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
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