Economics studies how resources are allocated between alternative uses. It is concerned with all activity which could be described as economic whether by individuals, firms or the government.
It is often asked what's the difference between Economics and Business Studies, and inevitably there is some overlap. For instance government policy may have an impact on firms and the economy as a whole and so is covered by both subjects. Therefore, it is advisable to study either Economics or Business Studies at GCSE to prevent narrowing your field of interest too early. However, at A Level the study of one of these subjects can be used to complement the other.
Economics comprises part of the citizenship course. The school has a long held policy of introducing economic ideas and analysis to all pupils at Key Stage 3.
Economics is an essential element of social understanding and awareness. This course ensures that all pupils, whether or not they choose to study economics at a higher lever, have a grounding in economic ideas and analysis. It also helps pupils to make informed choices of subjects at GCSE.
What is the best way of keeping inflation low? What can be done to reduce the level of unemployment? Should we increase petrol duty? Should we join the Euro? What can be done about road congestion? Why are house prices still rising? These are questions familiar to most people. Economics looks at the way in which we allocate resources to gain the best possible advantage. The subject is therefore relevant to us as individuals as well as to the business world and government. Those students who have followed a course in Economics should be able to understand the workings of a complex modern economy.
They should be able to apply their knowledge to the above questions and to develop a clearer and critical understanding of matters which have a direct bearing on them. Students should also be able to collect, select, analyse and interpret data and to use tables, diagrams and graphs accurately and effectively in the communication of knowledge and ideas.
- How the market system works, use of supply and demand analysis
- Business Behaviour – ownership, objectives, growth and competition
- Managing the Economy – the use of interest rates and other policies to control economic growth and inflation
- The UK economy and globalisation – the role of international trade, the EU, balance of payments, exchange rates and economic development issues.
It is intended that the course should be capable of forming a basis either for further study in 'A' level Economics or 'A' level Business Studies, or for an end course in itself.
Assessment is split into three elements:
Unit 1: A written paper on how the market works
Unit 2: A written paper on how the economy works
Unit 3: the UK economy and globalisation. The examination board will issue students with pre- released stimulus material based on a real life economic issue. Student then prepare and undertake further research before tackling a written paper.
What is the difference between Economics and Business Studies?
In simple terms economics looks at all activity which can be described as economic whether by individuals, businesses or governments. Business Studies concentrates on a specific area of economic activity, i.e., the business, and studies it in detail. Inevitably there is overlap. For example government policy affects businesses and the whole economy, so both subjects study this area.
If you have any specific questions, do not hesitate to contact Miss Purcell, Mr Twizell, Mr Nagra, or Mr Shibli.
To find out information about the all the sixth form courses offered please see the sixth form pages.