Social Sciences: Business Studies & Economics

Staff

Mr Edward Harvey – Head of Social Sciences (Business Studies, Economics & Law)

Mrs Hasina Ali – Teacher in charge of Business Studies and teacher of Economics

Mr Richard Coulthard – Teacher of Economics

Mr Tanweer Ahmed – Teacher of Economics and Computer Science

Department goals for students

As a result of studying the Business & Economics curriculum we desire to achieve the following goals:

Students will learn the fundamentals of business, including an understanding of complex systems, market forces, entrepreneurship and the theory and praxis of business.
Students will be able to engage meaningfully in the world of business through developing their confidence with innovation, driving ideas, marketing products and learning to make informed judgements on quality and efficiency.
Students will become morally responsible as they learn about integrity in the workplace, and that businesses are no less morally accountable than individuals and should be driven to contribute positively to society. Through studying business, we seek to form the character traits of determination and integrity. Thus, reinforcing the CARES values.
Students will learn the dynamics of human behaviour at both a micro and a macro level, thereby enabling them to understand how markets work, how markets fail, and the role of institutions within markets.
Students will be able to model complex economic processes using theoretical constructs, analyse and evaluate the validity of their outcomes, and articulate their findings in a logical way.
Students will become ethically aware as they learn the principles and moral or ethical problems which can afflict households, firms, and/or governments, and consider their place in tackling some of the challenges that face humanity.

Course Calendars and Curriculum Mapping

GCSE Business Studies Curriculum Map

GCSE Business Studies Course Calendar

A Level Business Studies Curriculum Map

A Level Business Studies Course Calendar

Curriculum: Business Studies at KS4

The GCSE that the department teaches is a Business Studies GCSE run by AQA. This GCSE is not essential for the A’ level Business Studies course but it is a useful introduction to those who feel that they have an interest in this area.

The course is comprised of six units.

Business in the real world
Influences on business
Business operations
Human resources
Marketing
Finance

The course requires students to draw on their knowledge and understanding to:

Use business terminology to identify and explain business activity
Apply business concepts to familiar and unfamiliar contexts
Develop problem solving and decision making skills relevant to business
Investigate, analyse and evaluate business opportunities and issues
Make justified decisions using both qualitative and quantitative data including its selection, interpretation, analysis and evaluation and the application of appropriate quantitative skills

Assessment is via two 1hr 45 min exams with a variety of question types including multiple choice and short answer questions as well as longer data response/case study questions

The business environment is dynamic and ever changing and delivery of the course content will be supported by reference to current developments in the business world. GCSE Business Studies requires students to have both good numerical and good writing skills and is a good GCSE to study in preparation for a wide variety of careers.

Curriculum: Business Studies at KS5

Students choosing Business at A level follow the AQA specification (7132). The two Business teachers share responsibility for the teaching of each of the ten units that make up the A level Business course. Broadly, students study functional decision-making units (1-6) in Year 12 and strategy units (7-10) in Year 13. By the end of year Year 12, students are expected to understand six units enabling an end of year mock examination to take place that broadly follows the AS examination. Teachers have a degree of flexibility in delivering aspects of the syllabus bearing in mind the make-up of the class. It may be the case that aspects of ‘strategy’ (Year 13 material) will be taught in Year 12 if the makeup of the class consists primarily of students who have studied GCSE Business. Students are assessed half-termly, perhaps under timed conditions in lessons, using examination-based questions and essays. All units should be taught by Easter of Year 13 allowing for full revision and students to have the ability to sit full practice exams in each of the three papers.

A level Business Studies aims to give students an understanding of the many problems businesses can face and encourages students to develop analytical and evaluative ways to solve them. Year 1 of the course focuses on leadership, management and decision making in the various departments of a business and Year 2 looks at the fundamental decisions on strategy made at board level. All units will require working with a business and provide significant opportunities for students to investigate the real world.

