Economics and Business Studies


In GCE Economics you’ll look at the fundamental forces which affect our lives, such as employment, prices, international trade and poverty.  Economists are often in healthy debate with each other over these issues. It is this controversy which makes Economics lively and interesting and which allows you the opportunity to make your own judgements and form your own opinions.

There are several definitions of economics, with each trying to encapsulate the essence of the subject. However, most textbooks seem to agree that economics concerns the allocation of society’s scarce resources amongst the many alternative uses to which they could be put.

Economics is a fascinating subject because it includes the study of how people behave and interact with each other. The dynamic between consumers, manufacturers and government makes economics a vibrant topic. Of course, Economics can also lead to an exciting career!


Economics helps develop a number of personal skills:

  • Research
  • Analysis and evaluation
  • Communication
  • Working with others to discuss economic issues and solve economic problems


The GCE Business Studies course aims to encourage you to

  • develop an interest in and enthusiasm for the study of business
  • gain an holistic understanding of business
  • develop a critical understanding of organisations and their ability to meet society’s needs and wants
  • understand that business behaviour can be studied from a range of perspectives
  • generate enterprising and creative solutions to business problems and issues
  • be aware of the ethical dilemmas and responsibilities faced by organisations and individuals
  • acquire a range of relevant business and generic skills, including decision making, problem solving, the challenging of assumptions and the quantification and management of information


Unit 1: Developing New Business Ideas covers the thinking and activities that entrepreneurs and existing businesses undertake when developing and researching new business ideas.

Unit 2: Managing the Business covers the activities that an entrepreneur, or existing business, may be involved in when managing their business, such as promoting a new business idea, deciding how much stock of a new product the business will have, how many staff will be needed and how much money they will need to finance the new business idea.

Unit 3: International Business introduces you to what businesses need to consider if they were to trade internationally, such as which countries to sell their product in and why some companies sell their products worldwide.

Unit 4: Making Business Decisions should enable you to assess the current competitiveness of a business using various indicators. You will look at the causes and effects of change on a business and how a company can manage risk effectively.

Throughout the course you will develop a clear and to-the-point style of writing, the type used in business, enabling you to communicate effectively about business-related issues. You will also learn how to analyse and interpret figures relating to money this is a crucial part of running a business successfully.

In this section

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