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Basics of Economics and Law

Course developers

Course abstract

The course aims to build students’ understanding of economic relationships at the levels of microeconomics and the national economy, as well as give insight into the basic matters of property, obligations, inheritance and family law.

Learning outcomes and their assessment

On completion of this course, students should be able to:
1. Identify the potential buyer and target market of your product or service. Advantages of the product compared with those of competitors - Test 1, practical assignments
2. Calculate company costs, revenues and profits, determine the break-even point - Test 1
3. Understand the operating principles of a company according to the type of market competition – study tour, practical assignments, Test 1
4. Understand the role of innovation in the growth of the national economy and value added generation - study tour, presentation of homework 1
5. Analyse the indicators of the national economy and compare them in the context of the EU - practical assignments, presentation of homework 2
6. Understand the most important concepts in the fields of family and inheritance law - Test 2
7. Comprehend the basic concepts and categories of labour law, as well as labour law provisions - Test 3, discussions in classes
8. Select relevant legal acts and find a solution to a problem - educational game
9. Independently identify civil law contracts, determine their subject matters and components, analyse the legal relations of the parties resulting from the contracts - independent work, practical assignments
10. Critically analyse situations, participate in the interpretation of legal provisions and the process of making a law, as well as independently identify obligations
11. Critically analyse labour law situations, interpret and come up with creative ideas on regulatory acts - group work.

Course Content(Calendar)

Full-time studies:
1. Nature of an economy, production resources, needs - 4 h
2. Market – the kinds and forms. Demand, supply, factors therein. Elasticity. – 4 h
3. Production costs, revenues, profits. Break-even point – 4 h
Test 1: introduction to economics, determination of demand, supply and market equilibrium, competition, calculation of company costs, revenues and profits – 2 h
4. Educational tour to a leading agricultural machinery company in the Baltics - 2 h
5. Basic indicators of the national economy. Value added. Investments. Innovation. Growth – 3 h
Presentation of Homework 1: the role of innovation in the national economy - 2 h
6. Macroeconomic equilibrium, the types of equilibrium. Disequilibrium in the national economy: unemployment, inflation - 4 h
7. Fiscal and monetary policies – 2 h
Presentation of Homework 2: a description of current economic problems in Latvia and the EU - 3 h
8. International economics – 2 h
9. Concepts of legal provisions, the emergence, composition, classification, system and understanding thereof - 2 h
10. Family and inheritance law - 2 h
11. Spousal property relations, marriage contracts, division of marital property - 4 h
Test 2 - 1 h
12. Concept of ownership. Property objects. Intellectual property. Ownership as a right of power over a property. Restrictions on ownership rights. Restrictions that apply to property in its entirety. Pre-emption right. Restrictions on the right to alienate property. Restrictions on the right to use property - 6 h
13. Legal transaction. The concept of a contract, the types and the procedure of concluding a contract, the lack of will to conclude a transaction - 2 h
14. Kinds of civil contracts (gift, purchase, maintenance, lease, rental etc.) – 2 h
15. Labour law. Termination by the employer. The procedure for terminating an employment contract – 4 h
Test 3 – 1 h
Part-time extramural studies:
All the topics intended for full-time studies are covered, yet the number of contact hours is ½ of the specified number of hours.

Requirements for awarding credit points

The final assessment consists of two parts:
Part 1. Economics: 16 lectures and 16 practicals make up 50%. The mark represents the arithmetic average of marks for Test 1 and a presentation of Homework 2. All the tests and pieces of homework must be completed and have a passing mark.
Part 2. Basics of law: 16 lectures and 8 practicals make up 50%. The mark is awarded for successfully completing 2 tests and practical assignments.

Description of the organization and tasks of students’ independent work

Homework 1 presentation – the role of innovation in the national economy (the latest innovative products or services created in Latvia) – is prepared in PowerPoint format, presented during practicals and uploaded to the e-learning platform (length approx. 5 min)
Homework 2 presentation – a description of current economic problems in Latvia and the EU (topics from the list proposed) – is prepared in PowerPoint format, presented during practicals and uploaded to the e-learning platform (length approx. 7-10 min)

Criteria for Evaluating Learning Outcomes

The mark in the examination for the course depends on the marks for both parts of the course (Part 1 – 50% and Part 2 – 50%)

Compulsory reading

1. Bikse V. Makroekonomika: teorija un politika, LiepU, 2015, 269 lpp
2. Nešpors V. Mikroekonomikas teorijas pamati. Rīga: RTU, 2015. 244 lpp.
3. Balodis K. Ievads civiltiesībās. Rīga: Zvaigzne ABC, 2007. 384 lpp. Ir LBTU FB 3 eks.
4. Civillikums: LR likums [Tiešsaiste]. [skatīts 07.03.2023.] Pieejams: https://likumi.lv/doc.php?id=225418
5. Darba likums LR likums [Tiešsaiste]. [skatīts 07.03.2023.]. Pieņemts 20.06.2001. Stājas spēkā 01.06.2002. Pieejams: https://likumi.lv/doc.php?id=26019
6. Torgāns K. Saistību tiesības. Otrais papildinātais izdevums. Rīga: TNA, 2018. 587 lpp. Nav LBTU FB. Ir LNB; LUB; RTU

Further reading

1. Kopnina H., Poldner K. Circular Economy: Challenges and Opportunities for Ethical and Sustainable Business. Abingdon, Oxon; New York, NY: Routledge, 2022. 226 pp. ISBN: 978-0-367-41864-9
2. Seyoum B. Export – Import Theory, Practices, and Procedures. Fourth Edition. New York, NY: Routledge, 2021. 656 pp. ISBN: 978-0-367-89678-2
3. Civilprocesa likuma komentāri I daļa (1.–28. nodaļa). Sagatavoja autoru kolektīvs prof. K. Torgāna zinātniskajā redakcijā. Rīga: Tiesu namu aģentūra, 2011. 546 lpp. LNB ir II daļa 2021. g.
4. Līgumu rokasgrāmata. (2008) Rīga: SIA Dienas Bizness, 2008.
5. Rozenfelds J. Lietu tiesības. 4. labotais un papildinātais izdevums. Rīga: Zvaigzne ABC, 2011. 250 lpp. Ir LBTU FB 3 eks.

Periodicals and other sources

1. Latvijas statistikas gadagrāmata. Pieejams: https://stat.gov.lv/lv/statistikas-temas/valsts-ekonomika/ikp-gada/publikacijas-un-infografikas/10925-latvijas-statistikas
2. ES valstu statistika. Pieejams: https://ec.europa.eu/eurostat
3. iFiT (Finanses. Tiesības. Vadība), Rīga: iŽurnāli. ISSN: 2592-9542
4. Jurista Vārds: Žurnāls tiesiskai domai un praksei. Pieejams: https://juristavards.lv/
5. E-pakalpojumi-Latvijas Tiesu Portāls. Pieejams: hpps://manas.tiesas.lv/eTiesas
6. Latvijas Republikas Augstākā tiesa. Pieejams: https://www.at.gov.lv/lv
7. Latvijas Republikas tiesību akti. Pieejams: https://likumi.lv/

Notes

Compulsory course for the academic bachelor programme Agricultural Engineering