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European Business

Aim

To provide learners with an understanding of the importance of international trade and in particular UK trade with the European Union.

Learning outcomes and assessment

LO1 Understand the significance of international trade and the balance of payments to open economies such as the UK

1.1 explain the importance of international trade to an open economy such as the UK

1.2 assess the significance of comparative advantage, absolute advantage, the terms of trade and exchange rates

1.3 describe the structure of the balance of payments

1.4 explain the terms ‘surplus’ and ‘deficit’ and the significance of long-term deficits to open economies

LO2 Understand the economic rationale underpinning the European Union (EU)

2.1 explain the role played by exchange rates in international trade

2.2 analyse the advantages attributed to the adoption of a single European currency

2.3 explain the difference between free trade and protectionism and the role played by tariffs, quotas and deregulation within the EU

2.4 evaluate the importance of geographic and occupational mobility in wealth creation

LO3 Understand the role of the major EU Institutions

3.1 explain the role of the main EU institutions in determining and legitimising policy

3.2 assess the role played by EU directives

3.3 evaluate the structure and purpose of the main EU funding streams such as the ERDF and the ESF

LO4 Be able to develop an action plan for a specific UK company wishing to trade within the EU

4.1 produce a profile of the EU as a trading bloc

4.2 evaluate the significance of linguistic, cultural, logistical and environmental barriers to EU operations

4.3 carry out an audit of possible EU funding streams that may be available and relevant directives

4.4 produce an action plan which lists the actions necessary to begin such a venture.