05260037 - Business Economics and Legal Environment

Credit hour 3
Total number of hours 32
Number of hours for lectures 32


Michala Meiselles
Sue Tootoonchian


The essential aim of the module is to provide a thorough but accessible introduction to those aspects of the economic and legal environment at national, European, and global levels that relate to managerial decision-making. Participants will be introduced to some aspects of modern economic and legal theory and will be given a brief overview of the national, European and global economic and legal contexts.


Part 1 - Economic environment

Course aims are to:
  • Provide students with an understanding of the economic context within which firms operate and make strategic decisions;
  • Provide an introduction to the key global economic and legal issues as they impact on business organisations;
  • Enable students to apply economic reasoning to strategic management decisions and develop an understanding of the recurrent debates on international macroeconomic policy;
  • Enable students to appreciate the impact of macroeconomic policies on businesses at national, European or global level

Course objectives:
On successful completion of this module, students will be able to:
  • Outline key features of the external environmental framework relevant to managerial decisionmaking;
  • Use a number of models and analytical tools to understand the economic and business environment and apply to strategic decision making;
  • Understand the nature of markets, competition, market structures, implications for conduct and performance; competitive adavantage and startegic positioning
  • Develop an understanding of macroeconomic issues, goals and policies.
  • Understand international trade patterns, theories, the role of governments and international organisations such as WTO (World Trade Organisation)and implication for business managers
  • Examine the forces behind the globalisation process, implications for business and the key aspects of the globalisation debate.

Part 2 - Legal environment
Course aims are to:
  • Develop an advanced knowledge of business law at the European and International levels
  • Develop a knowledge of legal vocabulary
  • Master fundamental concepts of international law as they pertain to business
  • Enhance forensic and critical legal skills through case analysis and legislative evaluation
  • Engage in independent reading and research using both traditional and internet resources
  • Develop the skills of legal research, organization of the researched material, report writing, team work and public speaking

Course objectives:
  • On successful completion of this module, students will be able to:
  • Possess a firm knowledge and understanding of the rules of European and International business law
  • Be able to critically review legal agreements for distribution, licensing, sale of goods and agency
  • Be able to critically analyse the law as it applies to their particular work and evaluate new developments in this area
  • Be capable of utilising a full range of learning and research resources
  • Be skilled in presenting complex ideas and arguments involving business law in writing and orally
  • Be skilled in sourcing the law and formulating legal.



Part 1 - Economic environment
  • Farnham, P.G., (2014) Economics for Managers, 3rd ed., Pearson Education
  • Hill, Charles W.L, (2014) Global Business Today, 8th ed., McGraw Hill Irvin
  • Hill, Charles W.L. (2016) International Business, 11th ed., McGraw Hill International
  • Parkin, M., (2016) Economics, 12th ed., Pearson Education
  • Sloman, J., Hinde, K. & Garratt, D. (2013) Economics for Business, 6th ed., Pearson Education

Part 2 - Legal environment
  • Meiselles, Michala (2013), International Commercial Agreements – An Edinburgh Law Guide, Edinburgh University Press

  • Besanko, D., Dranove, D. & Shanley, M. (2016) Economics of Strategy, 7th ed., John Wiley and Sons
  • Lynch, R., (2015) Strategic Management, 7th ed. Ch 3, Pearson Education
  • Rugman, A.M. & Collinson, S. (2012) International Business, 6th ed., Prentice Hall
  • WTO (2012, 2014, 2015) World Trade Development Reports
  • Schaffer, Earle, and Agusti, International Business Law & Its Environment, 6th ed., Thomson
  • Academic Journals and Web Sites


Market Research Database
www.mintel.co.uk and www.keynote.co.uk web sites are excellent for market and industry analysis

News Papers & Economic News

Economic Data & Educational Material

Other Web Sources
www.europa.eu.int For links to all EU institutions

  • Hill, Charles W.L. (2016), International Business, 11th ed., McGraw Hill International.
  • Parkin, M., (2016), Economics, 12th ed., Pearson Education.


Continuing Examination
Nature of student work and proportion weight:
Business Economics: Individual Report (50%)
Legal Environment: Group Assignment (50%)

Additional Information

This course will be taught using an amalgamation of the Socratic Method, lectures using power point slides complemented with case studies and problem solving activities in seminars. All sessions are very interactive and student participation is encouraged at all time.

Students are not expected to having existing knowledge of the subject matter. Students are expected to review the readings and where relevant to work through the exercises assigned. For further information, please review the Work Plan (for the Legal Environment component of this course).