overall rhythm is to draw attention
the stressed syllable within key, subject-specific vocabulary. This can be done very simply on the board in
a number of ways and you may wish to discuss this with the EAP/RCS teacher(s) at your Study Centre in
order to align your preferred method(s). As you may be students’ main model for how to pronounce
subject-specific vocabulary, it is essential they have a clear record which they can refer to during
independent study.

Encouraging Functional & Discursive Language

When completing written and spoken tasks, such as group discussions or the presentation of ideas within
class, you may wish to encourage students to use functional or discursive language that will help them to
structure and explain their ideas with greater coherence and clarity. For instance, this may include language
for agreeing /disagreeing, clarifying what they have said when they are unclear, or how to highlight a
particular point. This could be achieved by:

 Asking students to take out, look at and use language explored for this purpose within their EAP
classes. Collaboration with the EAP teacher(s) to decide when in the module particular language
will be covered and for what purpose will greatly support students’ language development.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 7

  Make functional and discursive language relevant to your subject available in the classroom for
students to use. Adding useful language to walls or ‘vocabulary mats’ on desks can remind students
of language available to them while also encouraging independence.

Allowing Learners Time to Speak

Although some students may be reluctant to speak in class, it is also important to remember that less
proficient speakers require time to construct utterances and may need some time to prepare themselves.
While silence in a classroom can sometimes feel awkward, try to avoid filling this silence with teacher talk
time, particularly when you are expecting answers from students. You may want to prepare students to
speak by giving them advance warning, for example, by giving the class time to make notes before being
asked to speak. Alternatively, you may wish to select students to answer particular questions in advance.

Referencing

As part of study for the EAP, EAPPU or RCS module, students will learn the Harvard referencing system.
Subject teachers should ensure that students carry this learning into the coursework assessments for this
module; see the ‘Resources’ section of this document for details of the referencing guide recommended
by NCUK. For further information about referencing and citation, please consult the EAP or RCS syllabus
(as relevant) for the texts and online resources recommended by NCUK.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 8

 FORMATIVE ASSESSMENT

It is important that students are given the opportunity to engage in and submit formative assessments
and receive feedback on this work. Formative assessment should be designed to inform students of their
progress and enable them to develop and practice coursework and examination skills.

In order to assist teachers in setting formative assessment, NCUK provides the following for this module:

 Formative coursework assessment – this is downloadable from the NCUK Teachers’ Hub and will
help students to prepare for completion of the summative coursework assessment that students
will complete in Semester 2. Students should have the opportunity to undertake this formative
coursework assessment towards the end of Semester 1. The assessment will provide an
opportunity for students to receive feedback that can be applied to the summative coursework
in Semester 2 and also help teachers to generate predicted grades. When marking this
assessment, teachers should use the assessment criteria given in Appendix B of this document.
Feedback should be given to students using the feedback sheet in Appendix C of this document.

 Exemplar assessments – a full set of exemplar assessments with mark schemes (End of Semester
1 Test, Coursework and Final Examination) are downloadable from the Teachers’ Hub. These can
be used as mock assessments for students throughout the academic year.

 Past exam questions – a set of past examination questions is accessible for teachers via the
Teachers’ Hub. Teachers can generate their own papers for use as practice exams, pick out
specific questions to work through with students in class, or set as homework.

In addition to the above, teachers should set regular homework tasks that allow students to understand
their strengths and weaknesses and should provide advice to students on how to improve in areas of
weakness.

Beyond developing students’ skills, the crucial element of formative assessment is the feedback provided
by the teacher. Where possible the teacher should mark work in accordance with the assessment criteria
given in Appendix B of this syllabus document. In some instances, it may also be appropriate for students
to provide feedback on each other’s work in a group setting.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 9

 SUMMATIVE ASSESSMENT

The breakdown of summative assessment for this module and the rubrics for each component are given
on page 3 of this document. All summative assessments are provided by NCUK.

End of Semester 1 Test

The End of Semester 1 Test will cover topics from semester 1 only and will take place under examination
conditions. Teachers at the Study Centre will be responsible for marking the End of Semester 1 Tests in
accordance with the NCUK issued mark scheme.

Coursework

The coursework assessment should be completed during Semester 2 at a point that is late enough to
have covered the key topics related to the coursework assessment. Coursework assessment may include
content from topics A – U of the syllabus. Students should be given approximately 3 weeks to complete
the coursework assessment. Teachers are free to set their own submission deadline. Students will submit
their coursework online via NCUK’s assessment platform. All assessments will be subject to a plagiarism
check using Turnitin.

Teachers at the Study Centre will be responsible for marking coursework in accordance with the NCUK
issued mark scheme and the assessment criteria given in Appendix B of this document. Students should
be given sight of the assessment criteria when they are given the coursework question paper as it helps
to inform them of what is expected at each grade level. When marking, teachers will either complete the
marking and feedback form given in Appendix C and upload this to the NCUK learning and assessment
platform or complete the marking rubric presented within the platform.

Examination

The examination will cover topics from both semester 1 and semester 2. Teachers at the Study Centre
will be responsible for marking the Examination in accordance with the NCUK issued mark scheme.

Supporting Documents

It is essential that coursework and examinations are administered in accordance with NCUK regulations.
Please refer to the following sections of the NCUK Academic Handbook for details
 Coursework Administration and Regulations
 Centre Marking and Recording Results
 Academic Misconduct Policy
 Examination Administration

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 10

RESOURCES

Smith, P. (2019), OCR A Level Economics, 4th Ed. Hodder Education, London

ISBN: 9781510458406 (print)

ISBN: 9781510459878 (eBook)

Core Textbook

Gillespie A (2019), Foundations of Economics, 5th Ed. Oxford University Press,

Oxford.

ISBN: 9780198806523 (print)

ISBN: 9780192529121 (eBook)

Smith, P. (2019) Pearson Edexcel Economics A Level, 4th Ed. Hodder Education,
London

ISBN: 9781510449596 (print)

ISBN: 9781510450004 (eBook)

Cook T, Riches C and Taylor R (2017), Economics for Cambridge International

AS/A Level, Oxford University Press, Oxford.

ISBN: 9780198399742 (print)

Futher Reading ISBN: 9780198379287 (eBook)

Powell R and Powell J (2019) AQA A Level Economics, 4th ed. Hodder Education,
London.

ISBN: 9781510451957 (print)

ISBN: 978150451896 (eBook)

CGP Books (2020), A-Level Economics Complete Revision & Practice,

Coordination Group Publications Ltd.

