Economics and Business
Exam Board Edexcel Specification: 8EB01
What will I learn?
This hybrid course offers choice and variety, with students studying the best of the single Economics and Business Studies Advanced courses, in one qualification. It is particularly beneficial with the economic element of the course providing students with contextual knowledge of the larger environment in which businesses operate, whilst the business studies component of the course contributes to a student's comprehensive and understanding of the world of business.
What are the entry requirements?
5A* - C in any subjects at GCSE and a Grade C or above in Mathematics is desirable. There are no previous requirements with regards to Business Studies or Economics, whilst students who have studied GCSEs in the aforementioned subjects may find some concepts familiar, this is a higher level course and much of the content has not been previously covered in the GCSE qualifications. In the past we have found that students without previous subject knowledge have been just as successful as those who have the GCSE qualifications.
How will I be assessed?
Advanced Subsidiary
Unit 1: Developing New Business Ideas: This module is predominantly based on Business Studies although it does introduce some of the main Economic principles. Some of the topics covered include entrepreneurs, demand and supply, leadership within businesses, marketing and market research, business plans, breakeven, sources of finance, the calculation of profits and the macroeconomic environment. The module is examined in January of Year 12.
Unit 2b: Business Economics: The second module is predominantly based on Economics although some elements of Business Studies are also covered. Some of the topics covered include elasticity, market structures, organisational structures, management techniques, the size of the businesses, risk and uncertainty, the economic cycle, inflation and macroeconomic changes. The module is examined in June of Year 12.
Advanced Studies
Unit 3: International Business: The third module examines the international aspect of business. Some of the topics covered include, the rise of China and India, reasons for businesses moving abroad, Globalization, Corporate Social Responsibility, Comparative and Competitive advantage, the advantages and disadvantages of multinationals, how to control multinationals, trade restrictions and trade organisations. The module is examined in January of Year 13.
Unit 4b: The Wider Economic Environment and Business: The fourth module begins to examine normative economics and expects students to be able to understand market failure, the causes of market failure and the possible solutions. It is a thought provoking module where students find their opinions and economic reasoning in direct conflict, essentially challenging many preconceptions. The module is examined in June of Year 13.
Future Opportunities
Many of our student's progress to University to study Business or Economic related Degrees; after completing this course students tend to have found a special area of interest, it could be the field of management, marketing, finance or human resources and the Business and Economic degrees that the students choose tend to reflect their preferred area of study. Recently students have been opting for International Business courses which combine a 3 year course at University with a one year placement in a business abroad. However there are other avenues to follow, and in the past students have pursued work related careers as trainee accountants, trainee retail managers and trainee bankers.
Is there anything I need to know?
If you would like to combine this course with other subjects, then your options are wide open, from Mathematics to Foreign Languages, this course will integrate well with all other subjects. As a department we endeavour to enhance learning with extra curriculum trips, in the past these have included excursions to Brussels, the Houses of Parliament, Coca Cola in Wakefield and other local buisnesses. Business and Economic students also have the opportunity to visit Nottingham University for a weekend taster session and Price Waterhouse Cooper the international accountancy firm offers a special day for all Business and Economics students in the region to attend. There is also an annual Dragon's Den competition held at the school, where Business and Ecomonics students have the opportunity to put forward their own original business ideas to a panel of local business representatives, an event that receives good press attention and is supported by a large audience.
