Economic Integration Concepts and Organizations

The video discusses various forms of economic integration among countries, aiming to reduce trade barriers and promote equal trade opportunities. It covers the establishment of free trade zones, customs unions, common markets, economic unions, and monetary unions, providing examples like NAFTA, SACU, Mercosur, and the European Union. Each step involves different levels of integration, from abolishing internal taxation to harmonizing legislation and adopting a common currency.

What is the primary goal of establishing a free trade zone?

• To create a single currency

• To abolish internal taxation between participating countries

• To increase internal taxation

• To restrict the movement of goods

Which of the following is an example of a free trade zone?

• NAFTA

• SACU

• Mercosur

• European Union

What distinguishes a customs union from a free trade zone?

• Use of a single currency

• Free movement of people

• Abolishment of internal taxation

• Establishment of a common external tariff

Which organization is an example of a customs union?

• Mercosur

• NAFTA

• ASEAN

• SACU

What additional elements are included in a common market compared to a customs union?

• Only goods

• Only capital

• Goods and services

• Goods, services, people, and capital

Which of the following is an example of a common market?

• Mercosur

• European Union

• NAFTA

• SACU

What is a key feature of an economic union?

• Harmonization of legislation

• Establishment of a free trade zone

• Creation of a customs union

• Introduction of a single currency

Which organization is a prime example of an economic union?

• NAFTA

• European Union

• SACU

• Mercosur

What is the main purpose of a monetary union?

• To harmonize legislation

• To use a single currency

• To abolish internal taxation

• To establish a common external tariff

Which of the following is a step in economic integration that involves currency unification?

• Free trade zone

• Common market

• Monetary union

• Customs union