module specification

This module is designed to provide first year undergraduates with a precise introduction to economic and taxation principles within a legal framework. Whilst the economics component of the module is primarily concerned with the micro foundations of economics thinking it will demonstrate the applicability of these ideas to the macroeconomic environment. This module introduces students to essential principles and concepts of the English Legal System. Students are given the opportunity to examine the major sources of English law and to become familiar with the functioning of these in the context of social and cultural diversity and the modern day environment. Students will also develop an understanding of commercial agreements in addition to a consideration of civil and criminal liabilities within business. The module will emphasise the importance of efficiency, rationality, and time and opportunity cost to economic thinking, and show how these ideas may be applied to decision-making contexts.  Students will be introduced to the UK taxation system.

• Provide knowledge and comprehension of the basic principles, tools and techniques of economics
• Apply given economic tools/techniques/methods accurately and carefully to well defined problems and begin to appreciate the complexity of the issues in the discipline
• Analyse ideas and information in a predictable, logical and well defined context, making use of standard economic techniques and procedures
• Develop an understanding of the place and function of law in business organisations and activities and to introduce students to the principal areas of law relevant to business.
• To give students knowledge of the legal institutions that affect business and an understanding of the legal process.
• To develop skills that will enable students to deal with legal problems in a business context and to develop an analytical approach to such problems.
• To provide knowledge of the legal framework necessary to study law modules at intermediate and final level.
• To encourage an interest in legal issues by referring to topical events.
• To understand employer  and employee obligations under PAYE, NIC and related matters under the tax system
 

• The basic principles of Economics and Law; to contextualise the fundamental concepts that underlie economics and Law in modern society
• Demand and Supply Analysis: the key factors influencing the demand for goods and services; movement along and shift of the demand curve.
• Demand and Supply elasticity’s.
• Production: the factors of production and output in the short and long-run. Law of diminishing returns.
• Macroeconomics, National Income Accounting, National Income Equilibrium, Inflation, Unemployment, balance of payments and economic growth
• Exchange rate policies and effects on economy/business
• The role of banks. ‘Lender of last resort’
• Classification and sources of Law (including EU Law)
• Ethics and the Law
• Court Structure and personnel
• Introduction to Contract Law
• Basic Employment Law
• Introduction to Tort Law including negligence
• Liabilities relating to professional conduct
• Operation of PAYE system for employees and employers.
• Calculation of NIC contributions, (employed and self employed) .
 

Delivery of the module will use a mixture of lectures (1.5 hours) and seminars (1.5 hours) and the module will be as student centred as possible. Students will be encouraged to research economic and legal issues from a variety of sources in addition to module materials including newspapers, textbooks and online sources and to identify aspects relevant to their areas of study.
The business law elements of the module will follow a problem based learning approach in which basic legal principles will be conveyed via tutor-led sessions and analysed and applied during the seminars and group exercises. The economic lectures are designed to provide a stimulating introduction to the fields of economic knowledge and theory. The taxation lectures are designed to introduce students to the UK taxation system.

1. Appreciate the context in which business takes place

2. Understand the principles which underpin economies

3. Understand the principles which underpin the behaviour of economic agents

4. Appreciate distinctive schools of economics thinking

5. Appreciate the link between theoretical principles and economic policy

6. Construct economic arguments through the retrieval of information and data.

7. Demonstrate knowledge and understanding of the basic principles of the English legal system, relevant legal institutions and principal areas of law which relate to business

8. Seek out, analyse and interpret legal materials

9. Identify legal problems which arise in a business context, provide solutions to those problems and communicate their answers effectively both orally and in writing

10. Analyse the legal issues which may arise in a given business context

11. Demonstrate an awareness of topical developments in the law and give appropriate responses to current developments in the context of contemporary events

12. Demonstrate an understanding of the operations of the HM Revenue and Customs and its practices.

13.  Compute PAYE and NIC deductions and ERNIC liabilities
 

Students will be assessed formally by means of summative and formative assessment. The summative assessment will take the form of an unseen, end of session examination, an oral presentation and an in-class test.
The formative assessment takes place in the seminar through learning activities. Each week students are required to provide answers to practice questions. Thus, the seminar programme has been designed to provide students with information concerning their progress in the module. In addition, students are encouraged to submit answers to previous examination questions. Their answers are marked, with comments, and returned to students.
 

Economics Component:
Core Text book:
Sloman, J. (latest edition) Essentials of Economics, Prentice Hall, New Edition

Recommended Reading:Begg, David. Economics (Latest edition)) London; McGraw-hill
Dobson, S. Palfreman, S Introduction toEconomics.  Oxford University Press-.

Online resources:
www.stats.gov.uk
www.bankofengland.co.uk
www.bbc.co.uk
www.studyingeconomics.ac.uk/more-links-and-information/
http://www.dictionaryofeconomics.com/dictionary

Law component:
Essential reading
Riches, S and Allen, V, Keenan & Riches’ Business Law, [Latest] Edition, Pearson [ ] or
Marson, J, Business Law, [Latest] Edition, Oxford University Press, [ ], or

Recommended reading
Gillespie, Alisdair, The English Legal System, [Latest] Edition, Oxford University Press, [ ]
Keenan, Denis, Smith & Keenan’s English Law, [Latest] Edition, Pearson, [ ]

Online resources:
http://www.bailii.org/
www.bbc.co.uk
http://www.parliament.uk/
 DirectGov
http://www.equalityhumanrights.com/
Westlaw

Taxation:  Students will be provided with teaching materials for this part of the syllabus
http://www.hmrc.gov.uk