Chapter 7: The EU and the single market

• What is the EU?

  European Union is a political and economic group that has 27 members. These countries are able to exchange for political, business, economic and monetary membership of the world's largest free trade area.
• Features of the EU

  • No barrier to entry
  • No tariffs
  • Free transfer of resources from on country to another
  • Common external tariff on imports into the EU