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Sixth form student in a lesson

Business & Economics

RGS students can choose to study either Business or Economics.

A two-year course in Economics focuses on the study of both microeconomics (the individual markets including markets for products and services, labour and financial markets) and macroeconomics (the national economy on domestic – developed and developing countries – and international level). The topics studied in the course are pertinent and span from the Brexit to income inequality, including housing bubble and credit crisis.

Economics explains how the free markets allocate the resources in the economy and how governments make decisions to intervene to correct markets failure as well as to manage the national economy to achieve key objectives such as low inflation, high employment and sustainable economic growth.

In Key Stage 5, students have a choice to opt for A Level Economics or Economics as part of the IB Diploma. These courses are designed to be accessible to all students and no prior knowledge apart from the interest in current affairs is required.

Economics is about the world and how it works. Economics is a subject which is suited to everyone! It covers such a broad range of topics that it’s just not possible to get bored!”

Business offers exciting insights into the way that our world is affected by the decisions of households, firms and governments. A rigorous theoretical base provides the foundation for understanding a very wide range of real life situations, such as how people choose what to buy, how businesses deal with their stakeholders and how governments make decisions about the economy.

Business courses begin in Key Stage 4 when students prepare for Business Studies GCSE over three years.

Business Studies is an exciting subject where the lessons are fun and exciting. You also feel supported by the teachers who are always giving praise and encouragement. I would recommend Business Studies to you as a great basis for whatever career you want to pursue in the future.

In Key Stage 5, students take A Level Business Studies. The course is designed to be accessible to all students, including those who have not studied Business at KS4.

Course Title Qualifications Obtainable Awarding Body
Key Stage 4 Courses
Business Business GCSE* Edexcel
Key Stage 5 Courses
Economics A Level OCR
Economics IB (HL and SL) IB
Business A level* Edexcel
Year 7
Curriculum Content: Excel units “World of Work” and “Becoming Independent” introduce the pupils to the personal finance and selected macroeconomics topics such as recession and debt crisis.
 
Year 8
  N/A
 
Year 9
Curriculum Content: As of September 2018

Business GCSE Edexcel

Students in Year 9 begin to study the Edexcel GCSE Business course.

They will spend this year working on Theme 1: Investigating Small Business, topics covered are:

Topic 1.1: Enterprise and entrepreneurship

Students are introduced to the dynamic nature of business in relation to how and why business ideas come about. They also explore the impact of risk and reward on business activity and the role of entrepreneurship.

Topic 1.2: Spotting a business opportunity

Students will explore how new and small businesses identify opportunities through understanding customer needs and conducting market research. They will also focus on understanding the competition.

Topic 1.3: Putting a business idea into practice

This topic focuses on making a business idea happen through identifying aims and objectives and concentrating on the financial aspects.

Topic 1.4: Making the business effective

Students will explore a range of factors that impact on the success of the business, including location, the marketing mix and the business plan.

More Information: Edexcel Website
Year 10
Curriculum Content: Throughout year 10, Business students continue studying Edexcel GCSE Business. Students cover the final topic in Theme 1;

Topic 1.5: Understanding the external influences on business

students are introduced to a range of factors, many of which are outside of the immediate control of the business, such as stakeholders, technology, legislation and the economy. Students will explore how businesses respond to these influences.

Students then begin studying Theme 2: Building a Business, topics covered are:

Topic 2.1: Growing the business

students are introduced to methods of growth and how

and why business aims and objectives change as businesses evolve. The impact of

globalisation and the ethical and environmental questions facing businesses are explored

Topic 2.2: Making marketing decisions

students will explore how each element of the

marketing mix is managed and used to inform and make business decisions in a

competitive marketplace.

Topic 2.3: Making operational decisions

this topic focuses on meeting customer needs

through the design, supply, quality and sales decisions a business makes.

More Information: Edexcel Website
Year 11
Curriculum Content: During year 11, Business students finish the following Theme 2 topics;

Topic 2.4: Making financial decisions

Students will explore the tools a business has to support financial decision making, including ratio analysis and the use and limitation of a range of financial information.

