Global, Social & Economic Groupings

Question 1

What are trade blocs?

Answer 1

Alliances between countries to help stimulate aid

Question 2

Free trade areas

Answer 2

Have tariffs and quotas on trades abolished (NAFTA)

Question 3

Common Markets

Answer 3

Allow free movement of labour and capital

Question 4

Economic Unions

Answer 4

Have tariffs and quotas on trades abolished
Allow free movement of labour and capital
Adopt common policies - agriculture, transport, pollution
(EU)

Question 5

Reasons to join a trade bloc

Answer 5

1. Promote development - work together to tackle issues
2. Benefit economies by reducing trade barriers
3. Increase security - less likely to go to war