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Mr Y Moosajee

What’s the difference between the Business Studies & Economics?

As both Business Studies and Economics are Social Sciences the skills needed to succeed in both disciplines are similar.

Both subjects have overlapping content which is why it is advised that Business Studies and Economics should not be studied together.

Business Studies pupils will examine business behaviour and how businesses should be run in order to make a profit. It’s a more practical, problem based subject. Ultimately the Business Studies course focuses on business organisations by looking at two aspects in particular:

  1. The relationship between the business organisation and the economic, social, political and technological environment in which the firm operates.
  2. The process of decision-making within the organisation, for example, what products and services to produce, and how should they be marketed?

Economics includes some of these aspects, but only as one minor part, as Economics covers a much broader area than Business Studies. For instance, Economics looks at the international economic scene, as well as the role that the government plays in the sections of the economy that are still run by the state, and those sections that have been privatized.

Economics is both a theoretical subject as well as being contemporary and real life discipline. Pupils will learn about how local, national and international economies operate and the how governments can influence and regulate industry behaviour.

Curriculum Overview

In the first year of your Economics course, you will be introduced to microeconomic and macroeconomics. Microeconomics addresses issues such as: ‘Why are house prices so high?’, ‘Can pollution effectively be controlled?’ and ‘When, how and why should governments interfere with markets?’. Macroeconomics issues include: ‘Why does the Government have an inflation rate target and how does it affect us?’, ‘What happens to the economy if people decide to spend more?’, ‘How are we positively and negatively affected by the growth Chinese and Indian economies? And ‘What will Brexit mean for the UK, European and global economies, business and citizens?’

In the second year of your Economics course, you will develop a considerably more advanced understanding of microeconomic and macroeconomics concepts and theories, and learn to deeply analyse and evaluate the values and limitations of economic models. You will explore these ideas with a more global context, which includes the impact of globalisation on UK economic performance; and how the interaction of firms in a market; the competing objectives of, and various influences on, economic actors can have implications for the efficiency and equity of markets and the global economy.

In year one, you will study:

Theme 1: Introduction to Markets and Market Failure

Theme 2: The UK Economy – Performance and Policies

In year two, you will study:

Theme 3: Business Behaviour and the Labour Market

Theme 4: A Global Perspective

At Herschel, we follow the Edexcel Economics A course ( For more information, please refer to the specification document ( and for a more detailed overview of the course contents and assessment regime, the getting started guide (


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