Chapt 15 HW - Garrett Barnes Chapter 15 1 Define and...

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Garrett Barnes Chapter 15 1. Define and discuss the four different levels of Economic Integration. Federal system. Federal Union. Free Trade Area- develops countries agree to eliminate of phase out customs duties and other barriers to trade among the member countries. Customs Union- there is free trade in all goods that come through any of the union members, even imports from outside the customs union. Common market- also called an economic community, seeks to further facilitate free competition within a group of nations. In FTA, there is free trade only in goods produced within the FTA. A customs union ensures the free movement of goods within the union. Free Trade Area -No internal tariffs, Each country determines its own trade policies toward non-members. Customs Union - Common external tariff on goods imported from outside. Common Market -Labor and capital free to move, No restrictions on migration. Economic Union - Common currency - European Monetary Unit (called the 'Euro') Harmonization of tax rates, Common monetary and fiscal policies.
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