Week 9 (European Union)

Question 1

What is National responsiveness

Answer 1

Pressures on firms to be responsive to each countries consumer tastes & Government regulations

Question 1

Who makes up the EU organisation

Answer 1

Decision Makers - European Parliment, European Commision, Council of the EU and European Council
Judicial - Court of justice
Financial - Court of auditors

Question 2

What is Economic integration

Answer 2

Pressures on firms for product standardisation, cost reduction & Price competition

Question 3

What is the result of HIGH economic integration and LOW national responsiveness

Answer 3

Centralisation & standardisation - Laptops, Phones

Question 4

What are key objectives of the EU

Answer 4

1) Eliminate customs duties
2) remove obstacles to the free flow of exports & imports
3) create a common customs duties & unified policies for outside companies
4) free movement of people & capital within Bloc
5) Common laws to maintain competition & fight monopolies

Question 5

What is the result of HIGH national responsiveness and LOW economic integration

Answer 5

Decentralisation & localisation - food

Question 6

What are key contemporary issues in the EU

Answer 6

• Some countries (Czech republic, Hungary) are alot less productive than others
• GFC impacted all EU economies and some needing to be bailed out resulting in austerity
• potential Grexit so they can regain control over monetary policy & economic decision-making and policy.