ISBN: 9781782943471 (print)

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 11

 General Economics study and revision material:
www.tutor2u.net
www.economicshelp.org
https://www.youtube.com/channel/UCQbBh9Jn2IjcSPZOiNKJu0g
(EconplusDal)
www.economicsnetwork.ac.uk
www.economicsonline.co.uk
Useful sources for Economics related news:
www.bbc.co.uk
www.theguardian.com/uk
www.economist.com
Useful Resources
https://pearsonblog.campaignserver.co.uk/

Useful sites for Economics related data:

https://www.ons.gov.uk/
https://tradingeconomics.com/countries
https://ourworldindata.org/

Refer to the Harvard Referencing Guide in the NCUK Academic Handbook for
NCUK guidelines on this, though using online Harvard Reference Guides to
support assessment writing can also be beneficial. When referencing, the main
objectives are clarity, consistency, accuracy of key information and ability to
locate the source.
Referencing

NCUK Teacher’s Hub – accessible via NCUK’s learning and assessment

platform – please contact your Study Centre’s Academic Manager for access.

Teacher Resources

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 12

MODULE CONTENT
All topics must be covered. Appendix A provides an Exemplar Teaching Plan which indicates the proportion
of time to be spent on each topic and activities to support student learning. A Teacher Guide which gives
suggested class activities and additional information for each of the topics below is provided for this
module.

The tables below detail the topics and sub-topics to be covered. A set of specific learning outcomes (SLOs)
are given for each topic. The SLOs will be assessed against the four assessment objectives.

Command words are used to indicate how each SLO might be assessed. For IFY Economics the following
command words are used and the table below shows how these relate to the assessment objectives:

Assessment Objective Command Words

AO1 – Knowledge & Understanding  Explain

 Explain with the use of a diagram

AO2 – Application  Explain

 Explain with the use of a diagram
 Apply
 Calculate

AO3 – Analysis  Analyse

AO4 - Evaluation  Evaluate

The four assessment objectives are ranked in ascending order of learning difficulty, with AO1 being the
most straightforward and AO4 the most complex. Where a higher order command word appears, this
assumes that students are also able to show that they have met the lower order objectives.

For example, students will only be able to evaluate a topic (AO4) if they already have knowledge and
understanding of that topic (AO1), are able to apply knowledge of that topic (AO2) and are able to analyse
aspects of the topic (AO3).

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 13

SEMESTER 1 - MICROECONOMICS

TOPIC A – THE ECONOMIC PROBLEM

CONTENT SLOs

 The basic economic problem arising out of A1 Explain that finite resources and infinite wants
the fundamental existence of scarcity. give rise to the basic economic problem of
 Classification of resources in an economy. scarcity.
 The basic questions of “What”, “How” and
A2 Explain the different types of resources: Land,
“For Whom” to solve the basic economic
Labour, Capital and Enterprise.
problem and how they are interrelated.
 The relationship between the basic A3 Analyse the interrelationship between the three
economic problem and key concepts of parts of the economic problem.
choice and opportunity cost.
A3 Explain and apply the concepts of choice and
 The different forms of economic system
and how they attempt to “solve” the opportunity cost to economic decision making.
economic problem. A4 Explain the key features of a planned, market
 Difference between microeconomics and and mixed economy.
macroeconomics.
 Normative and positive statements in A5 Evaluate the relative advantages and
economics. disadvantages of different economic systems.

A6 Explain the difference between microeconomics

and macroeconomics.

A7 Explain the difference between normative and

positive statements.

TOPIC B – PRODUCTION POSSIBILITY FRONTIERS

CONTENT SLOs

 Production possibility frontier/ boundary/ B1 Explain the production possibility frontier with
curve diagrams. the use of a diagram/s.
 Positions of economic efficiency and
recession. B2 Apply the concepts of opportunity cost and
productive efficiency using the production
 The division of labour and specialisation
possibility frontier diagram.
and their significance for trade.
 The main causes of economic growth. B3 Calculate the opportunity cost of moving
between points on the production possibility
frontier.

B4 Explain the division of labour and specialisation

and their implications for trade.

B5 Explain the main sources of economic growth

and how this will alter the position of the
production possibility frontier.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 14

 TOPIC C – THE DETERMINATION OF THE DEMAND FOR GOODS & SERVICES

CONTENT SLOs

 Determinants of demand. C1 Explain the determinants of demand.

 Effective demand and the drawing of the
C2 Explain the inverse relationship between price
demand curve.
and demand with the use of a diagram to show
 The effects of a price change on movement along the demand curve.
movement along the demand curve
(extensions and contractions). C3 Analyse with the use of a diagram the factors
 Causes of shifts (increases and decreases) which can cause shifts in demand curves.
in demand.
C4 Explain and calculate marginal utility.
 Marginal and total utility
 The law of diminishing marginal utility and C5 Explain with the use of a diagram the law of
the shape of the demand curve. diminishing utility and its application to the
demand curve.

TOPIC D – ELASTICITY OF DEMAND

CONTENT SLOs

 Definitions of price, income and cross D1 Explain price, income and cross elasticity of
elasticity of demand. demand.
 Degrees of elasticity.
D2 Calculate price, income and cross elasticity of
 Price/Quantity diagrams to illustrate demand.
elasticity of demand.
 Analysis of the different elasticities of D3 Explain using diagrams the different ranges of
demand. price, income and cross elasticity of demand.
 The relationship between price elasticity
D4 Analyse the impact on company revenue of price
of demand and total revenue.
elasticity of demand.
 Factors that influence the elasticities of
demand and their usefulness and D5 Evaluate the factors that determine the value of
significance. price, income and cross elasticity of demand and
their usefulness and significance in explaining
decision making.

TOPIC E – THE DETERMINATION OF THE SUPPLY OF GOODS & SERVICES

CONTENT SLOs

 Definition of supply and the supply curve. E1 Explain the determinants of supply.
 The effects of a price change on supply
E2 Explain with the use of a diagram the direct
(movements along the curve).
relationship between a change in price and
 The causes of shifts (increases and supply.
decreases) in the supply curve.
E3 Analyse with the use of a diagram the factors
that can cause shifts in supply curves.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 15

 TOPIC F – PRICE ELASTICITY OF SUPPLY

CONTENT SLOs

 Definition of price elasticity of supply. F1 Explain price elasticity of supply.

