Trading Blocs and Restrictions on Trade (Edexcel A-Level Economics A): Flashcards
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Year WTO was formed
Year WTO was formed
1995
Trading bloc definition
Trading bloc definition
Group of countries cooperating in international trade
Customs union features
Customs union features
No internal barriers + common external tariff
Trade creation meaning
Trade creation meaning
Cheaper bloc imports replace expensive domestic production
Trade diversion meaning
Trade diversion meaning
Efficient external producers replaced by less efficient bloc
Brexit referendum date
Brexit referendum date
23 June 2016
Eurozone fully operational date
Eurozone fully operational date
1 January 2002
Number of Eurozone countries (2023)
Number of Eurozone countries (2023)
20 member countries
Free trade area definition
Free trade area definition
Trade without internal barriers, own external barriers
Optimal currency area
Optimal currency area
Countries better off with single currency