Economics & business management

Economics and business management provide a window into the way the world operates and a greater understanding of issues that affect us all.

Both subjects can be studied at Higher or Standard Level as part of the IB Diploma, and further information on the two subjects can be found below. In addition, the department runs a Friday afternoon programme for boys in Year 7 to 9 to help develop their understanding of the business and economic world.

Pupils throughout the School are encouraged to enter a range of national business and economics competitions. There is also an Economics & Business Society that organises lunchtime visiting speakers to introduce boys to potential career paths and engage in topical debates.

The department runs a range of trips to support and develop the boys’ knowledge of the trials and travails of a modern global economy.

  • Economics

    John Maynard Keynes, perhaps the greatest Economist of the modern era, once stated that an Economist must be a “mathematician, historian, statesman, and philosopher – in some degree. He must understand symbols yet speak in words.”

    Economics uses a wide variety of tools to understand how people behave when faced with the economic problem of scarcity; there is not enough to satisfy everyone’s wants, so difficult choices must be made.

    The IB course covers the determination of prices using demand and supply analysis. Business costs and decisions about price and output are explored in the theory of the firm. Macroeconomics covers the economy as a whole, considering major issues such as unemployment, inflation and growth. The reasons why countries trade, the determination of exchange rates and economic integration are considered as part of international economics. The programme concludes by studying developing countries and the ways in which economic development occurs.

    The economy and economic decisions affect all of us and an understanding of economics is a useful attribute in any career. Boys undertaking the course should feel they are better able to interpret the world around them, in particular being able to engage in debates of critical importance to them in a new global economy.

  • Business management

    Any organisation needs managing, whether it be a small painting and decorating business, a large corporation like Tesco or Amazon, a hospital, a law firm, a school or a charity.

    Business management investigates the principles that underlie the key areas of business activity and their application to the management of decision-making processes in organisations. As a multi-disciplinary subject, business management draws on knowledge from economics, marketing, accountancy, statistics, psychology, design and operational research.

    The course covers how organisations work, how they react to changes in the economic, social and technological environment, and how they motivate people, organise their operations, develop and market new products, raise finance and use financial information.

    The study of business management covers an important part of the environment in which we live and work, and one that affects us all through the creation of wealth. Skills developed through the course will be of use to boys in whatever career they enter.

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