Lesson 17 - Trade Blocs Flashcards
1
Q
Trade bloc advantages
A
Free trade
Market access/creation
Political unity
Jobs + protection
2
Q
Trade bloc disadvantages
A
Loss of wider trade
Trade distortion
Sovereignty
Trade diversion
Non members frozen out
3
Q
Most unified bloc
A
Political Union
Total freedom of movement of FOP
Common econ + defence policy
National boundaries disappear
4
Q
Least unified bloc
A
Free Trade Area
No internal trade barriers
Retain individual currency + policy
5
Q
Bloc employment benefits
A
Larger tax base
Skill levels
Lower unemployment
Increase FDI