 Calculation and interpretation of different
F2 Calculate and explain different values of price
elasticities of supply.
elasticity of supply.
 Price/Quantity diagrams to illustrate
elasticity of supply. F3 Explain with the use of a diagram different
 The factors (determinants) that influence values of price elasticity of supply.
the elasticity of supply and its usefulness
F4 Evaluate the factors that determine the level of
and significance in explaining a firm’s
decision making. price elasticity of supply and its usefulness and
significance in explaining decision making.

TOPIC G – PRICE DETERMINATION IN THE MARKET SYSTEM

CONTENT SLOs

 Equilibrium/market prices. G1 Explain with the use of a diagram the meaning of

 Market adjustment in conditions of equilibrium.
disequilibrium.
G2 Explain with the use of a diagram how markets
 The functions of price as a rationing, resolve conditions of excess demand or supply.
signalling and incentive mechanism.
 The interaction of shifts in demand and G3 Explain the three functions of price in a market
supply and the resulting fluctuations in system.
price and output in individual and related
markets. G4 Explain with the use of diagrams the effects of
changes in market conditions in individual and
 The implications of joint demand, demand
for substitute goods, composite demand, related markets.
derived demand and joint supply. G5 Explain joint demand, demand for substitute
 Application of equilibrium analysis to real goods, composite goods and joint supply.
world examples.
G6 Apply equilibrium analysis using diagrams to
changes in a range of real-world market
examples.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 16

 TOPIC H – MARKET FAILURE

CONTENT SLOs

 Concepts of consumer and producer H1 Explain with the use of diagrams and apply the
surplus and deadweight loss. concepts of consumer and producer surplus and
 Market failure and externalities in deadweight loss when analysing market failure.
consumption and production.
H2 Explain with the use of diagrams and analyse
 Market failure: merit/demerit goods,
externalities in production and consumption in
public/quasi-goods.
relation to social efficiency.
 Imperfections in the market: market
instability and short-termism. H3 Explain the characteristics of public, quasi-
 Imperfections in the market: Missing public, merit and demerit goods.
information, asymmetric information,
adverse selection and moral hazard. H4 Explain the key information failures of
asymmetric information, adverse selection and
moral hazard.

H5 Explain the imperfections of market instability

and short termism.

TOPIC I – GOVERNMENT INTERVENTION IN THE MARKET SYSTEM

CONTENT SLOs

 Methods a government might use to I1 Apply, analyse and evaluate the range of
reduce market failure and imperfections in interventions that governments can make to
markets. correct market failure: indirect taxes, subsidies,
 The process of evaluation of social costs information provision, tradeable permits,
and benefits. regulation, buffer stock and maximum and
 The advantages and disadvantages of the minimum prices and state control and/or
process. public/private partnerships.

I2 Explain the process of cost benefit analysis.

I3 Apply and evaluate cost benefit analysis to real

world examples.

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 TOPIC J – PRODUCTION IN THE SHORT AND LONG RUN

CONTENT SLOs

 The concept of the short and long run. J1 Explain the difference between the short and
 The short-run production function. long run production.
 The law of diminishing marginal returns. J2 Explain and calculate marginal, average and total
 Costs of production. product.
 Short run cost curves.
J3 Explain the law of diminishing marginal returns.
 Economies and diseconomies of scale.
 Derivation and shape of long run cost J4 Explain with a diagram the relationship between
curve. total, average and marginal product in the short
 Minimum efficient scale and U and L run.
shaped long run average cost.
J5 Explain and calculate marginal, average and total
cost.

J6 Explain with a diagram the relationship between

the law of diminishing returns and the short run
cost curves.

J7 Explain with a diagram the relationship between

average cost, average variable cost and average
fixed cost.

J8 Explain with a diagram the relationship between

marginal and average cost and the significance of
the lowest point on the average cost curve.

J9 Explain with a diagram how firms move from the

short run to the long run.

J10 Explain internal and external economies of scale.

J11 Explain with a diagram how diseconomies of

scale arise and the effect of these on long run
average cost.

J12 Explain with diagrams the minimum efficient

scale and its relationship to U and L shaped long
run average cost curves.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 18

 TOPIC K – REVENUE, COSTS AND PROFITS AND THE OBJECTIVES OF FIRMS

CONTENT SLOs

 The concepts of average and marginal K1 Explain with diagrams the concepts of total,
revenue. average and marginal revenue.
 The difference between accounting and
economists’ profit and normal and K2 Explain how economists’ cost differs from
abnormal profits. accountants’ cost and the significance of normal
and abnormal profit.
 The neo-classical profit maximising rule.
 The break-even point. K3 Explain with a diagram the neo-classical profit
 Alternative objectives of firms. maximising rule.

K4 Explain with a diagram the break-even point.

K5 Evaluate the range of possible objectives for a

business.

TOPIC L – PERFECT COMPETITION

CONTENT SLOs

 Characteristics of a perfectly competitive L1 Explain the characteristics of a perfectly

market. competitive market and the implications for the
 Short and long run equilibrium in perfect shape of the demand curve.
competition.
L2 Analyse and explain with diagrams the efficiency
 Economic efficiency of firms in perfect
of the price and output decisions of a perfectly
competition.
competitive firm in the short and long run with
 The advantages and disadvantages of
perfect competition. respect to allocative and productive efficiency.

L3 Evaluate the advantages and disadvantages of a

perfectly competitive market.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 19

 TOPIC M – MONOPOLY

CONTENT SLOs

 The characteristics of monopoly. M1 Explain the characteristics of a monopoly market

 The causes of monopoly power i.e., the and the implications for the demand (average
causes of barriers to entry. revenue) curve and the marginal revenue curve
 The equilibrium diagram and identification and the relationships between them.
of the profit maximising and revenue
maximising position. M2 Explain with a diagram and analyse the efficiency
of the price and output decisions of a firm in a
 Types of mergers and takeover i.e.,
horizontal, vertical (backward and monopoly market with respect to allocative and
forward) and conglomerate and reasons productive efficiency.
why firms seek to merge.
M3 Explain the barriers to entry that can exist to
 The advantages and disadvantages of maintain monopoly power.
monopoly markets to consumers, the firm
and the economy. M4 Explain the different forms of merger and
 The concept of price discrimination. acquisitions and analyse the motivations for this
 The role of government in regulating form of growth in firm size.
monopoly and promoting competition.
M5 Evaluate the advantages and disadvantages of a
monopoly market and the role of government in
regulating monopoly and promoting
competition.

M6 Explain with a diagram/s price discrimination and

the conditions for effective price discrimination.

M7 Analyse and evaluate the advantages and

disadvantages of price discrimination.

