Unit 35: European Business

Unit 35: European Business
Unit code: F/601/1089
QCF level: 5
Credit value: 15 credits
Aim

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

Unit abstract

As an open economy the UK not only engages in international trade, its very survival depends on it. Despite having a sophisticated and highly productive agricultural sector we can feed only approximately 50 per cent of our population.

It is important, therefore, that learners seeking employment in the business world realise that if we do not export sufficient goods or services we can not afford to import the food and raw materials we need to maintain our economic wellbeing.

The first part of the unit focuses on international trade in general and the balance of payments as a monitoring device, whilst the second part concentrates on the EU and the economic theories that underpin its creation. The unit then examines the role and significance of the main EU institutions, particularly in relation to their policy-making and implementation functions. Finally, the unit requires learners to research a particular area of economic activity and then apply the discipline of action planning to a hypothetical UK company seeking to begin operating within the EU.HND Assignment Help

Learning outcomes

On successful completion of this unit a learner will:

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

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

Understand the role of the major EU institutions

Be able to develop an action plan for a specific UK company wishing to trade within the EU.
UNIT 35: EUROPEAN BUSINESS

Unit content

Understand the significance of international trade and the balance of payments to open economies such as the UK
International trade: imports and exports; visibles and invisible; open and closed economies; comparative and absolute advantage; the terms of trade; exchange rates

Balance of payments: structure – current account; capital account; visible trade balance; invisible trade balance; current account balance; capital transfer balance; balancing items; equilibrium; surplus and deficit; the significance of long term deficits

Understand the economic rationale underpinning the European Union (EU)
Exchange rates: fixed and floating

Applying promotional techniques

Single currency: arguments for and against the Euro; The Euro Zone/Area (EMU) Free trade versus protectionism: tariffs, quotas, competition, regulation/deregulation Factor mobility: geographic and occupational mobility of labour and capital/funds

Understand the role of the major EU Institutions

Institutions: the European Parliament, the Council of the European Union, the European Council, the European Commission, The European Court of Justice, The European Court of Auditors. The European Central Bank, The Presidency

Policy outcomes: European Directives and European Funding eg European Regional Development Fund (ERDF), European Social Fund (ESF), the Cohesion Fund

Be able to develop an action plan for a specific UK company wishing to trade within the EU
The EU as a trading bloc: composition, size, infrastructure, The Euro Zone/Area (EMU) Barriers to trade: linguistic, cultural, logistical and environmental

EU Directives: policy initiatives and directives relevant to the chosen company

EU funding streams: EU funding streams that may be available to the chosen company

UNIT 35: EUROPEAN BUSINESS

Learning outcomes and assessment criteria

Learning outcomes Assessment criteria for pass
On successful completion of The learner can:
this unit a learner will:

LO1 Understand the significance 1.1 explain the importance of international trade to an open
of international trade and the economy such as the UK
balance of payments to open 1.2 assess the significance of comparative advantage,
economies such as the UK
absolute advantage, the terms of trade and exchange

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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 2.1 explain the role played by exchange rates in
rationale underpinning the international trade
European Union (EU) 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 3.1 explain the role of the main EU institutions in
major EU Institutions 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 4.1 produce a profile of the EU as a trading bloc
plan for a specific UK 4.2 evaluate the significance of linguistic, cultural, logistical
company wishing to trade
and environmental barriers to EU operations
within the EU
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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.
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