Free International Trade (Leaving Cert Business): Flashcards

Unrestricted exchange of goods/services/capital without tariffs

Economy engaging in international trade via imports/exports

Group of countries allowing free trade, eliminating tariffs

Agreement to reduce/eliminate tariffs between member countries

Countries trade freely + adopt common external tariff

Economic integration removing barriers & harmonising policies

Goods, services, capital, and labour

Single market and customs union

Tariffs and trade barriers

Common external tariff on imports from non-members