Live revision! Join us for our free exam revision livestreams Watch now

Topic updates

Trade frictions inside and outside of a customs union

Geoff Riley

26th June 2018

This graphic displays one of the clearest contextual examples of trade frictions outside a customs union that you could possibly find. Gold dust for the classroom!

Honda is a prime exponent of just-in-time production. Consider this quote from the article if leaving the customs union threatens their model. "A warehouse capable of holding nine days’ worth of Honda stock would need to be... one of the largest buildings on earth"

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.