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Economic Integrations, GROUP 2 - Coggle Diagram
Economic Integrations
Types
Free Trade Area
Customs Union
Common Market
Economic Union
Political Union
Causes
Increase trade
Boost economic growth
Ensure financial stability
Enhance political cooperation
Characteristics
Elimination of trade barriers
Common economic policies
Free movement of goods, services, labor and capital
Policy coordination
Roles
Government
Bussinesses
Consumers
Workers
Examples
European Union (EU)
ASEAN Economic Community
United States - Mexico - Canada Agreement (USMCA)
Mercosur (South America)
Impacts
Statics Effects (Short-term impact)
Trade Creation
Trade Diversion
Dynamic Effects (Long-term impact)
Increased Competition
Economies of Scale
Freer Flow of Capital and Labor
GROUP 2