Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
-According to Figure 8.1, the formation of a Greece/Germany customs union would result in
Definitions:
Synergy
The cooperative interaction among groups that leads to a combined effect greater than the sum of their separate effects.
Heterogeneous Group
A group comprised of members with diverse characteristics, backgrounds, experiences, and skills.
Values Differences
The variety and divergence in beliefs, principles, and standards of behavior among individuals or cultures.
Transformational Leaders
Leaders who inspire and motivate followers to achieve exceptional outcomes by focusing on higher-order intrinsic needs.
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