Economics is a popular option choice available to students in Years 12 and 13 at ‘A’ level.
The Business Studies department is led by Mr Brooks. He is supported by one other member of staff who runs the Young Enterprise scheme and manages the teams each year.
Young Enterprise Scheme
For the past fourteen years Economics students in Year 12 have participated in the Young Enterprise Scheme. The scheme allows students to form their own company, decide upon the production of a specific good or service and market their output to customers. Each Young Enterprise company has advisers from within the local business community who assist and support. They take part in workshops covering business planning, sales and marketing and compete against teams within Oxfordshire at trade fairs.
IFS Student Investor Challenge
Students also participate in the IFS Student Investor Challenge http://www.studentinvestor.org/ alongside schools from the United Kingdom and International Schools abroad. Through this they gain experience of the stock market, trading on a daily basis to increases the value of their shares and win a place in the final and the prize of a trip to New York.
ICAEW Business, Accounting and Skills Education Competition
Teams from Burford School take part in the ICAEW Business, Accounting and Skills Education competition in Oxford. Students are provided with information about a hypothetical business and teams work together, with professional assistance, to plan in detail how the business should proceed. They then present their findings to an audience who have the opportunity to ask questions and challenge ideas. In 2015 the students won through to the finals of the competition in Birmingham.
The department are also keen to organise relevant trips that will help students with their understanding and enable them to progress. In recent years these have included trips to the Bank of England and the European Parliament offices in London as well as intensive revision days in Bristol.
Key Stage 5: Edexcel ‘A’ Level Economics
There are usually two groups of students studying Economics in Year 12 and two groups in Year 13.
In Year 12 students cover a range of both microeconomic and macroeconomic ideas. The nature of markets and market forces is rigorously analysed as well as why some markets will inevitably fail and the consequences of this failure. The United Kingdom economy is considered in detail so that students are aware of how the United Kingdom is performing as well as the benefits and consequences of the pursuit of alternative economic policies.
In Year 13 students develop their understanding of Economics by considering the operation of markets in more specific detail as well as considering the United Kingdom in a more global context. A wide range of different market structures are considered (along with their implications), the United Kingdom labour market is fully analysed and the United Kingdom economy is compared with a range of alternative economies including developing economies. The specific problems that developing economies face are considered in detail, as well as the measurement and consequences of inequality.
A high proportion of Economics students opt to continue their studies within this subject by choosing an Economics related course at university. The ‘A’ Level course provides them with a broad and solid grounding in Economics that gives an excellent foundation for further study.