MARK 462 Study Guide - Final Guide: Bretton Woods, New Hampshire, Foreign-Exchange Reserves, Bretton Woods System
5 May 2017
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Study questions: identify and discuss the five basic types of economic integration. Free trade area all barriers to the trade of goods and services among member countries are removed. Customs union eliminates trade barriers between member countries and adopts a common external trade policy. Common market has no barriers to trade among member countries, includes a common external trade policy, and allows factors of production to move freely among members. Labor and capital are free to move because there is no restrictions on immigration, emigration, or cross-border flows of capital among member countries: mercosur south american grouping of argentina, brazil, paraguay, uruguay and. Venezuela it hopes to eventually establish itself as a common market: european union functioned as a common market for years before moving beyond this stage. It is valued at million canadian dollars and payment will be due upon delivery of the engines which will occur nine months from now.
