Economic Integration Flashcards
1
Q
What is economic integration?
A
Refers to the process of blurring the boundaries that separate economic activity in one nation state from another.
2
Q
What is an aim of economic integration?
A
It seeks to remove tariff and non-tariff barriers such as product standards. This makes countries closer by removing differences.
3
Q
What are some benefits of the removal of tariff and non-tariff barriers?
A
Allows free trade and allows countries to better use scarce resources and specialise in production that they can do efficiently.
