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Elaborate on the Differences Between a Customs Union, a Free

question 2

Essay

Elaborate on the differences between a customs union, a free trade area, a single market, a monetary union, an economic union, and the EU.


Definitions:

Substitutes

Goods or services that can be used in place of each other, offering similar benefits to consumers.

Elastic Demand

A situation where the demand for a product significantly changes in response to changes in its price.

Total Output

The total quantity of goods and services produced within an economy over a specific period of time.

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