economic integration: levels of integration
Studied by 12 people
Learn
Practice Test
Spaced Repetition
Match
Flashcards1/4
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
5 Terms
preferential trading areas
countries give preferential access to certain products of certain countries (lowest level of integration)
free trade areas
countries agree to trade freely amongst themselves and are free to trade with other countries any way they wish (second lowest level of integration)
customs union
countries agree to trade freely amongst themselves and they adopt common external barriers against any country trying to import into the customs union (middle level of integration)
common markets
countries agree to trade freely amongst themselves and they adopt common external barriers against any country trying to import into the common market while also having common policies on product regulations, and free movement of goods, services, capital, and labor (second highest level of integration)
economic and monetary union
countries agree to trade freely amongst themselves and they adopt common external barriers against any country trying to import into the common market while also having common policies on product regulations, and free movement of goods, services, capital, and labor and also a common currency and common central bank (highest level of integration)