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14 Cards in this Set
- Front
- Back
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regional economic integration
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agreements among countries in a geographic region to reduce and ultimately remove tariff and nontariff barriers to the free flow of goods, services and factors of production between each other
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free trade area
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a group of countries committed to removing all barriers to the free flow of goods and services between each other, but pursuing independent external trade policies
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customs union
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a group of countries committed to removing all barriers to the free flow of goods and services between each other and the pursuit of a common external trade policy
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common market
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a group of countries committed to removing all barriers to the free flow of goods, services, and factors of production between each other and the pursuit of a common external trade policy
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economic union
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a group of countries committed to removing all barriers to the free flow of goods, services, and factors of production between each other, the adoption of a common currency, the harmonization of tax rates, and the pursuit of a common external trade policy
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political union
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a central political appartus coordinates economic, social, and foreign policy
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trade creation
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trade created due to regional economic integration; occurs when high-cost domestic producers are replaced by low-cost foreign producers in a free trade area
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trade diversion
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trade diverted due to regional economic integration; occurs when low-cost foreign suppliers outside a free trade area are replaced by higher-cost foreign suppliers in a free trade area
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European Council
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consists of the heads of state of EU members and the president of the European Commission
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European Commission
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responsible for proposing EU legislation, implementing it, and monitoring compliance
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Council of the European Union
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the ultimate decision-making body in the EU
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European Parliament
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elected EU body that provides consulation on issues proposed by European Commission
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Court of Justice
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supreme appeals court for EU law
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optimal currency area
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one where similarities between the economic structure of countries make it feasible to adopt a single currency
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