gcse economics - international trade - european union and the single market
MEMBERSHIP
There are 15 existing members of the single market including the UK
FEATURES
- There is free trade between member countries therefore there are no tariffs
or quotas placed on imports
- Each country places an identical trade barrier against imports from non-
European Union countries. This is called a common external tariff
- Individuals and businesses are free to move between countries.
- Safety standards should be the same between each countries
- A movement towards similar business laws and rules in each member country
SOCIAL CHARTER
Minimum standards for workers in all 15 countries. These include
- Maximum hours to work in an hour
- Minimum pay
- Holiday rights
- Maternity / Paternity leave
BENEFITS OF THE SINGLE MARKET
Treats the area as one large trading block almost like an individual country instead of 15 separate countries
- Should encourage trade
- Should help create jobs
- Should improve standards of living
- Avoids protectionism / trade barriers between its members
- Ensures sound working conditions
- Has a market of 380 million customers for firms to sell to
ACTION
a. Why is free trade beneficial and why should it encourage trade?
b. Why is a common external tariff useful?
c. How does the EU encourage trade within its own borders?
SMART
THINKING
d How might a firm now benefit from economies of scale?
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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