external influences - the European Union Flashcards

1
Q

what is the European Union?

A

the economic and political union of most European states aimed at reducing trade barriers and harmonising economic policy

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2
Q

what are some of the things members have to do?

A
  • pay membership fees
  • follow regulations for members
  • freedom of movement is allowed
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3
Q

what is the benefit of the single market?

A

free movement of goods, services and capital

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4
Q

what is free trade?

A

involves agreement between countries to trade with each other without erecting barriers to trade (tariffs and quotas)

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5
Q

what is a tariff?

A

a duty (tax) paid on imports

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6
Q

what is a quota?

A

a limit on the total quantity of a product that can be supplied to a market

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7
Q

what are the 3 arguments for the UK remaining out of the EU?

A
  • encourages domestic trade (avoids paperwork and checks)
  • don’t have to follow EU laws
  • free to negotiate trade deals with other countries
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8
Q

what are the impacts of paper work and checks on UK importers?

A
  • goods may not stay fresh
  • costs rise
  • delays in receiving products
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9
Q

what are the impacts of paper work and checks on UK exporters?

A
  • costs are higher (paperwork)
  • demand lower due to delays and increased prices
  • may need to implement strategies to cope (cut down on products or relocating to EU)
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10
Q

what are the arguments for the UK rejoining the EU?

A
  • no tariffs on imports/services
  • less delays on imports –> no border checks
  • increased demand for export of services –> no tariffs
  • less time preparing exports of physical goods –> no paperwork
  • more candidates for jobs to fix worker shortages
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