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 cannot afford to import the food and raw materials we need to maintain our economic wellbeing.
The first part of the course 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 course 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.
To provide learners with an understanding of the importance of international trade and in particular UK trade with the European Union.
On successful completion of this unit a student will:
1 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)
3 Understand the role of the major EU institutions
4 Be able to develop an action plan for a specific UK company wishing to trade
within the EU.