single market
single market
English Definitions:
Single market
A single market is a type of trade bloc which is composed of a free trade area with common policies on product regulation, and freedom of movement of the factors of production and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical, technical and fiscal barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production. A common market is a first stage towards a single market, and may be limited initially to a free trade area with relatively free movement of capital and of services, but not so advanced in reduction of the rest of the trade barriers. The European Economic Community was the first example of a both common and single market, but it was an economic union since it had additionally a customs union.
Single market
A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production (goods, capital, services, workers). A common market is usually referred to as the first stage towards the creation of a single market. It usually is built upon a free trade area with no tariffs for goods and relatively free movement of capital, workers and services, but not so advanced in reduction of other trade barriers.A unified market is the last stage and ultimate goal of a single market. It requires the total free movement of goods, services (including financial services), capital and people without regard to national boundaries.
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"single market." Kamus.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.kamus.net/english/single+market>.
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