GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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customs union
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free trade area
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economic union
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common market
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Detailed explanation-1: -An economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. The countries may also coordinate social and financial policies to support this common market. The European Union (EU) is an example of an economic union.
Detailed explanation-2: -A great example is the European single market, where free trade is allowed throughout the 27 EU member states and 5 non-EU states, and there’s clear economic integration between countries. A single market may also be called a common market or internal market.
Detailed explanation-3: -The EEC was also known as the European Common Market in the English-speaking countries and sometimes referred to as the European Community even before it was officially renamed as such in 1993.