Business

Course Description

Economics and Business and Management are group 3 (Individuals and Societies) subjects within the IB diploma.

As a dynamic social science, Economics deals with the concept of scarcity and the allocation of resources. By using theory as the framework for analysis and evaluation of economic issues and events, the course is essentially applied in nature and acknowledges the inter-dependence between itself and other areas of study such as history, geography, psychology, sociology, political studies and others.

By adopting a scientific approach, the course enables students to embrace the standard methodology of Economics. This methodology is summarised as a progression from problem identification, through to hypothesis formulation and testing, arriving finally at a conclusion. By distinguishing between positive statements and normative issues, students of Economics should develop a logical and sophisticated approach to understanding and commenting on questions central to the course.

Business and Management is the rigorous and critical study of the ways in which individuals and groups interact in a dynamic business environment. It is an academic discipline that examines how business decisions are made and how these decisions make an impact on internal and external environments. The ideals of international cooperation and responsible citizenship are at the heart of business and management.

Internationalism in Economics and Business and Management

The teaching of both subjects draws heavily on current events in the global economy and current newspaper articles and images focus the students on what is happening across the world, what the global challenges are that we face and possible solutions to these challenges. The teaching reflects the changes across the global economy and international business and an aim is to help our students understand what is happening in Hong Kong and how this impacts on other countries both developed and developing and how Hong Kong is affected by events Economic and business shocks) across the world.

The study of both subjects' draws on examples from a global economy and naturally, the specification requirements reflect this explicitly. It is important that the teaching of Economics and Business for IB considers theories, ideas and happenings from the points of view of different individuals, nations and cultures in the global economy. Our students' experiences are truly international in nature and scope and this allows the courses to be delivered, as they should be, from the perspective of the global citizen.

Field trip for Economics and Business and Management

An essential element of a Business and Economics course is the ability to apply what we learn in the classroom to what is happening in the Global Economy and the effect this has on the day to day running of domestic and multinational firms.

Key themes running through the week will be how people live, business ethics, corporate social responsibility, economic development, economic growth, sustainable economic growth, industrialisation, income inequality, poverty, international trade, tourism, ecotourism and differing political and economic systems.

We visit local businesses that are subject to the dynamics of a changing external environment. Issues within this include the affects of exchange rates, political uncertainties, labour markets and corruption.

We travel north to explore tourism and meet with both local and expatriate business people involved in the tourism industry. The benefits and costs of tourism are analysed when we meet a leading 'entrepreneur' in the tourism sector. There will be visits to one of the new 6 Star hotels in Chiang Mai and the GM will share his views on the potential and the problems of this type of high budget tourism.

We then travel north to Thaton and focus on the impact of tourism in the area close to the Burmese border. An important focus will be indicators of development with comparative studies carried out between a few settlements. Analysis of the impact of small-scale development projects will allow students to see how limited injections of cash at grass roots level can have an 'exponential' effect on the local community.