Economics & Business Studies

Business Studies

Economics and Business Studies

The Economics and Business Studies Department has a track record of delivering quality lessons and learning materials, consistently achieving academic excellence.

The Department offers:

  • International GCSE Economics
  • IGCSE Business Studies
  • International A Level Business Studies
  • International A Level Economics

 

Overview of International GCSE Economics Content:

A The Market System

 

• Demand and supply
• The role of the market in solving the economic problem
• The labour market
B Business Economics

 

• Production
• Competition
• Public and private sectors
C Government and the Economy

 

• Macroeconomic objectives
• Policies
• Relationship between objectives and policies
D The Global Economy

 

• Globalisation
• International trade
• Exchange rates

 

Overview of IGCSE Business Studies Content:

1. Understanding business activity • Business activity
• Classification of businesses
• Enterprise, business growth and size
• Types of business organisation
• Business objectives and stakeholder objectives
2. People in business • Motivating workers
• Organisation and management
• Recruitment, selection and training of workers
• Internal and external communication
3. Marketing • Marketing, competition and the customer
• Market research
• Marketing mix
• Marketing strategy
4. Operations management • Production of goods and services
• Costs, scale of production and break-even analysis
• Achieving quality production
• Location decisions
5. Financial information and decisions • Business finance: needs and sources
• Cash-flow forecasting and working capital
• Income statements
• Balance sheets
• Analysis of accounts
6. External influences on business activity • Government economic objectives and policies
• Environmental and ethical issues
• Business and the international economy

The Department consists of:

Two classrooms with ICT provision and digital projectors

A small library and research room, fully equipped with ICT facilities

Head of Department: Ms R. Leathart                                                

Exam Board: Edexcel (IAL)                          

WHY CHOOSE ECONOMICS?

Economics is the social science concerned with the way in which the limited resources of the world, a country or industry can be used in the most efficient way to maximise welfare.  It studies the problems of what to produce, how to produce and for whom to produce?  It is therefore relevant to the problems faced by all economies, developed and less developed. Edexcel Economics is designed to offer rigorous, yet engaging content. Students need to be interested in gaining a full understanding of current economic problems and develop the ability to assess possible solutions.

WHAT IS THE COURSE CONTENT & HOW IS IT ASSESSED?

IAS Unit 1: Markets in Action Unit code WEC01
·        Externally assessed

 

·        Availability: January and June

50% of the

total IAS marks

25% of the

total IAL marks

Content summary

The nature of economics, how the price mechanism allocates resources in local, national and global markets. Students will learn to apply supply and demand analysis to real-world situations, and will be able to suggest reasons for consumer behaviour. They will analyse the nature and causes of market failure and also understand the strengths and weaknesses of possible policy remedies.

Assessment

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and one data response question out of a choice of two questions.

IAS Unit 2: Macroeconomic Performance and Policy * Unit code WEC02
·        Externally assessed

 

·        Availability: January and June

50% of the

total IAS marks

25% of the

total IAL marks

Content summary

Key measures of economic performance and the main objectives and instruments of economic policy in an international context. Students will learn how to use a basic AD/AS model to analyse changes in real output and the price level. Students will look at when demand and/or supply side policies may be appropriate ways of improving an economy’s performance; consider these policies in an historical context; predict the possible impact of such policies and recognise the assumptions involved. Students should understand different approaches that may be used by policy makers to address macroeconomic problems and to identify criteria for success.

Assessment

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and one data response question out of a choice of two questions.

IA2 Unit 3: Business Behaviour * Unit code WEC03
·        Externally assessed

 

·        Availability: January and June

50% of the

total IA2 marks

25% of the

total IAL marks

Content summary

This unit develops the content of Unit 1 and examines how pricing and the nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse and evaluate the pricing and output decisions of firms in different contexts and understand the role of competition in business decision making. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.

Assessment

Examination of 2 hours, consisting of two essay questions from a choice of four questions and one data response question out of a choice of two questions.

IA2 Unit 4: Developments in the Global Economy Unit code WEC04
„ Externally assessed

„ Availability: January and June

50% of the

total IA2 marks

25% of the

total IAL marks

Content summary

This unit develops the knowledge and skills gained in Unit 2. The application, analysis and evaluation of economic models is required as well as an ability to assess policies that might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required. Wider reading and research will enable students to use up-to-date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

Assessment

Examination of 2 hours, consisting of one essay question with two parts from a choice of three topic areas, and one data response question out of a choice of two questions.

 

WHAT ARE THE ENTRY REQUIREMENTS?

