Theme 4 - 1.5 Flashcards

1
Q

What is a trading bloc ?

A

An agreement between countries to reduce trade barriers.,

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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.
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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)
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