TOPIC N – OLIGOPOLY

CONTENT SLOs

 Characteristics of oligopoly. N1 Explain the characteristics of an oligopoly

 Interdependence and the implications for market.
collusive or competitive behaviour.
N2 Evaluate the range of price and output strategies
 The kinked demand curve model that could occur in oligopoly markets.

N3 Explain with a diagram the kinked demand curve

and analyse its predictions in terms of the
behaviour of oligopolistic markets.

N4 Analyse and evaluate the advantages and

disadvantages of oligopolistic markets.

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 TOPIC O – MONOPOLISTIC COMPETITION AND NON-PRICE COMPETITION

CONTENT SLOs

 Characteristics of monopolistic O1 Explain the characteristics of monopolistic

competition. competition.
 Short and long run equilibrium in
monopolistic competition. O2 Explain with a diagram the short and long run
equilibrium for a firm in monopolistic
 Advantages and disadvantages of
competition.
monopolistic competition.
 Non-price competition. O3 Evaluate the advantages and disadvantages of
 Contestable markets. monopolistic competition.

O4 Explain the different forms of non-price

competition.

O5 Explain and analyse the significance of

contestable markets.

SEMESTER 2 – MACROECONOMICS

TOPIC P – INTRODUCTION TO MACROECONOMICS

CONTENT SLOs

 The main objectives of a government’s P1 Explain the main objectives of government

economic policy economic policy.
 Macroeconomic policy instruments.
P2 Explain the main macroeconomic policy
 Policy debates and conflicts. instruments.
 The circular flow of income and
expenditure. P3 Analyse the possible conflicts in macroeconomic
 Leakages and injections policy.

P4 Explain with diagrams the circular flow of income

and expenditure.

P5 Explain leakages and withdrawals and the effect

on national income of changes in any of these.

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 TOPIC Q – AGGREGATE DEMAND & AGGREGATE SUPPLY

CONTENT SLOs

 Aggregate demand and its components. Q1 Explain the components of aggregate demand.
 Aggregate demand and the price level.
Q2 Explain with the use a of diagram the
 Shifts in aggregate demand. relationship between aggregate demand and the
 Aggregate supply. price level.
 Aggregate supply and the price level.
Q3 Explain with the use of a diagram shifts in
 Determinants of aggregate supply and
aggregate demand.
shifts in the aggregate supply curve.
 Aggregate demand and supply analysis to Q4 Explain aggregate supply.
explain equilibrium.
Q5 Explain with a diagram the relationship between
 The short and long-run aggregate supply aggregate supply and the price level in the short
curve and the difference between the
run.
Keynesian and neo-classical view.
 Implications of the shape of the long-run Q6 Explain with the use of a diagram equilibrium in
supply curve for changes in aggregate the macroeconomic economy.
demand or supply.
Q7 Explain with diagrams the difference between
the Keynesian and neo-classical views about the
long run aggregate supply curve.

Q8 Explain the different views about the likely

effects of shifts in aggregate demand and supply
on equilibrium in the short and long run.

TOPIC R – CONSUMPTION & INVESTMENT

CONTENT SLOs

 Determinants of consumption. R1 Explain consumption and its determinants.

 The marginal propensity to consume.
R2 Explain and calculate the average and marginal
 Determinants of investment. propensity to consume and save.
 The multiplier effect.
R3 Explain investment and its determinants.
 The accelerator model and its limitations.
R4 Explain and calculate the multiplier.

R5 Explain the accelerator model.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 22

 TOPIC S – UNEMPLOYMENT

CONTENT SLOs

 Definition of unemployment and S1 Explain the meaning of unemployment and the

measurement of unemployment. way in which it is measured in the UK.
 Types and causes of unemployment.
S2 Explain the main causes and types of
 Voluntary and involuntary
unemployment.
unemployment.
 The equilibrium or natural rate of S3 Explain the difference between voluntary and
unemployment. involuntary unemployment.
 Effect of changes in demand or supply S4 Explain the meaning and significance of the
side policies on unemployment.
equilibrium or natural rate of unemployment.
 Costs/effects of unemployment.
S5 Explain with diagrams how demand or supply
side changes affect the equilibrium level.

S6 Evaluate the general costs of unemployment

and the costs associated with it being a priority
for government policy.

TOPIC T– INFLATION

CONTENT SLOs

 The meaning and measurement of T1 Explain the meaning of inflation and the key
inflation using the UK as an example. measurements of inflation in the UK (CPI, RPI
 The calculation of inflation using a and CPIH).
weighted index.
T2 Calculate weighted indices for inflation.
 Costs and effects of inflation.
 Causes of inflation: the Fisher formula T3 Evaluate the extent to which inflation is a
(quantity theory of money) and problem in an economy.
Monetarism, demand pull and cost push.
T4 Explain the Fisher formula and the quantity
 Methods of controlling inflation.
theory of money.
 The Phillips curve and NAIRU and the
trade-off between inflation and T5 Explain with the use of diagrams the key theories
unemployment. to explain why inflation occurs.

T6 Evaluate the policy options available to control

inflation.

T7 Evaluate the possible trade-off between

inflation and unemployment using the Phillips
curve and NAIRU.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 23

 TOPIC U – ECONOMIC GROWTH AND WELL-BEING

CONTENT SLOs

 Measuring national income. U1 Explain how national income is measured.

 Real and nominal national income.
U2 Explain the difference between nominal and real
 The distribution of income and the Gini national income.
coefficient and Lorenz curves.
 The problems of using GDP per capita as U3 Explain with the use of a diagram how the
a measurement of the standard of living Lorenz curve and the Gini coefficient measure
or well-being. degrees of inequality.
 Measuring economic growth.
U4 Evaluate the use of GDP per capita to measure
 Use of index numbers in economics. the standard of living or well-being.
 Alternative measures of growth including
inclusive growth and sustainable U5 Explain, calculate and apply index numbers to
development. measure changes in economic indicators.
 Actual and potential growth and the U6 Evaluate the different ways in which economic
output gap growth might be measured.
 Government promotion of economic
growth. U7 Explain the difference between actual and
 The business cycle i.e., boom, recession, potential growth and the output gap.
depression, recovery. U8 Explain how governments can try to promote
 Costs of economic growth. economic growth.

U9 Explain with a diagram the stages of the

business cycle.

