Business & Economics

In the Business and Economics department we want our students to develop an enthusiasm and understanding of the economy and its impacts. We try to foster a spirit of enquiry and a critical approach to thinking about current issues. We encourage enterprise and risk taking.

We have a wide range of resources available to achieve this aim. Students are able to enter essay writing contests and participate in extended projects. These include an analysis of the stock market, investigations into businesses and economies plus a marketing project. We also have an extensive extension library and lectures by visiting specialists to broaden student engagement and challenge.

Our Staff

Mr Fletcher (Head of Business and Economics)
Dr Berges
Miss James
Mr Lawton
Mrs Selwyn-O'Shea
Mr Vazquez

Key Stage 4

Business at KS4 lends itself to pupils' learning through activity and discussion. Pupils will be stimulated by a wide range of resources including case studies, business simulations, web-based activities and news articles in order to consider realistic problems and develop recommendations. The Business course will help pupils to develop skills that will serve them well at A-Level and beyond, irrespective of the course and career they pursue after Wilson's.

In particular, pupils will learn how to consider human behaviour, use theory and analytical techniques and evaluate alternatives in the face of uncertainty. As well as improving their ability to interpret and present data in various forms, pupils will benefit from opportunities to progress other key skills. Although many pupils will ultimately pursue careers in some area of business and therefore gain a direct benefit from having studied this subject, even those headed for less obviously commercial areas will benefit from an understanding of issues that are common to any organisation, such as motivation, marketing and finance.

Years 9 – 11
The GCSE in Business (OCR) is an exciting option that uses real life case studies and activities in conjunction with business theories to solve problems. The subject involves looking at a range of problems a business has to solve and the decisions it has to make. These decisions relate to a number of key topics:

1. Business activity

Studied in Year 9 this topic includes:

The role of business enterprise and entrepreneurship
Business planning
Business ownership
Business aims and objectives
Stakeholders in business
Business growth

2. Marketing

Studied in Year 9 this topic includes:

The role of marketing
Market segmentation
Market research
The marketing mix

3. People

Studied in Year 10 this topic includes:

The role of human resources
Organisational structures and different ways of working
Communication in business
Recruitment and selection
Motivation and retention
Training and development
Employment law

4. Operations

Studied in Year 10 this topic includes:

Business location
Working with suppliers
Production processes
Quality of goods and services
The sales process and customer service
Consumer law

5. Finance

Studied in Year 11 this topic includes:

The role of the finance function
Sources of finance
Revenue, costs, profit and loss
Break-even
Cash and cash flow

6. Influences on business

Studied in Year 11 this topic includes:

Ethical and environmental considerations
The economic climate
Globalisation

7. The interdependent nature of business

This topic is studied in Year 11 and involves the ability to bring together the synoptic link with all the topics covered.

During the three year course, the subject currently offers a number of exciting enrichment activities, which run alongside other work related learning competitions offered by the school. In Year 9 and the beginning of Year 10, pupils will be involved in a mini share project.

We also enrich the three year course during the end of Year 10 and beginning of Year 11 with an understanding of some GCSE Level Economics. This enables a more informed choice about studying Economics at A Level to be made.

Assessment

The GCSE examination consists of two written papers. There is no coursework.

Business 1 (1 hour 30 mins, 80 marks – 50% of whole examination)
Questions requiring a mixture of multiple choice, short answers and structured data responses. There will be no choice of questions. The topics of Business activity, Marketing and People will be assessed.

Business 2 (1 hour 30 mins, 80 marks – 50% of whole examination)
Questions requiring a mixture of multiple choice, short answers and structured data responses. There will be no choice of questions. It is a synoptic paper with a focus on the topics of Operations, Finance, Influences on business and the interdependent nature of business.

Key Stage 5

Studying A Level Economics gives you not only a good starting point for your career but also a whole new different perspective on everyday life. Once you learn how to think like an economist you will apply it to everything you do, from reading the newspaper to watching the television. Economics education gives you broad intellectual training, providing you with the foundations of knowledge on the workings of the economy and helping you to develop the relevant skills for the constructive use of that knowledge.

