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
|
© Tutor2u Limited All Rights Reserved. All materials published on www.tutor2u.net are protected by copyright and may not be reproduced in part or in whole, for whatever reason, without the prior written permission of tutor2u. The use of tutor2u content for commercial gain of any kind is strictly forbidden. We reserve the right to take legal action against any party or parties found to have breached our copyright. Damages and other remedies are available to us in respect of copyright infringements. About tutor2u tutor2u is a leading publisher of e-learning resources for Economics, Business, Politics and related subjects. Our materials are used by over 3,500 schools and colleges in the UK and in educational institutions in over 85 other countries. tutor2u was named Online Learning Resource of the Year at the prestigious BETT Show - the World's leading educational show. |
Privacy & terms of Use |
Contact us |
Teacher Newsletters & Subject Blogs |
