Describe the Similarities Between and Among Customs Unions,free Trade Areas,and

question 21

Essay

Describe the similarities between and among customs unions,free trade areas,and common markets (giving examples of each).

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Definitions:

Contract Price

The price agreed upon in a contract for the purchase or sale of an asset, service, or other commodity.

Lbs.

Abbreviation for pounds, a unit of weight measurement.

Orange Juice

A beverage made from the extraction or pressing of the natural liquid contained in orange fruits.

Troy Ounce

A unit of measure for precious metals that is approximately 31.1 grams, differing from the standard ounce which is 28.35 grams.