european union

Question 1

what is the EU?

Answer 1

single market created in 1993, with 28 full member states, imposing tariffs and quotas on goods outside, nut allowing free trade between members

Question 2

what is a single market?

Answer 2

‘one territory without aby internal borders or other regulatory obstacles to the free movement of goods and services.
-aims to encourage competition and trade, improve efficiency, raise quality and cut prices

Question 3

what are the benefits of a single market?

Answer 3

higher demand
lower costs
labour mobility
growing wealth
standards

Question 4

what are the drawbacks of a single market?

Answer 4

mobility of labour has led to rise in racial tensions
influx of cheaper competition
creation of monopolies

Question 5

what are the benefits to a consumer and worker being in the EU?

Answer 5

greater consumer choice
more job opportunities
lower prices
increased wealth

Question 6

what are EU regulations?

Answer 6

legislation that become immediately enacted in all member states at the same time

i. e., common safeguards on goods imported from outside the EU
- equivalent to Acts of Parliament, overriding national law

Question 7

what are common european standards?

Answer 7

document setting out requirements for specific item, material, component, sustem or service OR describing in detail a particular method or procedure.
-reduce costs, enhance performance and improve safety

Question 8

how can you evaluate a single market?

Answer 8

still retains barriers to trade and immobility of labour and other resources
some member states provide state assistance to domestic industries which is anti-competitive
hard to achieve adoption of common standards throughout EU

Question 9

what is the single european currency?

Answer 9

euro

• used by 19/28 states
• area using currency known as Eurozone
• managed by European Central Bank

Question 10

what are benefits of the Euro?

Answer 10

no currency conversion costs
greater price transparency
encourages inward investment

Question 11

what are drawbacks of the Euro?

Answer 11

have to accept ECB interest rate
lose ability to depreciate currency during a recession
conversion costs are high w/ all prices and OCT systems being changed

Question 12

what are some benefits of the UK being in the EU?

Answer 12

3 million jobs linked to trade w/ EU
500 mill customers access
1 million UK businesses trading without export or import charges

Question 13

what is the impact of Brexit?

Answer 13

• free to sign trade deals i.e., USA, China
• still have to abide by EU standards when trading with EU
• may have to pay higher for access to single market
• potential loss of labour
• tariffs
• loss of farm subsidies

Question 14

what are some final evaluation points of the European Union and Brexit?

Answer 14

expected annual loss of £50bn
while their may be initial job losses, new trade deals may create new jobs
44% of Uk exports to EU, geographical proximity = preferred trading partner