Theme 4 - 1.5 Flashcards
1
Q
What is a trading bloc ?
A
An agreement between countries to reduce trade barriers.,
2
Q
What are the advantages to a trading bloc ?
A
- Access to larger markets.
- Free movement of goods and services between countries.
- Free movement of skilled labour.
3
Q
What are the disadvantages to a trading bloc ?
A
- Highly developed countries can dominate the market.
- It can kill of domestically owned businesses.
- Can reduce national sovereignty/identity (Mcdonaldisation)