External Influences - Political Flashcards
1
Q
Define what the Earopean Union (EU) is
A
The economic and political union of most European states aimed at reducing trade barriers and harmonising economic policy
2
Q
What is the Eurozone
A
The Eurozone is countries which use the Euro as their currency but aren’t necessarily part of the EU
3
Q
Define free trade
A
Free trade involves agreement between countries to trade with each other without erecting barriers to trade
4
Q
Define tariffs
A
A tariff is a tax paid on imports
5
Q
Define quotas
A
A quota imposes a physical limit on the quantity of a good that can be imported into a country at a given time
6
Q
Name three political factors that effect businesses
A
- Minimum wages
- CMA
- EU
