Business and Economics

"Learning to make money a good servant not a bad master"

This is a rapidly expanding department at FIBSB. Currently we have over 30 students taking IGCSE and A/AS level Business Studies and Economics courses in years 9-13.

All courses in the department have the following features:

  • Relevance to real-world issues
  • Interactive teaching
  • Frequent use of examples from many of the countries represented at FIBSB
  • Visiting speakers
  • School visits
  • Saturday revision classes
  • High examination results


Many of our year 12 and 13 students are considering studying either business or economics at leading international universities. Please see our link for ranking of UK and US courses for further details.


Departmental Policies

Contents:

  1. Syllabi Policies
  2. Teaching Policies
  3. Guidance Policy [Business Studies or Economics?]


1. Syllabi Policies

0450/Business Studies [IGCSE]
The IGCSE Business Studies syllabus develops students' understanding of business activity in the public and private sectors, and the importance of innovation and change. Students learn how the major types of business organization are established, financed and run, and how their activities are regulated. Factors influencing business decision-making are also considered, as are the essential values of cooperation and interdependence. Through their studies, students not only learn about business concepts and techniques but also enhance related skills such as numeracy and enquiry. The syllabus provides both a foundation for further study at A Level, and an ideal preparation for the world of work.

9707/Business Studies [GCE AS & LEVEL]
The Business Studies syllabus enables students to understand and appreciate the nature and scope of business, and the role it plays in society. The syllabus covers economic, environmental, ethical, governmental, legal, social and technological issues, and encourages a critical understanding of organizations, the markets they serve and the process of adding value. Students examine the management of organizations and, in particular, the process of decision-making in a dynamic external environment.

0455/Economics [IGCSE]
The Economics syllabus will develop an understanding of economic terminology and principles and of basic economic theory. Students will learn about the economics of developed and developing nations and how these interrelate. They will also learn to handle simple data and undertake economic analysis, evaluate information and discriminate between facts and value judgments in economic issues. A foundation for further study at A Level, the syllabus also encourages a better understanding of the world in which students live, and helps them play an active part in the decision-making process, whether as consumers, producers or citizens of the local, national and international community.

9708/Economics [GCE AS & A LEVEL]
Through the A and AS Level Economics syllabus, students learn how to explain and analyze economic issues and arguments, evaluate economic information, and organize, present and communicate ideas and judgments clearly. The syllabus covers a range of basic economic ideas, including an introduction to the price system and government intervention, international trade and exchange rates, the measurement of employment and inflation, and the causes and consequences of inflation. Students also study the price system, the theory of the firm, market failure, macroeconomic theory and policy, and economic growth and development.

2. Teaching Policies

Business Studies
Students receive three lessons per week in the Lower Secondary to cover the Specification of the IGCSE course and four lessons in the Upper Secondary to cover the AS/A2 course. Business Studies is a strong addition to the IBSB curriculum. Although it will include a significant amount of traditional classroom lessons, it will place a lot of emphasis on discussion, group work and presentations. There will be opportunities to design and practise research skills, particularly as applied to marketing and human resources. A willingness to acquire and to use ICT skills is essential. It is desirable that some businessmen and businesswomen will address students from time to time and that there will be visits to see some business functions at first hand. Through the Work Experience Programme the students are encouraged to focus on developing their employability skills through part-time, voluntary or paid project work by bringing them into direct contact with potential employers offering work experience.

Economics
Students receive three to four lessons per week. The Department places great emphasis on the student continuing to develop his or her foundation skills in thinking, reading, writing, mathematics and ICT. Competence in these areas is crucial to achieve a high standard in Economics. A variety of learning methods is employed. There are a large number of ‘chalk and talk’ lessons that require good concentration and note-taking skills. In addition, the effective learning of this subject requires a student to be an active and enthusiastic participant in discussions and to make carefully prepared presentations, to seek knowledge and understanding by extensive reading, and to use computers for simulations, modelling and research.

3. Guidance Policy

[Business Studies or Economics?]
Why Business Studies? Who should take Business Studies?
Business Studies is a little less theoretical than Economics, though partly for that reason, less highly rated as a subject by some leading universities. However, it is not an easy option. Business Studies requires more mathematics than does Economics and is no less stringent in its demands for good written English. The study of business should appeal to those who are fascinated by the factors that might cause an organisation to succeed or to fail and willing to take the time and effort to find answers to interesting questions.

N.B. Even if you are virtually certain that you will ‘go into business’, remember that between the ages of sixteen and your early twenties it is important that you study a range of subjects, and that you study them at the right time. Many people take first or second degrees in Business Studies, but many highly successful businessmen and women never took Business Studies at school or university.

Why Economics? Who should take Economics?
The course may appeal to the student who has pondered some of the following kinds of questions:

  • Why are there often such large differences in the incomes and wealth of individuals and within and
  • between countries?
  • What happens to the money we pay in taxes? Is it well used?
  • Why are some firms extraordinarily successful and yet others end up bankrupt?
  • What are the economic dimensions of what are often thought of as moral and political issues such as racial and sexual discrimination, and pollution and global warming?
  • Does the government spend too much or too little?
  • What should be done about the congestion on roads, and the safety of railways and aircraft?


N.B. Students who have a mediocre academic record and are searching for a “new subject” where they can be successful, sometimes find Economics a poor choice. The effective study of Economics demands academic rigour and high quality study skills. Students studying A-Level Mathematics tend to do well in A-Level Economics.