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What Is the Difference Between a Free Trade Agreement and a Customs

question 54

Essay

What is the difference between a free trade agreement and a customs union? Provide examples of each in your answer.


Definitions:

Price Variance

The difference between the actual cost of a product or service and its standard or expected cost.

Price

The amount of money expected, required, or given in payment for something.

Fixed Budget Performance Reports

Financial reports comparing actual results to a plan that does not change, regardless of the level of activity.

Actual Results

The real, measured outcomes of financial or operational activities within a given period.

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