Ext. Definitions - STEEPLE Political Flashcards
1
Q
Define European Union
A
The economic and political union of most European states aimed at reducing trade barriers and harmonising economic policy
2
Q
Define free trade
A
Involves agreement between countries to trade with each other without erecting barriers to trade (tariffs and quotas)
3
Q
Define tariffs
A
A duty/tax paid on imports
4
Q
Define quotas
A
Limit on the total quantity of a product that can be supplied to a market in a country in a given period of time
5
Q
Define Eurozone
A
The majority of EU members that use the euro as their currency
6
Q
Define single market
A
An association of countries that agree to trade without barriers
