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

LO1 Understand the significance of international trade and the balance of payments to open economies such as the UK AC1.1 Explain the importance of international trade to an open economy such as the UK AC1.2 Assess the significance of comparative advantage, absolute advantage, the terms of trade and exchange rates AC1.3 Describe the structure of the balance of payments AC1.4 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). AC 2.1 Explain the role played by exchange rates in international trade AC 2.2 Analyse the advantages attributed to the adoption of a single European currency AC 2.3 Explain the difference between free trade and protectionism and the role played by tariffs, quotas and deregulation within the EU Ac 2.4 Evaluate the importance of geographic and occupational mobility in wealth creation LO3 Understand the role of the major EU institutions. AC3.1 Explain the role of the main EU institutions in determining and legitimising policy AC3.2 Assess the role played by EU directives AC3.3 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 AC 4.1 Produce a profile of the EU as a trading bloc AC 4.2 Evaluate the significance of linguistic, cultural, logistical and environmental barriers to EU operations AC 4.3 Carry out an audit of possible EU funding stream streams that may be available and relevant directives AC 4.4 Produce an action plan which lists the actions necessary to begin such a venture

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