Economics & Business
At Beaumont School, Economics and Business is seen as a vibrant and lively hub of activity, which is held in high regard throughout the school.
The ethos is one of promoting intelligent and stimulating learning which excites, inspires and motivates students of all levels. The department offers a wide range of qualifications to suit a broad range of students and interests. In total we deliver eight courses, including five different courses at Key Stage 5 to ensure that each student finds the right course to suit their interests and learning styles.
Key Stage 3
Not applicable
Key Stage 4
The department offers Edexcel GCSE Business from September 2017 to students starting Year 10. This new qualification provides an introduction to the world of business and the economic environment in which businesses and consumers operate. As a wide-ranging course, this qualification has been chosen as it gives an excellent foundation for those students who go on to specialise in either Economics or BTEC Business in the 6th form.
Year 11 students will complete the legacy Edexcel GCSE in Business and Economics course in 2017-18.
In addition, at Key Stage 4 we offer OCR Level 2 National Certificate in Enterprise and Marketing. This is a vocational course and appeals to students who prefer to complete course work tasks throughout the course in addition to the terminal exams. Students develop their knowledge and understanding by applying their learning and skills in a work-related context.
GCSE Business
Theme 1: Investigating small business:
- How and why do business ideas come about?
- What makes a successful business?
- Develop an idea, spot an opportunity and turn it into a successful business.
- Understand how to make a business effective, manage money and see how the world around us affects small businesses and all the people involved.
Theme 2: Building a business:
- How does a business develop beyond the start-up phase?
- Key business concepts and issues and decisions you need to make when growing a business and working in a global business.
- Meeting customer needs, making marketing, operational, financial and human resourcing decisions.
- Explore how the wider world impacts the business as it grows.
Exam Board: Edexcel
The qualification will be assessed in two equally weighted exam papers at the end of 2 years. There is no coursework.
Paper 1 – Theme 1: Investigating small business
Written exam: 90 minutes, 90 marks
50% of the total GCSE
Multiple choice, calculation, short-answer and extended-writing questions
Paper 2 – Theme 2: Building a business
50% of the total GCSE
Multiple choice, calculation, short-answer and extended-writing questions
Link to Course Specification
http://qualifications.pearson.com/en/qualifications/edexcel-gcses/business-2017.html
Assessment
Each topic will be formally examined in a timed test environment using GCSE materials and marking standards. There will be an end of year exam in Year 10 and a Mock Exam in Year 11. In addition, there will be a mid-topic assessment which allows for a range of skills to be developed. Work might include case studies, presentations and research projects.
Home Learning
Home Learning will be set approximately once a week which will be based on or extend the lesson content. This could include research using ICT, past exam questions and revision or tasks from the course textbook.
Course Materials
Students will use an online textbook and each teaching group will havw a dedicated Google Classroom where work is set and links to course materials and extended reading will be published.
OCR Level 2 National Certificate in Enterprise and Marketing
Unit R064: Enterprise and marketing concepts :
Students explore the techniques businesses use to understand their market and develop products, investigate what makes a product viable and understand how businesses attract and retain customers.
Unit R065: Design a business proposal
Students are presented with a business challenge from which they create a researched and costed business proposal. They will carry out market research, present data, use idea generation tools, seek and act on feedback, and cost their proposals.
Unit R066: Market and pitch a business proposal
Students prepare for and pitch the business proposal that they developed in the previous unit. They develop a brand identity and investigate how best to promote their product and then plan, practise and finally deliver their pitch.
Exam Board: OCR
Course Assessment
Unit R065 abnd R066 are coursework based (each worth 25% of the qualification).
These centre-assessed units are designed to provide learners with the opportunity to build a portfolio of evidence to meet the learning outcomes for that unit.
R064: 1 hour 30 minute externally assessed examination (50% of qualification marks)
Grading : The qualification will be graded Distinction*, Distinction, Merit, Pass.
To claim the Level 1/2 Cambridge National Certificate in Enterprise and Marketing qualification, learners must complete unit R064, unit R065 and unit R066.
Link to Course Specification
Key Stage 5
The department offers the Edexcel Advanced GCE in Economics (Specification A) and Edexcel Advanced GCE Economics (Specification B, known in Beaumont as Business Economics). Both courses lead to an Economics A-Level qualification however, the focus of each course is different.
The Economics course (A specification) aims to build knowledge and understanding of core economic models and concepts and students are expected to demonstrate an awareness of current economic events and policies.