U10 Evaluate the case for and against economic

growth.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 24

 TOPIC V – THE BALANCE OF PAYMENTS AND EXCHANGE RATES

CONTENT SLOs

 Components of the balance of payments: V1 Explain the main components of the balance of
current account i.e., balance of trade payments.
(visible trade), invisible trade, capital and
financial account. V2 Explain imbalances on the balance of payments.
 The meaning of balance of payments V3 Evaluate the causes and consequences of
surpluses or deficits. imbalances on the balance of payments.
 The causes and effects of balance of
payments surpluses and deficits. V4 Evaluate the policies to address a current
 Policies to deal with imbalances. account deficit.
 Exchange rates and exchange rate V5 Explain and calculate exchange rates.
systems.
V6 Explain with the use of a diagram the
 The relevance of elasticity of demand for
determination of exchange rates in fixed and
imports and exports (The J curve ad
Marshall-Lerner condition). floating exchange rate systems.

V7 Evaluate the causes and consequences of

exchange rate changes.

V8 Evaluate the advantages and disadvantages of

different exchange rate systems.

V9 Explain the relevance of elasticity of demand for

exports and imports in relation to the effect of a
change in exchange rates on the current account
(the J curve and Marshall-Lerner condition).

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 25

 TOPIC W – FISCAL POLICY

CONTENT SLOs

 Definition of fiscal policy. W1 Explain fiscal policy.

 Government spending and sources of
W2 Explain the main types of government spending
financing spending.
and sources of revenue in the UK.
 Effect of government spending on
aggregate demand and supply W3 Explain with a diagram the effect of changes in
(discretionary fiscal policy and automatic in discretionary fiscal policy and automatic
stabilisers). stabilisers on aggregate demand and supply.
 Reasons for taxation.
W4 Explain the reasons for taxation and the types
 Types of direct and indirect taxation in
of taxation in the UK.
the UK.
 Marginal and average rates of tax. W5 Explain and calculate average and marginal rates
 Progressive, proportional and regressive of taxation.
taxation.
W6 Explain with a diagram the differences between
 Conditions of an “effective” and “fair” proportional, progressive and regressive tax
taxation (and benefits) system and its use
systems.
as a policy instrument.
 Budget deficit, surplus and debt. W7 Evaluate direct and indirect taxes and provisions
 The strengths and limitations of fiscal of benefits in terms of effectiveness and
policy. efficiency.

W8 Explain with a diagram a budget deficit, surplus

and balanced budget.

W9 Explain the difference between a cyclical and

structural budget deficit and the effect of
persistent deficits on the national debt.

W10 Evaluate the effectiveness of fiscal policy.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 26

 TOPIC X– MONEY AND MONETARY POLICY

CONTENT SLOs

 Functions and forms of money. X1 Explain the key functions and forms of money.
 Outline of narrow (M0) and broad money
X2 Explain the main measures of the money supply
(M4) versions of the money supply.
used in the UK.
 Roles of a central bank in terms of
monetary policy using the UK Bank of X3 Explain the methods used by a central bank in
England as an example. relation to monetary policy.
 The role and importance of interest rates
X4 Explain the role and importance of interest
in an economy.
rates in an economy.
 The demand and supply of money and
equilibrium in the money market. X5 Explain using diagrams the determinants of the
 The effect of changes in the money supply demand and supply for money and how
on the economy. equilibrium is achieved in the money market.
 The use of monetary policy to achieve
X6 Explain using diagrams the effect of changes of
government objectives.
the money supply on consumption, investment,
exchange rates and on the level of prices and
output in the economy.

X7 Evaluate the effectiveness of monetary policy.

TOPIC Y– SUPPLY SIDE POLICY

CONTENT SLOs

 Supply side policy. Y1 Explain supply side policy.

 Different forms of supply side policy.
Y2 Explain the different supply side policies
 The use of supply side policy to attain available to a government.
government macroeconomic goals.
 Evaluation of supply side policies. Y3 Explain with the use of diagrams how supply
side policies can be used to achieve the
government’s macroeconomics objectives.

Y4 Evaluate the effectiveness of supply side policy.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 27

 TOPIC Z – INTERNATIONAL TRADE

CONTENT SLOs

 The role of international trade. Z1 Explain international trade.

 Theory of comparative advantage.
Z2 Explain with simple numerical examples
 Protectionism. comparative and absolute advantage.
 Free trade and protectionist policy.
Z3 Analyse with the use of diagrams the range of
 Globalisation.
measures used in protectionism.

Z4 Evaluate the theory of comparative advantage

as a justification for the benefits of free trade.

Z5 Evaluate the advantages and advantages of free

trade and protectionism.

Z6 Evaluate the case for and against globalisation.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 28

APPENDIX A -
EXEMPLAR TEACHING PLAN
The table below gives a high-level outline of how a teacher may wish to break down the teaching of this
module. This module is supported by a detailed Teacher Guide, provided as a separate document, which
breaks each week of teaching down into a number of activities and exercises. The Teacher Guide can be
downloaded from the NCUK Teachers’ Hub.

Week Hours Topic Teacher Guidance/Suggested Activities

1 1 Introduction to IFY This first session will need to be used to talk to the
Economics students about the aims and learning outcomes of the
module, its structure and the forms of assessment.
You could map out your approach to learning and
teaching, what students can expect from you and your
expectations of them.

It may also be a good idea to introduce students to the

resources that you will be recommending.

1 A - The Economic A lecture to cover SLOs A1-A7 and direct students to

Problem reading required and any homework exercises to be
completed this week.

1 B – Production Possibility In this session you could spend the first half doing a
Frontier (PFF) lecture session on SLOs B1-B5. In the second half place
students in pairs or small groups to draw a PPF and
then show the opportunity cost of moving from point
to point on the PPF and discuss the implications of
points within and outside of the PPF.

For B4 it is not necessary to talk too much about causes

of growth as this is covered in more detail in Topic U

1 A - The Economic This session could be a workshop to go through

Problem questions and exercises to reinforce the learning from
the lecture on topic A.

2 1 C – The Determination of Lecture to cover SLOs C1-C5 and to direct students to

Demand for Goods and follow up reading and exercises.
Services

1 C – The Determination of In this workshop use data to show the relationship

Demand for Goods and between price and the quantity demanded.
Services  Explain how demand is influenced by price,
income, the prices of other goods and
taste/preferences.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 29

  Clearly distinguish between movements along a
demand curve and shifts of the demand curve.
 In small groups give the students a list of
determinants and changes in these and ask them
to predict how this effects the demand curve.

1 D – Elasticity of Demand A lecture to cover SLOs D1-D5 and direct students to

follow up reading and exercises.

