Business and Economics

The Department’s aim is to introduce our students to key economic and business principles and concepts. We believe this is an important part of their preparation for life, academic or otherwise after school. Eventually our students will be working with or for business and government organizations of one type or another. Most certainly they will be affected in the future by both the local and global economies.

As the level of technology rapidly changes so will the demands on our young people. They will need an understanding of the ways in which organizations and economies work. To achieve this the department will:

• Provide a variety of courses at various levels either as a basis for further study at a higher level or as a valuable end course in their own right.

• Encourage the application of the acquired knowledge and skills within lessons and through activities such as the Young Enterprise scheme.

• Link course material to real world applications and encourage an appreciation of the business and economic world.

• Encourage students to be aware of and form opinions about environmental and ethical issues which occur in everyday business and economic life

Key Stage 3 (Saltus 8 - 9)

Saltus 8 – Business Studies

Topics covered:

• Types of Business Ownership: The Private Sector, The Public Sector, The Scope and Scale of Business Organizations

• Human Resources: Why work?, The Reward to Labour, The Recruitment Process, Applying for a Job, The Interview

• Marketing: Market Orientated Businesses, Product Orientated Businesses, Market Research, Market Segments, The Marketing Mix, Product Life Cycle

Saltus 9 – Business Studies

Topics covered:

• What do businesses do?:  Review of Key Business Terms, Specialization, Division of Labour,  The Factors of Production,  The Sectors of Production, The creation of Wealth.

• Comparative Economics: Introduction to Economic Thougt, The Economic Problem, Economic Systems

• Supply, Demand and Markets: Markets, Demand, Supply, The Market Mechanism

• International Trade and The Bermuda Balance of Payments:  The Importance Of International Trade to Bermuda, The Balance of Payments, A theoretical analysis of the benefits of International Trade

• Break Even Analysis: Costs and Revenues, Break Even Analysis

• Business Growth: Methods of Growth, Economies and Diseconomies of Scale, Scale

• Elasticity of Demand: The Relationship Between Price, Quantity, Demand and Revenue, Sales Revenue and Price Reductions, The Mathematical Expression of Elasticity

Saltus 9 – Accounting

Topics covered:

• The Accounting Equation and The Balance Sheet: What is Accounting, The Accounting Equation, The Balance Sheet and the Effects of Business Transactions

• The Double Entry System: The Accounts for Double Entry, Worked examples.

• The Asset of Stock: Stock movements, Purchase of stock, Sale of stock, Retiurns, Sales and Purchases, Comparison of cash and credit transactions

• The Effect of Profit and Loss on Capital and the Double Entry System for Expenses and revenues: The nature of profit or loss, The effect of transactions,

• Balancing off accounts: Accounts for debtors, Accounts for creditors, Accounts and computers

• The Trial Balance: Total debit entries equal total credit entries, Total debit balances equal total credit balances, Trial balances and errors

Key Stage 4 (Saltus 10 and Saltus 11)

IGCSE - Economics

• Introductory Ideas of Scarcity, Choice and Opportunity Cost
• Economic Systems
• Industrial Economics
• Supply, Demand and Markets
• Government Revenue and Expenditure
• Money and Banking
• International Economics
• Factor Markets
• Developmental Economics

IGCSE - Business Studies

• Business and the environment in which it operates
• Business Structure, organization and control
• Business activity to achieve objectives
• People in Business
• Regulating and controlling business activity

IGCSE - Accounting

• Purpose and Functions of Accounting
• Accounting Principles and Policies
• Sources and Recording of Data
• Verification of Accounting Records
• Adjustments required for Final accounts
• Preparation & Principles of Final accounts
• Analysis and Interpretation

The Graduate Years

Economics

AP - Economics (Micro)

AP - Economics (Macro)

• Basic Economic Concepts:-Scarcity, Opportunity cost and production possibilities, Specialization.

• The Nature and Function of Product Markets:-Supply and demand, Firm production costs and revenues, Product pricing and output.

• Measurement of Economic Performance:-GNP, National Income, Inflation and Unemployment.

• National Income and Price Determination:-Aggregate supply and demand, Monetary and Fiscal policy

Business Administration

• Business and the environment

• People in organisations

• Marketing

• Production

• Finance.

AS Accounts:

• Recording Financial Information

• Accounting Principles             

• Control Systems                           

• Preparation of Financial Statements

• The Raising of Capital             

• Interpretation and Analysis             

• Costing Principles and Systems                           

  
  

Further Information

If you would like to read any further information regarding the GCSE or AP curricula outlined within this site please visit either of the following examination board web sites: -

• Edexcel International
• University of Cambridge International Examinations
• AP Central (Collegeboard USA)