Six IGCSE’s grades A*- B including English and Maths. An ability to communicate well and concern about, world current affairs is essential.  Previous study of the subject is preferable but not an essential requirement for ‘A’ level entry provided the student has a range of academically rigorous IGCSEs.

CAREER OPPORTUNITIES/FURTHER STUDY OPTIONS

International A Level Economics is a step towards a full degree in the subject but is particularly appreciated by faculties offering business administration, accountancy, law and political studies.  A degree opens up a wide range of careers in the business and government sectors.  Economists hold senior positions in most government ministries and opportunities abound in banking, insurance, marketing, personnel management etc.  Previous SAIntS students have gone on to work for the UN, Goldman Sachs and Deloitte after following a degree route.

Economics is a valuable asset in supporting another career where the management of resources is required e.g. engineering, health care, social services etc.

WHY CHOOSE BUSINESS STUDIES?

Business Studies examines the world of business and how it operates.  This involves looking at various types of business organisation and the functions of these businesses including marketing, finance, production and personnel.  Businesses are not studied in isolation as the course examines changes in the business environment which affect the company such as government policies, competition, pressure groups and ethics.  It examines the way that companies react to these situations.  This leads to a student’s ability to understand the problems faced by businesses and assess the possible solutions in today’s business world.

WHAT IS THE COURSE CONTENT & HOW IS IT ASSESSED?     

IAS Unit 1: Business Enterprise Unit code: WBS01
·        Externally assessed

 

·        Availability: January and June

50% of the

total IAS marks

25% of the

total IAL marks

Content summary

This unit provides an introduction to business practice, the importance of the market and how businesses interact with customers and competitors. Students will learn about the role of the entrepreneur, market research techniques, the importance and use of finance, break-even analysis and how to measure and analyse business performance. They will also consider how the wider economic environment and stakeholders may affect businesses, large and small.

Assessment

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and questions based on data.

IAS Unit 2: Business Structures and Processes * Unit code: WBS02
·        Externally assessed

 

·        Availability: January and June

50% of the

total IAS marks

25% of the

total IAL marks

Content summary

This unit covers the key functional areas of a business. Students will develop their understanding of how businesses relate to their customers and analyse change in their markets. The unit introduces students to business operations and develops their understanding of finance and why businesses may fail. Students will also consider how businesses manage their people effectively.

Assessment

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and questions based on data.

IA2 Unit 3: Strategic Business Decisions * Unit code: WBS03
·        Externally assessed

 

·        Availability: January and June

50% of the

total IA2 marks

25% of the

total IAL marks

Content summary

This unit develops the content of Unit 2 and examines the competitiveness of businesses through performance and non-performance indicators. Students will analyse corporate objectives and strategy on the basis of these indicators and on external influences to businesses. Students will assess the causes and effects of change on businesses and examine how companies can manage risk and grow effectively.

Assessment

Examination of 2 hours, consisting of questions based on data, including extended response questions.

IA2 Unit 4: Business in a Global Context Unit code:  WBS04
·        Externally assessed

 

·        Availability: January and June

50% of the

total IA2 marks

25% of the

total IAL marks

Content summary

This synoptic unit focuses on the world of international business, and considers change and growth in global economies. Students will examine the different factors businesses have to consider when operating in a global market. Students will also assess the impact of multinational corporations on the global economy.

Assessment

Examination of 2 hours, consisting of questions based on data, including extended response questions.

 

WHAT ARE THE ENTRY REQUIREMENTS?

Six IGCSE grade A*- C including English and Maths. An ability to communicate well and an interest in, and concern about, business matters is essential.  Study of the subject at GCSE is preferable but not an essential requirement for A-level entry provided the student has a range of academically rigorous IGCSEs.

HOW IS THE SUBJECT ASSESSED?

Candidates can obtain an AS level at the end of the first year of the course on successful completion of Unit 1. and Unit 2.The papers are set up in the following way, section A is Multiple choice questions, and Section B is data response questions.  Students can obtain the full A-level in Year 13 on successful completion of Unit 3 and 4. Which includes a pre-lease case study?

CAREER OPPORTUNITIES/FURTHER STUDY OPTIONS

A-level Business Studies is a step towards a degree in the subject or any other subject that is particularly appreciated by faculties offering business administration, accountancy, law and political studies. An A-level  qualification opens up opportunities for training in a wide range of commercial activities.

A degree opens up a variety of careers in the business sector especially banking, insurance, marketing, accountancy, and personnel management.

As a subsidiary subject, Business Studies is a valuable asset in supporting another career where management skills are required.