The EU Flashcards
How many countries are there in the EU?
28
How does the EU make living standards better for their citizens?
creating a large market, generating political and economic stability, achieving balanced growth across the EU, protecting citizens rights
define free trade
trading without tariffs or quotas
define euro zone
all the countries in that have adopted the euro as their currency
define single market
a market where there are a single set of rules and regulations for the movement products, people and capital
name the two trade barriers
quotas and tariffs
Whats is meant by a quota?
a limit on the number of imports allowed into a country
What is meant by a tariff?
A tax on imports
What are two risks of using trade barriers?
Trade wars and countries selling less
What is the Euro?
The single currency used by most EU countries
What are the advantages of adopting the euro?
Prices are more transparent, encourages trade, less uncertainty over costs and profits
Disadvantages of joining the Euro
Less control over monetary policy and ‘outer’ countries may get left behind
What is globalisation?
The increased integration or independence of national economies
State 4 factors which facilitated the level of imports?
reduction of trade restrictions, lower costs of production abroad, transportation
Which factors have facilitated globalisation?
the internet and the rise of e-commerce, communication technology, easy movement of capital, multinationals
