The EU Single Market
- Created by: sammilaw
- Created on: 16-03-16 08:50
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- The European Union - Single Market
- Chapter 19
- Benefits
- Increased competition
- Increased efficiency
- Lower prices to consumers
- Increased productivity
- Encourages innovation and R&D - Dynamic efficiency
- Increased efficiency
- More choice for consumers
- More opportunities for travel, work or study
- Larger market for exporters = economies of scale
- Increased investment
- Increased world output (from absolute and comparative advantage)
- More jobs
- 1992-2006: 2.75 million extra jobs
- Easier to trade
- Increased competition
- Costs
- Migration issues i.e. overcrowding
- Pressures on the public sector
- Structural unemployment (from absolute and comparative disadvantages)
- De-industrialisation: contraction of manufacturing sector
- Monopolies: a form of market failure
- Free trade in terms of services is not as significant as with goods
- Some countries may not be able to compete - loss of jobs
- Migration issues i.e. overcrowding
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