Economics & Business Studies FAQ

What is the difference between Economics and Business Studies?

Each subject has a distinctive core of knowledge. Economics is a mainstream traditional subject which has an academic root. A Level courses were originally adapted from degree course syllabi. An A level in Economics introduces students to new ideas of thinking. For instance, economists tend to focus on how decisions are often taken at the margin. It requires students to think abstractly and to relate rational choice behaviour to different contexts. This might involve examining different policy approaches to a problem such as pollution.
Should a system of regulation be preferred?
What are the advantages of using a pollution voucher scheme?
Why is a market based tax approach often preferred?
All economic theory is ultimately applied to a particular problem.
In a micro economic context linked to the above an issue like road pricing might be considered. In a macro economic context students are introduced to Aggregate Demand and Supply models. This mirrors the demand and supply work undertaken at a micro level. The macro model is linked to different interpretations of how economists think the economy functions. In the Economics course you will have the opportunity to explore some of the different theoretical perspectives and will see how these are applied to a real world context. One such issue is the decision taken each month by the Monetary Policy Committee of the Bank of England. By the end of year 12, students should have a good appreciation of the dilemma facing the Bank and should be able to evaluate its position.
In Economics we expect students to make copious use of internet resources. Students can expect to undertake some project work. Economics is an intellectually challenging subject. Students who are anticipating achieving top A level grades are recommended to study Economics.

Business Studies has enjoyed a boom over the last decade. Nationally the number of entries exceeds that for Economics. However, at Judd the entry for Economics is skewed compared to the national average and Judd has one of the highest entries across the country.

Business Studies is seen as a more accessible subject. It is relatively easy to get to grips with as the initial modules focus on business start up, marketing and finance. The subject has a theoretical side but it is easier and less abstract to comprehend. Arguably, it is intuitively more interesting. For example in Business Studies we will study pricing models and the product life cycle and apply these ideas to real life contexts. The subject is challenging in that it obliges students to adapt business theory to actual or simulated business environments. This case study approach is popular with students. There is a great deal of stress on developing skills of application, analysis and evaluation. This means that students have to evaluate alternative courses of action and make recommendations.
The course undoubtedly rewards students who can relate to business theory and who take an interest in the business stories covered in the media. Anybody who enjoys watching the Apprentice or Dragon's Den is likely to enjoy studying business. The subject allows students to develop a rounded perspective on what business does; how it rewards; and how it contrasts in size from a sole trader to multinational;and how motives may also vary from simple survival to profit maximisation or sales growth. The modular character of the course is quite pronounced in year 12. In year 13, the course is more integrative.

Business Studies is not a soft option. It is a challenging and worthwhile course. The department's results in Business Studies at A2 tend to show students add value when benchmarked against GCSE grades.

Can I do Economics & Business Studies?
Yes. You may perm any two out of three subjects offered by the Department. If you opted to study Economics and Business then you would not be allowed to study Government & Politics.

How much maths is there?
Not a lot in either subject. Any Judd student should be confident that they can handle and interpret data; work out simple percentages; identify correlations etc. In Business Studies at A2, there are two elements which have a mathematical nature - probability/decision trees which are used to gauge investment behaviour and critical path analysis which is used as a tool to optimise investment planning. In Economics, students will do quite a lot of graph work, statistical interpretation and will have frequent recourse to diagrammatic exposition. Neither course is a statistics course.
N.B For Economics it is very useful to do A level Mathematics if you are planning to do an Economics degree but it is not essential as there are a huge variety of degree courses on offer.

How many students go on to read Economics and Business degrees?
Lots! Most students combine one or other subject with other subjects and read for a joint degree. Both subjects are broad based at A Level and can give a useful taster as to areas that students might wish to pursue at degree level e.g. Marketing, management, accountancy etc.

What subjects go with Business Studies?
Anything. There is some useful overlap with CDT.

What subjects go with Economics?
Mathematics is complementary - probably in terms of a similar skills set. Otherwise anything goes.