1
Q
describe an FTA
A
Free trade area
when 2 states partially or fully abolish customs tariffs on their inner border
2
Q
Describe a customs union
A
a type of trade bloc comprised of an internal FTA combined with tariffs on goods from external countries
3
Q
Describe a single market
A
A type of trade bloc comprised of a customs union with common policies on regulation. Along with freedom of movement of the factors of production.
4
Q
Describe a monetary union
A
A type of trade bloc comprised of a customs union or single market. however they have a single currency and central bank