1 D – Elasticity of Demand In this workshop use standard formulae and data to

show the importance of size and sign of elasticity
estimates.
 Extensive use of examples to highlight differing
elasticities of different goods and services are
encouraged.
 Emphasise the connection between price
elasticity and total revenue. Numerical examples
would help to achieve this.
 Examine the difference between normal and
inferior goods.

3 1 E – The Determination of Lecture to cover SLOs E1-E3 and F1-F4 and direct
Supply for Goods and students to reading and exercises.
Services

1 E – The Determination of In this workshop explore the supply schedule and the
Supply for Goods and supply curve.
Services  Use data to show the relationship between price
F – Price Elasticity of and the quantity supplied.
Supply  Explain how supply is influenced by costs, the size
and nature of the industry and government policy.
 Get students to use supply curve diagrams to
show shifts and movements along the curve.
 Explore the Price elasticity of supply.

2 These 2 hours have been left free of new content to be

used as workshops to revise topics A to F using
multiple choice questions, stimulus material from the
text/s that you have been using or any exercises that
you might have.

You can reinforce to students what is meant by

 Analysis (e.g., using demand and supply diagrams,
elasticities etc),
 Application (by applying demand and supply to
examples),
 Evaluation (e.g., having a discussion on economic
systems).
It would be a great opportunity to discuss possible
essay topics that might arise out of Topics A to F and
give the examples from past papers. It is always good

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 30

 to map out suggested essay plans in class so that the
students can build up a collection of possible plans.

Of course, you may simply proceed to topic G if you

feel that your students do not need this space.

4 1 G – Price Determination in Use this lecture to cover SLOs G1 to G6 and direct

the Market System students to reading and exercises.

1 G – Price Determination in Use this session as a workshop to go through the

the Market System answers to the homework exercises.

2 G – Price Determination in Use these two hours to do workshops putting demand

the Market System and supply together and analyse the idea of equilibrium
in a market.
 Introduce the idea that ‘prices’ are determined
through demand and supply.
 Explain that the purpose of price in the market is
to act as a rationing, signalling and incentive.
 Give ample time to practice looking at the effects
of a change in demand and/or a change in supply
on market equilibrium.
 Explore some typical examples of markets and ask
students to draw diagrams to analyse market
changes.
 Emphasise the difference between changes in
demand which impact upon consumers and
changes in supply which impact upon producers.
 Explore the ways in which different markets
interact by looking at substitutes, complements,
examples of derived demand and goods in joint
supply.
 Conclude this topic with a group discussion
relating to how markets operate in relation to
solving the economic problem.

5 1 H – Market Failure (merit, Lecture to cover SLOs H1 to H5 and direct students to

demerit, public goods) reading and exercises.

1 H – Market Failure (merit, Workshop to explore the nature and meaning of merit
demerit, public goods) goods, public goods and quasi-public goods.

You can also explore other aspects of market failure:

short termism, asymmetric information, adverse
selection, moral hazard.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 31

 1 H – Market Failure (merit, A Workshop to go through with students the concepts
demerit, public goods) of consumer and producer surplus.
 Use diagrams to illustrate negative and positive
externalities in production and consumption.
 Encourage students to give real world examples.

1 H – Market Failure (merit, A workshop to consolidate SLOs H1 to H5. Use past

demerit, public goods) coursework examples, exam data response questions
and essay questions as the basis of organising answers
to these.

Show students how they can best explain market

failure with examples and how they can model demand
and supply diagrams to show externalities and how to
‘measure’ the extent of the market failure.

6 1 Workshop on preparing  Use this session to discuss the requirements for

for Coursework coursework using the formative coursework task
as an example. The aim should be for students to
take away a detailed plan for their formative
work. Explore the assessment criteria with your
students and ask for ideas as to how to plan the
structure of the coursework.
 Identify the key areas of knowledge that will be
required, how this may be applied to analyse the
issues raised by the coursework subject area.
 Discuss with students the meaning of evaluation
in the context of the coursework.

1 I – Government Lecture to cover SLOs I1-I3 and direct students to

Intervention in the reading and exercises.
Market System

1 I – Government Workshop to explain and assess the methods of

Intervention in the intervention – state provision, indirect taxation,
Market System subsidies, regulation, pollution permits, provision of
information, maximum and minimum prices.

Discuss the role and scope of Cost Benefit Analysis.

1 I – Government  Workshop to look at exam questions relating to

Intervention in the these market interventions.
Market System  Look at multiple choice questions, data response
questions and essay questions. In particular, show
how the analysis of market failure can be applied
to real world examples and show how policies can
be analysed.
 Highlight that interventions can have advantages
and disadvantages and how we might evaluate
these.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 32

 7 1 J – Production in the Lecture to cover SLOs J1-J4 and direct students to
Short and Long-Run reading and exercises

1 J – Production in the Lecture to cover SLOs J5-J12and direct students to

Short and Long-Run reading and exercises.

1 J – Production in the Workshop on the short-run production function.

Short and Long-Run  Working from a set of Total production figures
ask students to calculate MP and AP.
 Draw the curves (using graph paper if possible).
 Discuss with students the properties of the
curves.

1 J – Production in the Workshop on costs.

Short and Long-Run  Build from the previous workshop by adding in
costs and then show how marginal costs will
eventually rise because of the law of diminishing
marginal returns.
 Ask students to explain why the MC curve cuts
the AC curve at the lowest point and discuss the
optimum output level and its significance.
 Show how the LRAC is derived and then discuss
the role of economies and diseconomies of scale.

8 1 K- Revenue, Costs, Profits Lecture to cover SLOs K1 to K5 and direct students to

and the Objectives of reading and exercises.
Firms
1 K- Revenue, Costs, Profits Workshop to show how marginal and average revenue
and the Objectives of relate to total revenue.
Firms  Draw curves based on AR, TR and MR information
 Discuss properties of curves.
 Discuss concepts of profit – economists’ vs
accountants’ and normal and abnormal

1 K- Revenue, Costs, Profits Workshop to discuss profit maximisation – what it

and the Objectives of means in principle and in practice.
Firms  Draw diagrams to illustrate.
 Discuss and draw diagrams to discuss break-even
point.

1 K- Revenue, Costs, Profits Workshop to discuss alternative objectives of firms –

and the Objectives of satisficing, sales maximisation, market share.
Firms  Use real companies (small enterprises to large
multinational plc’s) and debate the differing
objectives of each type of firm.