Students of Business Economics (B Specification) are introduced to economics through building knowledge of core microeconomic and macroeconomic concepts, and by investigating economic theory through real-world businesses and the environments in which they operate.
We also offer BTEC Level 3 Diploma in Business Level 3 Diploma in Business (Double Award) which is taught in conjunction with one of our consortium schools and Level 3 Extended Certificate in Business (Single Award) taught exclusively at Beaumont.
In addition the department also offers the Certificate of Financial Studies, which is accredited by the IFS School of Finance, to Sixth Form students.
The BTEC Level 3 qualifications attract the same UCAS points as A Levels. A business qualification could also support you when applying for jobs in business related careers such as accounting, administration, customer service, finance, IT, human resource management, marketing or sales.
A Level Economics EDEXCEL A Specification
What you will study:
Year 1 (EDEXCEL A Specification)
In Lower Sixth students will be introduced to microeconomics and macroeconomics. Microeconomics is the branch of economics which seeks to explain how firms and individuals make choices in a world with scarce resources. In this unit you will become familiar with some basic economic models such as supply and demand.
Macroeconomics is the branch of economics which seeks to explain trends in the wider economy and how the government can influence these trends. Students will be assessed through examinations which require multiple choice and long-answer questions.
Unit 1: Introduction to markets and Market Failure
Unit 2: The UK economy performance and policies
Year 2 (EDEXCEL A Specification)
This year provides a more comprehensive understanding of key economic topics and develops knowledge on the global economy and the labour market.
Unit 3: Business Behaviour and the Labour market
Unit 4: The Global Economy
Assessment:
Students will complete three exams at the end of the second year for the full A Level or two papers for the AS qualification. Full details in the course specification.
Students’ work is assessed via regular topic tests with written feedback given to support their progress.
Specification:
Course information:
https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html
A Level Economics EDEXCEL B Specification
Note: This course accredited as an Economics A- Level. It is referred to as Business Economics at Beaumont
What you will study
Year 1:
Markets, Consumers and Firms – students will learn about the market economy and how market forces shape the way in which firms meet consumer demand, how firms raise the finance they need and how they measure their performance.
The Wider Economic Environment – Business growth and competitive advantage lead naturally to the ways in which consumers are influenced by and respond to changes in prices and incomes. This theme goes on to develop an understanding of the nature of productive efficiency and the need to improve it. At this point, the theme broadens out to cover global issues, fluctuations in the economy and the ways in which governments respond to threats and changes with micro- and macro-economic policies.
Year 2:
The Global Economy – Students will learn about the market economy and how market forces shape the way in which firms meet consumer demand, how firms raise the finance they need and how they measure their performance.
Making Markets Work – This theme helps students to explore how firms can become more competitive. It introduces them to the wider international and economic environment in which firms operate.
Assessment:
Students will complete three exams at the end of the second year for the full A Level or two papers for the AS qualification. Full details in the course specification.
Students’ work is assessed via regular topic tests with written feedback given to support their progress.
Specification:
Course information:
EDEXCEL BTEC National in Business
The course gives you the opportunity to learn about many aspects of how a business operates. During the course you will learn about a range of key business functions and areas. These include the business environment, marketing, personal and business finance, event management and international business.
There are two course options available – students will select either the Double or Single Award
Double Award: In addition to studying six mandatory units, you will also study a further two units which will be chosen from a range of optional units including recruitment, management accounting, pitching for a new business and creative promotion.
(taught across Beaumont and Sandringham school, this award is equivalent to 2 A Levels)
Single Award: In addition to studying three mandatory units, you will also study one optional unit.
(taught at Beaumont, this award is equivalent to 2 A Levels)
The BTEC Level 3 qualifications attract the same UCAS points as A Levels. A business qualification could also support you when applying for jobs in business related careers such as accounting, administration, customer service, finance, IT, human resource management, marketing or sales.
What you will study:
Mandatory units
- Exploring Business (assignment based) **
- Developing a Marketing Campaign (task based)**
- Personal and Business Finance (written exam) **
- Managing an Event (assignment based)
- International Business (assignment based)
- Principles of Management (task based)
Plus two optional units to be chosen by Beaumont and Sandringham that suit the students’ abilities (and will both be assignment based).
**Modules are studied by BTEC Single Award Students plus an additional optional unit tbc.
Assessment:
Double Award: These include 5 assignment based units (100% coursework), two task based units (externally marked) and one written exam unit (externally marked).
Single Award: These include two assignment based units (100% coursework), one task based units (externally marked) and one written exam unit (externally marked).
