Th4.1: ^^ Common Markets Flashcards
1
Q
Common markets
A
this is the first step towards full economic integration and occurs when members trade freely in all economic resources so barriers to trade in goods, services, capital and labour are removed
2
Q
What do common markets impose on goods from outside markets?
A
they impose a common external tariff on imported goods from outside the markets
3
Q
For a common market to be successful…
A
there must also be a significant level of harmonisation of micro-economic policies, common rules regarding monopoly power and anti-competitive practices and the removal of custom posts
4
Q
What is the main goal of a common market?
A
to establish a single market, the same way in which there is a single market within an individual economy
