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European Union
Refresher Market: the interaction of buyers and
sellers exchanging goods and services
Trade: the process of buying, selling, or exchanging of goods within or between countries.
Tariff: a fee imposed by a government on imported or exported goods.
What is the European Union? An economic and political
association of certain European countries
Largest economic body in the world.
A unique institution – Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance.
World’s most open market for goods and commodities from developing countries.
27
7
30
490million
Member States
Combined population
of EU Member
States
Percent of world’spopulation
Percent of global GDP
55Percent of combinedworldwide OfficialDevelopment Assistance
Purpose of the EU
For its members to work together for advantages that would be out of reach if each were working alone.
Belief that when countries work together they are a more powerful force in the world because they involve: More Money More People More Land
This help make small countries more completive in the world market
Benefits Member may use a common currency (euro) that
makes trade easier.
EU works to improve trade, education, farming, and industry among its members.
Major benefits include: No tariffs (free trade) Free mobility from country to country within the
EU Live and work in any EU nation People can vote in local elections even if not a
citizen of the country
Money/Currency
The euro is the currency the MOST EU countries use.
Common currency makes trade between the countries much easier and less expensive.
Member countries can choose to give up their own currency for the euro or keep their standard currency.
12 countries in the EU do not use the Euro
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
1973
DenmarkIreland
United Kingdom
1981
Greece
1986
PortugalSpain
1995
AustriaFinlandSweden
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
2007
BulgariaRomania
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia & Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council Resolution 1244
https://www.youtube.com/watch?v=-lol93tQL1c&feature=bf_prev&list=PL4BE71B106847442A
What are some of the benefits of being in a country that is a member of the EU?
How do this benefits make life easier for the people of these countries?