Studying Economics will help you develop a range of skills, including:

Analytical and problem solving skills
Numerical and computing skills
Communication skills
Team working skills
Political Awareness

“Economics is a good subject for developing personal transferable skills. It is intellectually robust and of contemporary relevance. It can prepare students for very high-powered jobs that can be rewarding financially and intellectually. Many of my peers have excellent, demanding and rewarding jobs. I was stimulated particularly by the study of industrial economics, game theory, collusion and government versus market forces.”

A Level Economics

At Wilson’s we study the Pearson Edexcel AS / A-level Economics course.

Year 12

Year 12 develops a greater understanding of issues such as why the price of goods change, what impact does economic activity have on the environment and how can the government manage the economy to achieve key economic objectives such as reducing unemployment.

During the year the following is covered:

Theme 1: Introduction to markets and market failure

This theme focuses on microeconomic concepts. It will develop an understanding of:

nature of economics
how markets work
market failure
government intervention

Theme 2: The UK economy – performance and policies

This theme focuses on macroeconomic concepts. It will develop an understanding of:

aggregate demand
aggregate supply
measures of economic performance
government policy
macroeconomic objectives

One teacher will be responsible for teaching Theme 1 (microeconomics) and another Theme 2 (macroeconomics).

Assessment

Advanced Subsidiary (AS) level examinations on this content take place at the end of the Lower Sixth. This is a stand-alone qualification and does not contribute towards the A-level.

Paper 1 – Introduction to markets and market failure

Paper 1 will assess microeconomics and questions will be drawn from Theme 1. The paper comprises two sections:

Section A comprises a range of multiple-choice and short-answer questions. Answer all questions.
Section B comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; select one from a choice of two.

Duration: 1 hour 30 minutes — 80 marks available — 50% of AS Level only.

Paper 2 – The UK economy – performance and policies

Paper 2 will assess macroeconomics and questions will be drawn from Theme 2. The paper comprises two sections:

Section A comprises a range of multiple-choice and short-answer questions. Answer all questions.
Section B comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; select one from a choice of two.

Duration: 1 hour 30 minutes — 80 marks available — 50% of AS Level only

Year 13

The second year develops a wider understanding of economics in a global context addressing issues such as world poverty and the role of trade. Additionally the impact of monopolies and different market structures on businesses and consumers will be assessed as well as considering the role of the government in managing the modern economy.

During the year the following is covered:
Theme 3: Business behaviour and the labour market

This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. It will develop an understanding of:

revenues, costs and profits
market structures
business objectives
business growth
government intervention
labour market

Theme 4: A global perspective

This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. It will develop an understanding of:

international economics
economic development
the financial sector

One teacher will be responsible for teaching Theme 3 (microeconomics) and another Theme 4 (macroeconomics).

Assessment

At the end of the Upper Sixth all of the content from the Lower and Upper Sixth will be examined.

Paper 1 – Markets and business behaviour

Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3. The paper comprises three sections. Answer all questions from Section A and Section B, and one from Section C.

Section A comprises a range of multiple-choice and short-answer questions.
Section B comprises one data response question broken down into a number of parts.
Section C comprises a choice of extended open-response questions; select one from a choice of two.

Duration: 2 hours — 100 marks available — 35% of A Level

Paper 2 – the national and global economy

Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4. The paper comprises three sections. Answer all questions from Section A and Section B, and one from Section C.

Section A comprises a range of multiple-choice and short-answer questions.
Section B comprises one data response question broken down into a number of parts.
Section C comprises a choice of extended open-response questions; select one from a choice of two.

Duration: 2 hours — 100 marks available — 35% of A Level

Paper 3 – Microeconomics and macroeconomics

Paper 3 will assess content across all four themes. The paper comprises two sections. Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; select one from a choice of two.

Duration: 2 hours — 100 marks available — 30% of A Level

Throughout the course quantitative skills will be used to interpret data presented in different forms, for example, tables, graphs and index numbers; carry out simple calculations, for example, percentages and percentage change, index numbers and distinguish between real and nominal data. Students will also be required to interpret diagrams and construct simple graphs.

Further details available here.

Enrichment

Enrichment opportunities include lectures and participating in national competitions.

Further links