trading blocs Flashcards
1
Q
a trading bloc is
A
a set of countries that engage in international trade
usually related through a free trade agreement
treat members more favourably than non members
2
Q
what is a tariff wall
A
in a trading bloc
an amount of money designed to make imports more expensive than domestically produced products
3
Q
4 impacts on a business of trading within a business bloc
A
- market access
- access to larger workforce
- little or no barriers
- protection from cheaper imports
4
Q
2 positives of a trading bloc
A
free movement of goods between members
free movement of labour
5
Q
2 negatives of trading blocs
A
competition increases
minimum wage rates
6
Q
3 examples of trading blocs
A
eu
asean
nafta
7
Q
Asean stands for
A
association of south east Asian nations
8
Q
nafta stands for
A
North American free trade agreement
9
Q
how many member states in EU
A
28