Topic 2.5 Making human resource decisions

Growing a business means that decisions relating to organisational structure, recruitment, training and motivation need to be made to influence business activity. These aspects are considered in this final topic.

Students then start a structured revision programme to prepare for their Business GCSE examination. Pupils gain insights into real world application of marketing, human resources, ownership structures and market structures by reading business news and developing data response and evaluation skills.

More Information: Edexcel Website
Year 12
Curriculum Content: Economics (OCR, IB)

Microeconomics: students learn about supply and demand, market equilibrium, functions of prices, elasticities, market efficiency and market failure, government intervention and government failure.

Macroeconomics: students learn how the key performance indicators in the national economy are measured, how the economic cycle works, how aggregate demand and aggregate supply are determined, how the macroeconomic objectives such as economic growth, low inflation, high employment and equity in income distribution are set and pursued by the governments through fiscal, monetary and supply side policies and how these policies are implemented in developing and developed economies.

International Trade: students get introduced to the theory of trade and comparative advantage, barriers to trade and trade liberalization, stages of economic integration including economic blocs, trade creation and trade diversion; foreign exchange and balance of payments.

As of September 2018

Business A-Level Edexcel

Throughout year 12 students will study the first two themes of the course.

Theme 1: Marketing and People

This theme enables students to understand how businesses identify opportunities and to explore how businesses focus on developing a competitive advantage through interacting with customers. Students develop an understanding of how businesses need to adapt their marketing to operate in a dynamic business environment. This theme also considers people, exploring how businesses

recruit, train, organise and motivate employees, as well as the role of enterprising individuals and leaders.

Theme 2: Managing business activities

This theme enables students to develop an understanding of raising and managing finance, and measuring business performance. The theme outlines the importance of using resources efficiently within a business to ensure that goods or services can be delivered effectively and efficiently, and to a high quality. Students also consider the external influences that have an impact on businesses, including economic and legal factors.

More Information: OCR Specifcation 67693
OCR Specification 71636 
Year 13
Curriculum Content: Economics IB

All students complete their coursework (three commentaries on a microeconomics, macroeconomics and a choice of either international trade or development topics).

Microeconomics: students revise the contents and continue to develop their modelling, analytical and evaluation skills in the context of both domestic and international markets.

Macroeconomics: students apply their macroeconomics knowledge in the context of more and less developing countries focusing on the evaluation of market-oriented and interventionist approaches. The students get introduced to behavioural economics through rational expectations theory.

Higher Level Economics students apply their quantitative economics skills to practise numerical analysis and diagrammatic modelling to prepare for their examination. Students cover additional topics in microeconomics such as market structures and theory of firm and new topics in international trade, such as terms of trade, and Marshall-Lerner condition.

Economics OCR

Microeconomics: students learn about market structures and theory of firm and apply their economics knowledge in the context of labour and financial markets and putting the government intervention in the context of sustainable environment.

Macroeconomics: students acquire the theoretical understanding of the different approaches to modelling economics, including neoclassical and Keynesian schools of economics and develop their evaluation skills bringing in the independent research and general awareness of the current affairs. Topics such as inflation targeting, quantitative easing and monetary transmission mechanism are discussed in depth given the prior introduction of the role of central banks and financial markets.

Themes: the year 13 pupils revise the contents of the course from February to prepare for multiple choice assessment in one of the papers and to develop data-response skills. The students conduct independent research to enrich their general knowledge and enable them to maximise their performance in essay component of the examination.

As of September 2018

Business A-Level Edexcel

Throughout Year 13 students will study the final two themes of the course

Theme 3: Business decisions and strategy

This theme moves from functions to strategy, enabling students to develop their understanding of the core concepts and to take a strategic view of business opportunities and issues. Students analyse corporate objectives and strategy against financial and non-financial performance measures and how businesses grow, and develop an understanding of the impact of external influences. The theme covers the causes and effects of change and how businesses mitigate risk and uncertainty.

Theme 4: Global Business

Students investigate businesses that trade on a global scale and explore their reasons for doing so. Students develop an understanding of the globally competitive environment and consider the ethical and moral dimensions of global business activities.