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An engineering specialism within a grammar school

Business Studies and Economics Department at Ripon Grammar School
Ripon Grammar School Crest

 

Economics and Business Studies

“Think and Grow Rich”
(Napoleon Hill)

Aims of the Department

The department aims to achieve the maximum potential of all students on both courses. Delivering the teaching of Economics and Business Studies courses in the most interesting and stimulating way possible for students using a variety of teaching methods and the use of different media to stimulate and encourage the highest level of student response.

Sixth Form or Post 16

The department offers two A Level courses which both follow the AQA specification:

Economics

AS Level:

Unit 1

Mostly focuses on micro-economics, it looks at the basic economic problem and how markets work through the interaction of demand and supply. Why markets fail and how markets can misallocate resources in the case of de-merit goods such as alcohol and drugs and negative externalities such as pollution. How Governments and Supra-governmental agencies intervene in markets to correct market failure and how that action can create government failure such as education and health care in the UK.

Unit 2

Focuses upon macro-economics and how governments try to achieve their macro economic goals of economic growth, low and stable inflation, low unemployment and a balance of payments surplus on the current using fiscal, monetary and supply side policies and how these policies conflict and create addition problems such as pollution and stress within society.

Unit 3

Looks at the Housing Market and how both micro and macro-economics play a role in determining how this market behaves and the consequences that this has upon the UK economy.

A2 Level:

Unit 4

There is no coursework in 'A' Level Economics instead there is a report based paper on the European Union. A full understanding of this important organisation is therefore undertaken.

Unit 5

Develops the micro-economics that have been learnt at AS level. Focus is upon the theory of the firm and understanding how one type of firm may be more efficient than another and why some firms, such as monopoly need regulation from the government. Further work is undertaken to understand the problem of externalities within a global context and why and how the government uses cost benefit analysis to make decisions on expensive capital spending choices. In addition, an analysis is undertaken of the workings of the UK labour market and an appreciation is gained about the disproportionate allocation of income and wealth within the UK and the role that organisations such as the Trade unions can have in improving pay and conditions for workers.

Unit 6

Develops the macro economic themes introduced at AS Level, gaining a more insightful appreciation of economic growth and standard of living implications. A fuller understanding is gained of monetary and fiscal policy as well as inflation and unemployment and how they are linked together in the Phillips curve analysis. International economics is also considered with a full understanding of comparative advantage and the notions of trade both free and fair and the interaction of exchange rates and the balance of payments and policies that can be pursued in order to solve problems in this area.

Business Studies

AS Level:

Unit 1

Introduces the ideas of accounting and finance and marketing. Accounting and finance looks at costs, revenues and profits of the business and how costs and be reduced and revenues maximised and when break even is achieved. An appreciation is gained of working capital and cash flow management and what kinds of additional sources of finance can be raised by the business. The use of budgets and budgeting as a management tool is also highlighted as well as the use of cost and profit centres. Also introduced at Unit one is the idea of marketing which focuses on the use of the 4 Ps – price, product, place and promotion and the use and importance of market research. This is examined in the January of the AS Year.

Unit 2

Looks at operations management and Human Resource Management. Operations Management focuses on how to reduce cost per unit for the business considering the use of productivity, capacity utilisation and economies of scale. How techniques such as stock control, quality management and lean production can be used to further reduce costs. Human Resource Management allows an appreciation to be gained of how businesses are organised, motivational techniques, workforce planning and recruitment and training.

Unit 3

Focuses on starting a business and what kind of legal structure to follow. Objectives and basic strategic decision making is also introduced as well as an awareness of the limitations in which strategic decisions have to be considered.

A2 Level:

Unit 4

Builds upon what has already been covered at AS Level by introducing the idea of Profit and Loss Accounts, Balance sheets and ratio analysis. Also considered is how investment decisions are made. Marketing at A2 level looks at the strategic choices involved in Marketing Planning and basic statistical analysis of sales trends. HRM At A2 level examines the importance of communications within the organisation and a fuller understanding of the whole function of Human Resource Management. Operations management looks at industrial location and the use of technology within the business and the influence that this has upon strategic choice.

Unit 5

A written report and essay based paper that focuses on analytical and evaluative strategic decision making within a business using skills developed throughout the whole course.

Unit 6

Objectives and strategy consider in much greater depth strategic decision making techniques and the impact on the business of a change in size as well as a deeper understanding of external constraints acting upon decision making.

Career Opportunities

There are many career opportunities as you would expect in these subject areas. Many students go on to university to study subjects related directly to the courses. From this they have the opportunity to work as economists in both the private and the public sector. Many go on to work in the financial services sector training to become chartered accountants. Some students use their language skills and combine the two subjects with a degree that focuses on business and a foreign language which opens up many career opportunities both in the UK and abroad. Some choose to study economics or business studies because they want to eventually to run their own business and regard the subject skills offered as vital in achieving their objective. These have been in a variety of areas from becoming a vet to running a farm.

Internet links

The exam board for specification, past papers and examiner’s reports: www.aqa.org.uk/qual/gceasa/eco.html

Revision sites and general interest:
www.tutor2u.net
www.bized.ac.uk
www.osl-ltd.co.uk
www.s-cool.com