Business Studies & Economics

“Whenever you see a successful business, someone once made a courageous decision.”

Peter Drucker

Inspiring students to succeed through enterprise.

Pupils achieve 100% A*-B at A Level and 100% A*-C at GCSE

Strong links with a range of local businesses

Initiatives and competitions for all Key Stages

Debates about weekly news and world events

GCSE Business Studies

Business Studies is an exciting and modern course for a modern world, aimed at students who want to learn something new and diverse.

Pupils develop an understanding of the integrated nature of Business and an ability to apply understanding to the real world.

Although not vocational, the course is of direct relevance to the real world; it provides a bridge between your educational needs and the needs of life after school.

The course is delivered in many ways, ranging from debate, group presentations, and case study material. The course will focus on many different types of business in both the public and private sectors, of different size and stature. The department consistently gains excellent grades with many students choosing to continue the subject at AS level and beyond.

The specification is broken into the following components:

Unit 1: Business in the real world

This unit looks at the purpose of business activity, the role of business enterprise and entrepreneurship and the dynamic nature of business. Students will develop an understanding of how the real world impacts on business decisions.

Unit 2: Influences on Business

This unit looks at the importance of external influences on business and how businesses change in response to these influences.

Unit 3: Business Operations

Students will be learning about production methods and controlling the costs of production. As well of the provision of services and how they influence business activity.

Unit 4: Human Resources

Students will learn about Human resource issues facing businesses, such as recruitment and selection and motivation and paying of staff.

Unit 5: Marketing

This unit looks at the use of market research, the marketing mix and how this is used to solve business problems as well as how it influences business activity.

Unit 6: Finance

Students will be learning about financial decision making, cash flow and budgeting. Students who enjoy Maths will particularly enjoy this unit as the students will have to analyse financial accounts and ratios.

Assessment

Paper 1: Influences of operations and HRM on business activity
Paper 2: Influences of marketing and finance on business activity
Both papers are 105 minute written examination. The papers consist
of three sections:
Section A – multiple choice and short answer questions worth 10
marks
Section B – one case study stimuli with questions worth approximately
40 marks
Section C – one case study stimuli with questions worth approximately
40 marks
All units are entered at the end of Year 11

A Level Business Studies

Course requirements

There are no specific requirements to have studied Business Studies at GCSE. However an interest in the world around you is key. An ability to communicate effectively and be numerate is also essential so strong grades in English Language and Mathematics at GCSE are required.

Course Content and Methodology

In Business Studies pupils will develop an understanding of the ways in which a business operates in its external environment, and how the environment provides opportunities and imposes constraints on the business.

They will develop knowledge of the inter-relationships between the four main functional areas of a business; this will require analysis and evaluation in the context of decisions taken by the business, and ensure that they are aligned to the business’s wider objectives.

In the second year of the course, pupils build on the knowledge already developed with a greater emphasis on the strategic decisions made by a business.

The department uses a wide variety of resources alongside respected text books and encourages pupils to develop their own knowledge of business affairs through the use of recent newspapers, magazines and websites.

Assessment

Assessment is examination only in all units. All three exams will be taken at the end of the two years:

Paper 1 has three sections, multiple choice, short answer questions and a final essay question.
Paper 2 has three data response style questions.
Paper 3 is based on a case study.

A Level Economics

Economics is the study of how best to allocate our resources, be it your own or those of the country. Choices have to be made regards ensuring the right goods are made, in the right way and go to the right people to maximize everyone’s welfare. It is about how and why we are wealthy and how and why we might be even more (or less) wealthy in the future.

Economics at A level will be of interest to those going onto further study at higher education and as well as for those going directly into employment and training.

Course requirements

There are no specific requirements to have studied Economics at GCSE. However an interest in the economic climate around you is key. An ability to communicate effectively and be numerate is also essential so strong grades in English Language and Mathematics grades at GCSE are required.

Course Content and Methodology

Pupils apply economic concepts and models in a range of contexts and evaluate models in written, numerical and graphical forms.

In Economics pupils will acquire knowledge and understanding of some basic microeconomic models and to apply these to current problems and issues, including demand and supply and the causes of market failure. They will explore macroeconomic theory and will develop their understanding of aggregate demand and supply. They will then be expected to use this analysis to explore recent and current economic behaviour.

During the second year pupils will utilise the knowledge already developed and will study more complex microeconomic models. They will develop a realistic understanding of decisions made by firms and how their behaviour will impact on their efficiency within a wider context. Pupils will also study the operations of the labour market and the factors that influence this which will further their understanding of the consequences of changes in macroeconomic indicators on the economy.

Pupils also develop an understanding of the ways in which developments in the United Kingdom economy can be related to the global and European Union (EU) contexts.

The department uses a wide variety of resources alongside respected text books and also encourage students to develop their own knowledge of economic affairs through the use of respect newspapers, magazines and websites.

Assessment

Assessment is examination only in all units. All three examinations will be taken at the end of the two years:

Paper 1 & Paper 2 have a mixture of data response and essay questions.
Paper 3 has 30 multiple choice questions and questions based on a case study.

Supporting Advanced Performance

The Advanced Performance Team, led by our Director of Studies, seeks to advise staff on how we – as a teaching body – can identify, monitor and experientially enhance the educational opportunities of able, gifted and talented pupils at  Lincoln Minster School.

How do we cater for AP students in Business?

• Set extended research leading to presentation as a starter for lessons
• Provide reading lists with extension reading and useful economic and business websites
• Vary the difficulty of questions / higher order questions particularly for AP pupils / students
• Investigate complex concepts particularly using AP participation (particularly extending into A2 and the building of a strong foundation of knowledge
• Ensure more challenging extension tasks are available as class work
• In group-work use mixed ability groups with AP students to lead
• Use of exemplar work from AP students, for example in AfL.
• Some use of ability setting to encourage deeper thinking and use of more complex concepts and evidence.

Encouraging Advanced Performance outside of lessons

• We have subscriptions to journals for A Level Business Studies and Economics
• Business library with extending reading in order to extend knowledge and provide wider perspective when completing research
• Guest speakers from a range of organisations including the Lincolnshire Chamber of Commerce, Greater Lincolnshire Local Enterprise Partnership, Barclays and the University of Lincoln
• Thriving Young Enterprise programme

Beyond Lincoln Minster School

Business pupils learn how to communicate effectively, understand and manage finances, develop both analytical and evaluative skills and gain a wider understanding of how businesses operate within the global economy. Studying Economics will help pupils to evaluate conflicting arguments, analyse a problem and justify a solution.

Both Business and Economics at A Level will be of interest to those going onto further study in Higher Education, as well as for those going directly to employment and training.

The skills required for success in Business and Economics are highly valued by both employers and universities alike and ideal for those hoping for a career in business, management, administration, banking, accountancy and retailing. Business provides a strong platform from which to build upon.

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