Trade Blocs Flashcards
1
Q
4 trade blocs
A
free trade areas
customs union
single market
economic and monetary union
2
Q
What is a “free trade areas” and how is it a trade blocs
A
a group of countries that agree to remove tariffs, quotas and restrictions on trade between member countries
3
Q
how is a “customs union” a trade blocs
A
the members also agree to common external tariff barriers against other countries
4
Q
What is a “single market” and how is it a trade blocs
A
a customs union with common policies as well as the free movement of goods, services, capital and labour between member states
5
Q
What is an “ economic and monetary union” and how is it a trade blocs
A
a common market with a common currency and one central bank.