Extra-curricular enrichment [ trips, clubs, &c ]
In previous years students have the opportunity to get involved in trips to Cadbury World, Warner Bros Studio (Harry Potter), CocaCola as well as having opportunities to research and work with local businesses.
Target 2.0 is The Bank of England and The Times’ annual Interest Rate Challenge which gives teams of students aged 16-18 the chance to take on the decision-making role of the Bank of England’s Monetary Policy Committee. It is a very prestigious competition and strongly supports university applications.
Last year we have had a commodities trading firm visit us to discuss careers in an industry that employs many with an economics background
In the summer term students visited Middlesex University for a workshop is to introduce students to economic concepts through experiments in the classroom, led by professors and lecturers within the Economics Department at Middlesex University which has a reputation Experimental and Behavioural Economics.
Stretch & Challenge
Economics students have the opportunity to participate in the prestigious Bank of England Target 2.0 challenge.
Students can enter a series of prestigious essay competitions run by the LSE Economics Society and the Royal Economic Society
Students can take advantage of a schools initiative to get free access to the FT online so that they stay up to date with Financial, Business and Economic markets.
The Economics and Business department use Google Classroom extensively to offer regular suggestions for extra reading to extend and challenge economics understanding and knowledge. In addition we publish all class materials, presentations and a range of revision materials using google classroom so that students have all the resources they need available online.
The department subscribes to Economics Today, an online publication written for A Level Economics and students have access to a back catalogue of issues as well as up to date materials published quarterly.
Where can Business & Economics take you?
Opportunities for Economists
The subject develops analytical and conceptual skills. It tackles some of the deepest questions that humans need to consider such as how scarce resources should be shared out efficiently and how incentives impact individual and group behaviour.
Economists are highly valued in financial and commercial organisations but also in government planning (eg. the HS2 project or London Airport expansion proposal) and international development agencies. Possible career choices A-level economics can offer you include accountancy, stockbroker, banker and online financial and business-related careers, however most require a higher level of education.
Your A-level economics can lead you to degrees in economics, business studies, social sciences and engineering
Economics is recognised as a “hard” subject by the Russell Group of Universities in its “Informed Choices” document. This description is used in the meaning that the subject possesses a long, established theoretical basis, which develops core academic skills.
There are a wide range of degree courses that are made more accessible by the study of Economics A level, including PPE (Philosophy, Politics and Economics) and Management Sciences.
DESTINATIONS FOR A level Economics Students (last year)
Ben Allen, York, History and Economics
Lewis Glasscoe, Loughborough, Economics with Geography
Theo Maher, Kent, Economics
Krishan Patel, Southampton, Economics
Tom Cunliffe, Aston, Politics and Economics
Thomas Daly, Birmingham, International Relations with Economics
University Destinations for A-Level Economics and Business Students
We had a high number of students moving on to study an Economics and Business and other related courses in 2016. Some of the students and university destinations are below.
Emma Wallis, University of Edinburgh, International Business with Spanish
Martin Ogiogwa, University of East Anglia, Business Finance and Economics
Hannah Collier, University of Kent, Business and Economics
David Coles, Sheffield Hallam, Business & Marketing
Ella Moran, University of Essex, Business Management
Matt Welford, Manchester Metropolitan University, Business Technology
Fabien Hayward, University of Hertfordshire, Information Technology Management for Business
Opportunities for Business students
A BTEC National in Business qualification uses a combination of assessment styles to give students confidence that they can apply their knowledge to succeed in the workplace – and have the study skills to continue learning on higher education courses throughout their career.
The range of vocational assessments (both practical and written) mean that students can showcase their learning and achievements to best effect when they take their next step, whether that’s supporting applications to higher education courses or potential employers. The BTEC Level 3 qualifications attract the same UCAS points as A Levels.
A business qualification could also support you when applying for jobs in business related careers such as accounting, administration, customer service, finance, IT, human resource
Many of our BTEC students have gone on to study at university, start apprenticeships or enter employment. This course enables students to have a variety of options in management, marketing or sales.
University Destinations BTEC Business Students
Akim Akinbinu, Nottingham Trent, Business Management and Accounting and Finance
Daniel Hartwell, Queen Mary London, Politics and International Relations
Max Sharpe, Nottingham Trent, Business Management and Marketing
How parents can support their child’s learning
Useful links
You can download the PowerPoint from the 2019 Sixth Form Open Evening here.
Link to reading list
https://www.tutor2u.net/economics/blog/my-top-30-books-for-economics-and-business-reading-in-2017
Link to LSE public talks and podcasts – a great way to keep up with current economic thinking and issues
