Levels of Economic Integration Flashcards
1
Q
Most basic form of regional integration. Members retain their own policies on other members
A
Free Trade Area
2
Q
Members eliminate internal trade barriers and maintain a common external tariff on nonmembers
A
Customs Union
3
Q
Elimination of trade barriers among members and common trade policy toward non-members (e.g. European Union)
A
Common Market
4
Q
Elimination of trade barriers, coordination of economic policies and adoption of a common currency
A
Economic Union
5
Q
Central political apparatus that coordinates the economic, social, and foreign policy of the member states
A
Political Union
6
Q
Rank the different levels by lowest level of economic integration to the highest.
A
- Free Trade Area
- Customs Union
- Common Market
- Economic Union
- Political Union