There are ten mandatory units which are detailed below:

What is business?
Managers, leadership and decision making
Decision making to improve marketing performance
Decision making to improve operational performance
Decision making to improve financial performance
Decision making to improve human resource performance
Analysing the strategic position of a business
Choosing strategic direction
Strategic methods: how to pursue strategies
Managing strategic change

Assessment is via 3 examinations of 2 hours each. These contain multiple choice, short answer, and extended case study questions as well as essays. Students need to have both good numerical and good writing skills. Business Studies combines well with Economics for those interested in pursuing a finance-based degree but is a good general A level that will support any career.

Curriculum: Economics at KS5

A Level Economics is a more conceptual course than Business Studies and we focus on the powerful forces that shape the world in which individual businesses must operate. The course is structured to enable students to study how whole economies (macroeconomics) and individual markets (microeconomics) work as well as a look at international aspects in both Years 12 and 13. Students should be numerate and able to write clearly but having an interest in what is going on in the world and wanting to understand it more is also important.

Economics sits in the middle of the learning spectrum. In one direction is has close links to Mathematics as calculations are invariably needed. In the other, its demand in terms of analytical essay writing skills align it with the ‘arts’ subjects such as History, English, Politics and Psychology.

COURSE CONTENT:

Component 1 – Individuals, firms, markets and market failure

Economic methodology and the economic problem
Individual economic decision making
Price determination in a competitive market
Production, costs and revenue
Perfect competition, imperfectly competitive markets and monopoly
The labour market
The distribution of income and wealth: poverty and inequality
The market mechanism, market failure and government intervention in markets

Component 2 – The national and international economy

The measurement of macroeconomic performance
How the macro-economy works: the circular flow of income, AD/AS analysis, and related concepts
Economic performance
Financial markets and monetary policy
Fiscal policy and supply-side policies
The international economy

Assessment is via three 2 hour external examinations: Paper 1: Markets and market failure (33.3%) Paper 2: National and international economy (33.3%) Paper 3: Economic principles and issues (33.3%).

Extra-Curricular Activites

KS4 – years 10/11

As well as having a strong focus on the planned, taught and learned curriculum we offer students in KS4/5 the department has some trips and visits for students to enjoy and see what they learn in action. We chose to visit IKEA because it is a fantastic institution for students to see what they study in the classroom come alive and gain face to face experience of the world of work. The IKEA business and community departments were fantastic in showcasing to our students how IKEA operates, what it’s like to work there and how employees work and succeed at IKEA. It was a tremendous week of visits that has allowed our students to see what it’s like to work at an institution that values culture and inclusion so highly and where more matters than the margins.

We have also been lucky enough to have the Financial Times – financial literacy and inclusion charity come into school to deliver a talk to students about the potential and perils of cryptocurrency. Our students were keen to see how to manage their money which is why 30 year 11 students were lucky enough to have the privilege of a session with the Financial Times financial literacy and inclusion charity.

The session was fantastic and helped students to master their money. The FLIC team were able to illustrate to students the power and perils of cryptocurrency and show students the history of money. Our students put their knowledge to the test and their pre-conceptions about bitcoin challenged. Overall, it was a smashing experience and all of the students took something worthwhile from the session. See the student testimonies to see how it got them to think again about their money:

Donnell Chappajong 11N: Once I start getting money properly, I’m going to try and be a lot more careful than I have been in the past. You never know what’s going to happen, changes in the market can lead you to lose money so I’m going to be a lot more controlled.

Basil Ziyara 11A: I’ll think differently about how you invest your money. I learnt that property and real estate is less volatile – there’s a lot more risks associated with bitcoin.

Ibrahim Hassan 11H: I learnt a lot about crypto currencies. I came into this not knowing much. I think the teachers really helped.

KS5 – years 12/13

In April 2023, year 13 students will also be attending a conference dedicated to improving their A level exam performance. The workshops are designed and delivered by experienced expert teachers and examiner presenters, all of whom have a deep understanding to focus on what students need to focus on to succeed in the summer’s exams. The session will focus on building confidence for students with particularly tricky questions. It is sure to be a great day for students and a chance to meet some subject experts.