Common Market
A trading arrangement under which member nations remove all barriers to trade among their group, erect common barriers to trade with other countries outside the group, and permit unhindered movements of factors of production within the group.
For example, in 1969 the European Economic Community became a common market. Since 1986, it has also styled itself as an economic union with highly coordinated policies regarding trade and resource flows.
For example, in 1969 the European Economic Community became a common market. Since 1986, it has also styled itself as an economic union with highly coordinated policies regarding trade and resource flows.