Economics and Business studies
"Good economics starts with facts that are troubling, makes some guesses about what we already know about human behaviour and theories that have been shown to work, uses data to test those guesses, refines (or radically alters) its line of attack based on the new set of facts and, eventually, with some luck, gets to a solution."
Economics and Business Studies help us understand the world and the society we live in. Virtually every major problem facing the world today from global warming to the conflicts in Afghanistan has an economic dimension. A basic understanding of economics makes one a well-rounded thinker.
Head of Department: Dr S Koestlé-Cate
Teachers: Miss L Vu, Mr C Wakefield
Our aim is to provide students with opportunities to develop their understanding of how the economy and the business world works. This will help them develop their ability to investigate and discuss current economic issues.
We encourage students to consider the complexity of the world we live in and to develop their conceptual understanding and analytical skills in order to articulate their thoughts in a structured way, supported by evidence. This is done in an atmosphere of high expectations and inspiring discussions which aims to engage everyone.
The Business Studies curriculum is designed to:
- Develop understanding of business concepts and terminology and the impact of business on individuals and the wider society
- Apply knowledge and understanding to contemporary business issues
- Develop as enterprising individuals
- Develop as effective ad independent students and as critical and reflective thinkers with enquiring minds
- Investigate and analyse real business issues to construct well-argued structured arguments
- Develop and apply quantitative skills, including using and interpreting data
The Economics curriculum is designed to:
- Develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life.
- Develop analytical and quantitative skills, interpreting and using appropriate data from a range of sources.
- Explain, analyse and evaluate the strengths and weaknesses of the market economy and the role of government.
- Develop a critical approach to economic models of enquiry, recognising the limitations of economic models.
- Understand microeconomic and macroeconomic models; use them to explore current economic behaviour; make causal connections; and develop an understanding of how the models shed light on the economy as a whole.
- Develop the ability to apply and evaluate economic models as represented in written, numerical and graphical forms
- Develop the ability to propose and justify possible responses to economic issues.
KEY STAGE 3
Economics and Business Studies are Accordion Titlenot formally taught in Years 7-9 but students will come across concepts, such as budgeting and enterprise, in their Citizenship lessons. Students are given a presentation on the GCSE Business Studies course in Year 9 to inform their options’ choices. Students of all year groups are also welcomed to attend events organised by the Economics Society throughout the year.
KEY STAGE 4
At GCSE, our students follow the Edexcel Business GCSE 9-1, and is a popular option subject. The specification is split into two themes.
Year 10, Theme 1: Investigating small businesses
- Enterprise and entrepreneurship
- Spotting business opportunities
- Putting a business idea into practice
- Making a business effective
- External influences
Year 11, Theme 2: Building a business
- Growing the business
- Financial decisions
- Human resources
KEY STAGE 5
For A Level, our students follow the Edexcel Economics A specification, and is a very popular option subject. The specification is split into four themes.
Year 12, Theme 1: Markets and market failure
- The nature of economics
- How markets work
- Market failure
- Government intervention
Theme 2: The UK economy
- Measures of economic performance
- Aggregate demand and supply
- Economic growth
- Macroeconomic policies
Year 13, Theme 3: Business behaviour and labour
- Business growth
- Revenues, costs and profits
- Market structures
- Labour market
- Government intervention
Theme 4: A global perspective
- International economics
- Poverty and inequality
- The financial sector
- The role of the state in the economy
- Economics Society is run to provide activities such as economic games, book club, debating to encourage students to explore this exciting subject in a creative way
- Economic Enquiry, ran by the Economics Society, provides an opportunity for students to research a topic of their choice. These are weekly sessions during which a student delivers a 20-minute presentation to their peer group, followed by a Q&A session. This enables students to explore areas they are interested in and many cover cross-curricular topics.
- Voice Magazine: a student-run economics and current affairs magazine publishing articles written and edited by students.
- Yearly economic conference lasting two days and bringing back Latymer Alumni.
- The Latymer Economic Newsletter: a student-run weekly newsletter covering key current affairs news.
We aim to inspire our next generation of economists. This is represented by the 76 students who went to university in 2018 – 2020 to study an economics related degree, including Economics and Arabic, Economics and Finance, Economics and Mathematics, Economics and philosophy, Economics with Accounting, Mathematics with Finance and Economics, Philosophy, Politics and Economics (PPE).