9 1 L – Perfect Competition Lecture to cover SLOs L1-L3.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 33

 1 L – Perfect Competition Workshop to construct model of perfect competition.
 Emphasise how assumptions predict the short-run
demand curve.
 Add in costs and ask students to pin point short-
run equilibrium.
 Using ideas of normal and abnormal profit and
breakeven point show how market adjusts to
arrive at long-run equilibrium.
 Ask students to reflect on allocative and
productive efficiency in long-run.

2 L – Perfect Competition These 2 hours can be used primarily to discuss if

perfect competition is indeed ‘“the best' outcome?

They can also be used to ’revise‘ production, costs and

revenue and the more technical aspects of the theory
of production.

Use multiple choice questions to test Knowledge.

10 1 M - Monopoly Lecture to cover SLOs M1-M7

1 M - Monopoly Workshop to analyse the equilibrium of a monopoly

firm and discuss its implications for allocative and
productive efficiency.
 Discuss the case for and against monopoly and
what the basis for an evaluation of this should be.

1 M - Monopoly Discuss cases of natural monopoly and draw in class

diagrams to analyse the effects of price discrimination.
Explain the different types of merger that may occur.

1 M - Monopoly Using past exam essay questions discuss the

advantages and disadvantages of monopoly power in
its various forms and the range of government
interventions to control this.

11 1 N – Oligopoly Lecture to cover SLOs N1-N4

1 N – Oligopoly Workshop to discuss significance of interdependence

and implications for price and output strategies.
 Build kinked demand model and discuss its
implications.

1 N – Oligopoly Workshop to look at some case studies to illustrate

examples of oligopolistic behaviour and relevance of
theory to explaining behaviour.
1 N – Oligopoly Workshop to evaluate the impact of oligopoly using
past exam essays as a framework for discussion.

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 34

 12 1 O - Monopolistic Lecture to cover SLOs O1-O5
Competition and Non-
Price Competition
1 O - Monopolistic Workshop to build mode of monopolistic competition
Competition and Non- and both the short and long-run equilibrium positions.
Price Competition  Discuss the implications for efficiency.

1 O - Monopolistic A workshop to look at real world examples of this type

Competition and Non- of imperfect competition and compare with perfect
Price Competition competition and monopoly.

1 O - Monopolistic A workshop to look at contestability and review in

Competition and Non- general government policy to regulating industry.
Price Competition
13 1 Feedback Workshop to provide feedback on the formative
assessment.

3 Revision Use the rest of week 13 to give students practice

answering multiple choice, data response and exam
essay questions as appropriate.

14 4 Revision Revision sessions on content of Topics A-O.

15 End of Semester 1 Test

16 1 P – Introduction to Lecture to cover SLOs P1-P3 and direct students to

Macroeconomics reading and exercises.
1 P – Introduction to Workshop to review objectives of macroeconomics
Macroeconomics policy and policy instruments.
 Introduce students to the key policy debates and
discuss with students the possible conflicts.

1 P – Introduction to Lecture to cover SLOs P4-P5 and direct students to

Macroeconomics reading and exercises.

1 P – Introduction to Workshop to help students to draw and analyse the

Macroeconomics circular flow.
 Students should be asked to consider why not all
income is spent on the domestically produced
output and why savings and injections should be
equal in equilibrium.

17 1 Q – Aggregate Demand Lecture to cover SLOs Q1-Q3 and direct students to

and Supply reading and exercises.

1 Q - Aggregate Demand Workshop to explore the nature of aggregate demand.

and Supply

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 1 Q - Aggregate Demand Lecture to cover SLOs Q4-Q8 and direct students to
and Supply reading and exercises.

1 Q - Aggregate Demand Workshop to explore with the students the aggregate

and Supply supply curve and the differences between the
Keynesian and neo-classical approaches to long-run
supply.
 Show students how to apply aggregate and supply
diagrams to analyse changes in equilibrium

18 1 R - Consumption and Lecture to cover SLOs R1-R5 and direct students to

Investment reading and exercises.

1 R - Consumption and Workshop to explore the consumption function and

Investment the determinants of consumption.
 Review and show how to calculate the average
and marginal propensity to consume and save and
explore the multiplier.

1 R - Consumption and Workshop to explore determinants of investment and

Investment the link between the accelerator and multiplier.
 Explain the accelerator concept.

1 Release the coursework Workshop to discuss the requirements for the

assignment coursework and to help students plan the structure.
(This can be moved to suit each centre’s schedule)

19 1 S - Unemployment Lecture to cover SLOs S1-S3 and S6 and direct

students to reading and exercises.

1 S - Unemployment Workshop to explore the nature of unemployment as a

problem.

1 S - Unemployment Lecture to cover SLOs S4-S5 and direct students to

reading and exercises.

1 S- Unemployment Workshop to explore the problems caused by

unemployment and to focus on the different views
about the significance of the natural rate of
unemployment and link back to Keynesian and neo-
classical views about the shape of the long-run
aggregate supply curve.

20 1 T- Inflation Lecture to cover SLOs T1-T5 and direct students to

reading and follow up exercises.

1 T- Inflation Workshop to explore how inflation is measured, its

significance as a problem and the competing
explanations for how it is caused.

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 1 T - Inflation Lecture to cover SLOs T6-T7 and direct students to
reading and exercises.

1 T - Inflation Workshop to explore the Phillips curve and NAIRU and

evaluate the different policies to deal with inflation.

21 1 U - Economic Growth and Lecture to cover SLOs U1-U6 and direct students to
Well-Being reading and exercises.

1 U - Economic Growth and Workshop to explore measurement of standard of

Well-Being living and evaluate use of GNP per capita as a good
indicator of the standard of living.

1 U - Economic Growth and Lecture to cover SLOs U7-U10 and direct students to
Well-Being reading and exercises.

1 U - Economic Growth and Workshop to explore the causes of economic growth

Well-Being and evaluate the relative advantages and
disadvantages of economic growth.

22 1 V - The Balance of Lecture to explore SLOs V1-V4 and direct students to

Payments reading and exercises.

1 V - The Balance of Workshop to explore effects of balance of payments

Payments deficits and surpluses and to evaluate methods to cure
a current account deficit.

1 V - The Balance of Lecture to cover SLOs V5-V9 and direct students to

Payments reading and exercises.

1 V - The Balance of Workshop to explore exchange rates, systems and

Payments policy.

23 1 W - Fiscal Policy Lecture to cover SLOs W1-W7 and direct students to

reading and exercises.

