Economics and Business Studies

The College has been successfully providing tuition in Economics and Business Studies for the past 25 years.

In order to maintain the excellent record of examination success we advise all pupils to read widely and to keep up with current world events. Websites such as bbc.co.uk, quality newspapers (such as the business section of The Times) and TV programmes such as the BBC's daily business programme, Working Lunch.

A very high proportion of College graduates go on to read Economics and Business related courses at top universities.

A Level Economics

Economics is a subject that inspires pupils to analyse issues from new perspectives by providing a framework of thinking different to any subject they have studied before. In a world where discussion of recession, public sector cuts, University fees, footballer's wages, the future role of China, house prices, the stock market and pensions dominate the news, Economics helps pupils to gain an understanding of all these issues and more.

Economics complements both Arts and Science subjects, and can make an ideal 4th AS for those pupils who want something to balance out their choices. As part of the course, pupils participate in a Stock Market based Investment Game, enter national competitions in a range of areas, and have the opportunity to learn more about their world.

Economics is a course that prepares pupils for almost any University course, and for a wide range of careers in the future. The analytical and evaluative skills it gives pupils are highly valued by Universities and employers. While it is obviously very useful to those wishing to study Economics, it is also of great use to prospective Management Science, Humanities, Politics, Philosophy, Law and even Science pupils.

Economics AS / A2

Examining Board: EDEXCEL (http://www.edexcel.com/quals/gce/gce08/economics/Pages/default.aspx)

UNITS 1&2 (AS):

Unit 1- Competitive Markets- How They Work and Why They Fail- This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure and, its causes and possible policy remedies. At the end of this unit, pupils should be able to apply supply and demand analysis to real world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness. AS-50%, A-Level-25%

Unit 2- Managing the Economy- This unit introduces the key measures of economics performance and the main objectives and instruments of economic policy. Pupils should be able to use a basic AD/AS model to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success. AS-50% A-Level-25%

UNITS 3&4 (A2):

Unit 3- Business Economics and Economic Efficiency- This unit develops the content of Unit 1 and examines how the pricing and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, pupils should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets. A-Level- 20%

Unit 4- The Global Economy- This unit develops knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required. A-Level- 30%

Special Entry Requirements- Mathematical ability is important, even though there is little actual Maths involved, as is an ability to write good English. Therefore a B in Mathematics and a B in English GCSE are required.

A Level Business Studies

In a world where the Apprentice and Dragon's Den are amongst the most popular shows on TV, Business Studies gives pupils the chance to learn more about the business world. The Business Studies A-Level attempts to give pupils an insight into what it takes to be a successful entrepreneur, from the basic idea to running a multi-national. Business Studies is a hugely popular subject in school, and pupils tend to really enjoy learning the subject. It is taught using as many real life examples as possible, from Apple, Nike, Coke, Pepsi to local restaurants and shops. It gives pupils an insight not only into what makes a successful business but what factors can affect even the best businesses.

To learn more, pupils visit businesses, enter competitions such as the BASE event and benefit from visiting speakers sharing their experiences of the business world.

Business related University courses are very popular with our pupils and indeed are the most popular choice for our 6th Form. The Department provides full guidance through this process.

Examining Board: WJEC (http://www.wjec.co.uk/index.php?subject=34&level=2)

Content:

Units: AS- The AS units focus on small to medium-sized businesses operating within national, as opposed to international markets.

BS1 covers the issues involved in a business start-up, such as research and planning, as well as the factors that determine success. (40% AS, 20% A2)

BS2 focuses on how established businesses might improve their effectiveness by making tactical decisions at a functional level. (60% AS, 30% A2)

Units: A2- The A2 Business Studies specification builds on the AS specification. The A2 specification has two units, BS3 Business Decision-Making and BS4 Business Strategy and Practice.

The aim of BS3 Business Decision-Making is to provide an overview of business strategy. Business organisations need to assess their own strengths and weaknesses and consider how they can best respond to the threats and opportunities posed by changes in the external environment. (25% A2)

The aim of BS4 Business Strategy and Practice is to focus on how business objectives are to be achieved once they have been decided. This unit focuses on the methods that businesses can use in order to meet their objectives. It breaks these methods down into functional areas: marketing, finance, human resources and operations management (including purchasing and stock control). (25%A2)

The transferable skills underpinning Business Studies include: carrying out calculations, interpreting data, making and presenting arguments, making and justifying business decisions, identifying problems and proposing solutions, recognising that a problem exists, conducting research and challenging assumptions.

Assessment
Units 1&2 will be examined in June of Year 12, and Units 3&4 in June of Year 13.

Special Entry Requirements
Pupils are ideally required to have at least a grade 'B' in GCSE English Language and Mathematics.

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