CHAPTER 19 1.0 / 5 based on 1 rating ? EconomicsA2/A-levelAQA Created by: hayley ashtonCreated on: 26-02-13 23:08 Single Market? Removal of obstacles, such as customs checking, to allow the free movement of goods, services, capital and persons through the area 1 of 8 European Monetary Union? Group of countries that have adopted the euro and have their monetary policy controlled by the European Central Bank 2 of 8 Trade Deflection? Redirection of international trade due to the formation of a free trade area 3 of 8 Rules of Origin? Stipulation that a product must be manufactures from locally sourced components 4 of 8 Intra-area Trade? Trade between the members of a trading agreement 5 of 8 Trade Creation? An increase in international trade that results from the reduction in tariff barriers 6 of 8 Social Dumping? Where goods are produced by low wage labour usually without expense by employers on workers' social benefits 7 of 8 Eurosclerosis? High unemployment and slow job creation despite economic growth 8 of 8
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