single market
Unified economic area
A single market is an economic zone where goods, services, capital, and labor move freely across member borders without tariffs or restrictions.
The European Union's single market is the most prominent example: Brexit meant leaving the single market.
The term implies deeper integration than a free trade area, with harmonized regulations and standards.
Creating consistency across systems
- convergenceProcess of approaching sameness
- standardizationImplementing uniform technical specifications
- interoperabilityCross-platform functional harmony
- unifiedCombined into one
seamless · alignment · cohesion · consolidation · synchronization · compatibility · pan-European · cross-border
Struggle for supremacy
- monopolyOne seller, no substitutes
- supplyFurnish or stock
- demandForceful request or requirement
- growthIncrease in size
fiscal · monetary · policy · subsidy · inflation · GDP · currency · exchange
Tax on traded goods
- importObtain from overseas
- exportForeign-bound sale
- customsTraditional practices or import taxes
- dutyRequired moral task
quota · commodity · merchandise · trade agreement · trade barrier · free movement · goods · services
Shared business arrangement
- collaborationJoint intellectual work
- allianceFormal union of parties
- consensusGeneral group agreement
- coordinationOrganized cooperative movement
solidarity · unity · joint · mutual · reciprocal · interdependence · member states · supranational
harmonization
Creating consistency across systems
- convergenceProcess of approaching sameness
- standardizationImplementing uniform technical specifications
- interoperabilityCross-platform functional harmony
unified · seamless · alignment · cohesion · consolidation · synchronization · compatibility · pan-European · cross-border · transnational
competition
Struggle for supremacy
growth · fiscal · monetary · policy · subsidy · inflation · GDP · currency · exchange · consumer protection
tariff
Tax on traded goods
duty · quota · commodity · merchandise · trade agreement · trade barrier · free movement · goods · services · distribution
partnership
Shared business arrangement
- collaborationJoint intellectual work
- allianceFormal union of parties
- consensusGeneral group agreement
coordination · solidarity · unity · joint · mutual · reciprocal · interdependence · member states · supranational · multilateral
- EU lawTreaty of Rome, acquis communautaire, directives, transposition, direct effect
- BrexitBrexit, leave, remain, no deal, backstop
- EUEuropean Commission, European Union, Austria, European Parliament, Belgium
- UK economyBank of England, pound sterling, GDP, London Stock Exchange, sterling
- UK Policytax policy, economic policy, education policy, health policy, housing policy
- British Tradetrade balance, trade deficit, trade surplus, export markets, colonial trade
single marketautarky
Complete economic independence
protectionism · trade barriers · economic nationalism · economic isolation · tariff walls
market, single, marketing, singly, marketplace, singles, marketer, singled, marketed