AS and A2 level studies in Economics and Business Studies
Whilst some students will have studied Business Studies at GCSE level virtually no-one will have any experience of Economics. So it is important that when considering either course students look at the specifications to find out what is entailed in each case. These can be obtained from the Head of Department or from the relevant websites. For Economics this is www.edexcel.org.uk and for Business Studies this is www.aqa.org.uk. Attendance at the School’s Open Days is encouraged as students and their parents have the opportunity to speak to staff directly about the courses.
Both subjects require knowledge of the real world and so an interest in current affairs, politics and business issues is a real advantage. Both subjects are now less textbook based than in the past and the structure of the examination papers very much reflects this.
Economics
Perhaps the most useful introduction to Economics is to consider some of the main issues of current concern to economists:
- Will house prices continue to rise?
- Should motorists be required to pay more for driving on motorways, or for taking cars into the centre of large cities?
- How should the problems of pollution and waste be tackled?
- What can be done to help the world’s poor?
- Are large corporations beneficial to the UK economy?
- Should the UK adopt the Euro?
As a trainee economist each student will be given the chance to develop the tools with which to analyse such issues and then evaluate their possible solutions.
The more specific aims of the course are:
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To understand the basic economic problem of the allocation of scarce resources.
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To develop an awareness of major issues of economic policy within the UK
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To develop an understanding of economic terminology, tools of analysis and methodology of approach.
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To develop basic economic numeracy and literacy.
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To acquire an ability to distinguish between fact and value judgments in economic issues and thus to develop skills of critical evaluation.
The specification will provide students with a coherent combination of micro- and macro-economic theory and methods of inquiry. It will also allow students to explore a range of current economic issues and to draw upon data from local, national and international sources.
The Edexcel course being followed comprises six units, a summary of which is outlined below:
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Unit 1: Markets – how they work
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Unit 2: Markets – why they fail
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Unit 3: Managing the Economy
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Unit 4: Industrial Economics
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Unit 5: Labour Markets
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Unit 6: The UK in the Global Economy
The examination papers will broadly follow the pattern of stimulus material on which structured questions will be set, followed by essay type questions. Some multiple-choice questions are included at both AS and A2 level. There is now much less emphasis on traditional essay writing and more emphasis on the analysis and evaluation of real world issues based on material which might typically appear in a good quality newspaper of magazine such as The Economist.
Business Studies
The overall aim of the course is to encourage students to develop a critical understanding of organisations, the context in which they operate, the markets they serve and the process of adding value. It is designed to facilitate an appreciation of the nature and problems of business, through an investigation of the principles that govern business decision-making, an awareness of the environment within which business operates and the solution of problems. It takes aspects from various elements to provide the background for analysis: human behaviour, finance and accounting, marketing, production and quantitative data. More specifically, the aims of the course are:
- To explain the nature and purpose of different types of business through an understanding of decision-making.
- To provide an understanding of different types of business and non-profit-making organisations.
- To develop an understanding of the key concepts which are applicable to a study of the nature and purpose of business.
- To develop skills through the use of material in:
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analysis and solution of problems.
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the handling and interpretation of data.
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the use of different types of communication.
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tackling a problem in practice.
The course being followed comprises six units, which are outlined below:
- Unit 1: Marketing and Accounting & Finance
- Unit 2: People and Operations Management
- Unit 3: External Influences and Objectives & Strategy
- Unit 4: Marketing, Accounting & Finance, People and Operations Management
- Unit 5: Coursework or Business Report and Essay
- Unit 6: External Influences, Objectives & Strategy
The examination papers will broadly follow a pattern of stimulus response, structured questions or case studies.
Both the Economics and Business Studies specification demands skills in numeracy as well as literacy, and hence passes in GCSE Mathematics and English Language at grade B or above are an essential qualification for either subject. However the emphasis on numeracy has been lowered so that students with a practical, common sense ability in handling numbers should comfortably cope with the demands of either subject.
Both courses provide an admirable background for further study at University level in Economics, Management Sciences, Accountancy, Law, Politics or any Social Science. They also provide an invaluable education for those wishing to pursue a business, commercial or professional career. The courses are readily compatible with, and supplementary to, most A2 subjects offered on the arts side, whilst offering an ideal bridge to science subjects. The combination of Mathematics with either Economics or Business Studies is highly recommended. Other combinations such as Business Studies with Modern Languages, or Economics with Physics and Mathematics, have much to commend them. Often students who wish to study History, Geography or English may wish to consider either Economics or Business Studies as a means of broadening their education. Whatever choice of subjects students choose they will find that both Economics and Business Studies provide an excellent background for study at degree level or a career in industry.