European Union

Question 1

Describe free trade area

Answer 1

The eu aims to remove trade barriers and restrictions among member states to facilitate the free movement of goods and services. This promotes competition, improves efficiency and enhances consumer choice within the union

Question 2

Describe customs union

Answer 2

The EU has established a common tariff meaning member states apply. The same tire fruits to imports from nonmember countries this simplifies trade between countries.

Question 3

Describe common market

Answer 3

Beyond free trade, the EU seeks to allow the free movement of capital, labour goods and services. The broader aim for the Common market is to promote economic integration amongst member states, increase efficiency, encourage innovation and boost economic prosperity across the region

Question 4

Describe the economic union

Answer 4

The EU strives for coordinated economic policies amongst member states. This includes common policies on agriculture, fisheries, regional development and competition. The aims to promote economic stability and grow to across the union.

Question 5

What is a monetary union?

Answer 5

Are use economic objectives include the adaptation of a single currency; Euro, by many member states, this facilitates, easier trade and investment, reduces exchange rate, risk and promotes price transparency and stability