Business and Economics
Luck is what happens when preparation meets opportunity. Seneca
This quote by Seneca, often used when mentoring people in business, encapsulates the Department’s philosophy when teaching Business and Economics.
By providing a creative and active learning environment, each student is given the opportunity to engage with the subject and develop his own potential. Teachers focus on supporting and extending students’ study skills, so that they are prepared for the challenges they face, not only in examinations, but also in their future endeavours.
The Department offers a combined Economics and Business Studies GCSE at Key Stage 4, based on the Edexcel specification. Students learn about the risk and rewards of entrepreneurship, start-up issues – such as choice of location, the need to employ staff and the available sources of finance – amongst other topics, in order to prepare for the Introduction to Small Business paper. This is followed by the Introduction to Economic Understanding unit, which considers how small businesses are affected by economic conditions. This allows the boys to study both macroeconomic topics, such as fiscal policy and international trade, as well as microeconomic themes, such as demand and supply and market failure. The controlled assessment focuses on an investigation into a small local business. In the past, students have researched the optimum method of adding value in a chain of butchers’ shops and the most effective way to promote a new nursery/childcare business.
In the Sixth Form, students have a chance to specialise by opting for the AQA Business Studies specification or choosing the OCR Economics course. The Department also offers the ifs Certificate in Financial Studies course to the Lower Sixth as part of their enrichment programme. Each year, the boys also have the opportunity to participate in the Young Enterprise Scheme or the Dragons’ Apprentice Challenge, and the College enters a team of economists into the Bank of England Target 2.0 competition. All Form 4 students benefit from a Young Enterprise Project Business study day in the Trinity Term. Regular homework support sessions and revision clinics are held throughout the year.