Business Chapter 26

Question 1

Common market

Answer 1

A market where goods, Iabour and capital con move freely across the member states ; tariffs are generally removed and non-tariff barriers eliminated or of least reduced

Question 2

Customs union

Answer 2

A union where member states remove all trade barriers between themselves and members adopt a common set of barriers against non-members

Question 3

Economic and monetary union

Answer 3

On economic union that uses a common currency

Question 4

Economic union

Answer 4

A type of trading bloc involving both a customs union and a common market

Question 5

Free trade area ( FTA)

Answer 5

A region where member states remove en trade booniers between themselves, but each member state nevertheless keeps different barriers against non-member states

Question 6

Recession

Answer 6

A les severe form of economic depression

Question 7

Single market

Answer 7

A market where most trade barriers between members have been removed and common laws or policies aim to make the movement of goods and services, labour and capital between countries as easy as the movement within each country

Question 8

Trading bloc

Answer 8

A group of countries that has signed a regional trade agreement to reduce or eliminate tariffs, quotas and other protectionist barriers between themselves