Differentiate Between a Free Trade Area and a Customs Union

question 41

Essay

Differentiate between a free trade area and a customs union.Provide an example of each form of economic integration.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a particular market, determined by supply and demand forces.

Make Money

The process of earning a financial profit or income.

Informed Citizen

An individual who is well-informed about their rights, responsibilities, and current events, enabling them to participate effectively in civic and democratic processes.

Society

A group of individuals living together in a more or less ordered community, sharing customs, laws, and organizations.