1 W - Fiscal Policy Workshop to explore the uses of fiscal policy and its
effect on aggregate demand and supply.

Discuss forms of taxation and how marginal and

average rates are calculated.

1 W - Fiscal Policy Lecture to cover SLOs W6-W10 and direct students to

reading and exercises.

1 W - Fiscal Policy Workshop to evaluate the effectiveness of fiscal policy

and the issues arising out of public sector deficits.

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 24 1 X - Money and Monetary Lecture to cover SLOs X1-X5 and direct students to
Policy reading and exercises.

1 X - Money and Monetary Workshop to explore the determinants of the demand

Policy and supply of money and the impact of changes of
money supply on the economy.

1 X- Money and Monetary Lecture to cover SLOs X6-X7 and direct students to
Policy reading and exercises.

1 X - Money and Monetary Workshop to illustrate the effect of money supply on

Policy the economy and evaluate the effectiveness of
monetary policy.

25 1 Y- Supply Side Policy Lecture to cover SLOs Y1-Y4

1 Y- Supply Side Policy Workshop to explore supply side policies and use
diagrams to show the effects.

1 Y- Supply Side Policy Workshop to discuss the effectiveness of supply side

policy.
1 Y- Supply Side Policy Consolidation session to review fiscal, monetary and
supply side policy.

26 1 Z– International Trade Lecture to cover SLOs Z1-Z4 and direct students to

reading and exercises.

1 Z – International Trade Workshop to explore the free trade and protectionist

debates.

1 Z – International Trade Lecture to cover SLOs Z5-Z6 and direct students to

reading and exercises.

1 Z – International Trade Workshop to evaluate case for against trade and the
wider debate about globalisation.

27 4 Revision Revision week for Macroeconomics.

28 4 Revision Revision for Macroeconomics and Microeconomics.

29 4 Revision Revision for Macroeconomics and Microeconomics.

30 Exam Week

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 38

APPENDIX B - ASSESSMENT CRITERIA
AO2 - Application
AO1 - Knowledge & Understanding (KU) AO3 - Analysis (AN) AO 4 - Evaluation (EV)
Grade (AP)
(30%) (25%) (25%)
(20%)
 The answer is logically structured with a clear introduction, main body and  Outstanding  Outstanding and precise with a  Outstanding with a clear final
conclusion that link together. Bibliography is clearly used throughout the answer. application to issues clear and logical chain of judgement showing full
A*  The knowledge shown is outstanding in relation to the learning objectives with no in question. reasoning. appreciation of alternative
(80+) errors and the essay is written in a way that clearly shows that the student has  Outstanding awareness of inter- points of view and supported
understood what they have written. relatedness of economic issues. in analysis.
24-30 16-20 20-25 20-25
 The answer is logically ordered with an introduction, main body and conclusion that  Excellent application  Excellent and precise with a  Excellent with a clear final
link together. Bibliography is accurate and detailed and well used throughout the to issues in question. logical chain of reasoning. judgement with a strong
A answer. The knowledge shown is excellent throughout the answer with only minor  Excellent awareness of inter- appreciation of alternative
(70-79) omissions. The essay is written in a way that shows that the student has understood relatedness of economic issues. points of view and supported
what they have written. in analysis.
21-23 14-15 17-19 17-19
 Answer is well-ordered and researched. Bibliography is accurate and well used  Very good  Very good and well organised  Very good with a clear final
throughout answer. The knowledge shown is very good throughout much of the application to issues with clear logic and coherence. judgement showing
B answer with few errors or weaknesses. The essay is written in a way that for the in question.  Very good awareness of the appreciation of alternative
(60-69) most part shows that the student has understood what they have written. inter-relatedness of economic points of view.
issues.
18-20 12-13 15-16 15-16
 Answer is reasonably well-ordered with moderate research. Bibliography is accurate  Good application to  Good analysis, but may not be  Good judgement with brief
and partially used. The knowledge shown is good but there are some omissions and issues. fully developed. consideration of alternative
C
some errors and weaknesses are shown. The essay is written in a way that shows  Good awareness of the inter- points of view but supported
(50-59)
that the student has on average understood what they have written. relatedness of economic issues. with only moderate analysis
15-17 10-11 12-14 12-14
 Answer is usually well-ordered with basic research. Bibliography is limited but  Satisfactory  Analysis of satisfactory quality  Satisfactory but superficial,
relevant however rarely used. application to issues with some logical development. with some attempt to
D  The knowledge shown is satisfactory but there are some key omissions and errors in question.  Confused in places and errors consider both sides of the
(40-49) are made. Although the student will try to write in a way that shows they have present. issue, but supported with
understood what they have written some sections will not be so clearly expressed. analysis of limited quality.
12-14 8-9 10-11 10-11
 Answer is poorly ordered with very basic or no evidence of research. Bibliography  Limited application  Limited but confused at times  Limited attempt with
may be inaccurate. to issues in question and lacking focus and unsupported analysis.
E  The knowledge shown will be limited but will show evidence that some relevant with some errors. development.
(35-39) knowledge has been acquired. The student will not show convincingly that they  Limited logic and coherence.
have understood large parts of what they have written.
10-11 7 9 9
 Answer has little apparent structure with no evidence of research. Bibliography  Little, if any,  Very weak and lacking clarity,  No relevant evaluation, or
missing or inaccurate. application to issues accuracy and focus. unsupported statements with
 The knowledge shown will not be sufficient to evidence learning of any of the in question. little if any reasoning.
U
relevant material. The student will not show that they have understood much of
(0-34)
what they have written and a lot of the answer will be confused and/or will contain
irrelevant material.
0-9 0-6 0-8 0-8

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 39

APPENDIX C -
MARKING & FEEDBACK SHEET

NCUK Student ID: Student Name:

Tutor’s Name: Submission Date:

Criteria Weighting Marker 1 Marker 2 Comment

AO1 -
Knowledge & 30%
Understanding

AO2 -
20%
Application

AO3 –
25%
Analysis

AO4 –
25%
Evaluation

Total 100%

Additional Feedback

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 40

 Syllabus Update History:
NCUK International Foundation Year
Economics

Release Version Summary of Main Changes Author

Date No.
June 2024 3.3  Updated for 2024/25 Product Team
June 2023 3.2  Updated for 2023/24 Product Team
May 2022 3.1  Updated for 2022/23 Product Team
June 2021 3.0  Full Review Dorron Otter &
Product Team

This syllabus is valid for the 2024-25 academic year only .

© NCUK Ltd. 2024 IFYEC003 IFY Economics Syllabus v3.3 41

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