A single market is a customs union with common policies on product regulation, and freedom of movement of all the four factors of production (land, enterprise, capital and labour). International trade is the exchange of goods and services across international boundaries or territories. ... The history of international trade chronicles the way that the flow of trade over long distances has shaped, and been shaped by history. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... A trade bloc is a large free trade area or free trade area formed by one or more tax, tariff and trade agreements. ... A free trade area is a designated group of countries that have agreed to eliminate tariffs, quotas and preferences on most (if not all) goods between them. ... A customs union is a free trade area with a Common External Tariff. ... Trade creation is an economic term related to international economics in which trade is created by the formation of a customs union. ... Trade diversion is an economic term related to international economics in which trade is diverted by the formation of a customs union. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean dollar. ... This article covers the general information on the topic. ... A customs union is a free trade area with a Common External Tariff. ... Title page of a European Union member state passport. ... Factors of production are resources used in the production of goods and services in economics. ... Land in economics comprises all naturally occurring resources whose supply is inherently fixed (i. ... Look up Enterprise in Wiktionary, the free dictionary. ... Capital has a number of related meanings in economics, finance and accounting. ... In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ...

Sometimes a single market is differentiated as a more advanced form of common market. In comparison to common a single market envisions more efforts geared towards removing the physical (borders), technical (standards) and fiscal (taxes) barriers among the member states. These barriers obstruct the freedom of movement of the four factors of production. To remove these barriers the member states need political will and they have to formulate common economic policies.

This is the fourth stage of economic integration. Economic integration is a term used to describe how different aspects between economies are integrated. ...

Single market is established through trade pact. A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ...

List of Single Markets

Every Economic and monetary union has also a Single Market This article covers the general information on the topic. ...

• the European Community (EC), informally known as the Common Market. The European Union single marketprogramme was established in the late 1980s and has been under development ever since. The EC formally became a single market in 1992 when the Maastricht treaty was signed. However the common market project dated back to the founding of the EEC in 1957. The abolition of internal tariff barriers was achieved in 1968. In subsequent years little was done to move from this basic customs union to a full single market. It was not until the Single European Act (1986) that the final barriers to free movement of capital, labour, goods and services were removed. Further information on the European Union single market can be found here and then some...
• European Economic Area (EEA) between the EC, Norway, Iceland and Liechtenstein
• the Caribbean Community single market (CARICOM)

The European Community (EC), most important of two European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... Motto: In varietate concordia 2 Anthem: Ode to Joy 3 Commission seat Brussels Official languages 23 Member states 27 Presidencies  - Commission José Manuel Barroso  - Parliament Hans-Gert Pöttering  - Council Frank-Walter Steinmeier  - European Council Germany Formation    - Treaty of Rome 25 March 1957   - Maastricht Treaty 7 February 1992  Area  - Total... The Maastricht Treaty (formally, the Treaty on European Union) was signed on 7 February 1992 in Maastricht between the members of the European Community and entered into force on 1 November 1993, under the Delors Commission. ... The Single European Act (SEA) was the first major revision of the Treaty of Rome. ...  EFTA countries (except Switzerland)  EU countries Acceding EU countries (in EAA entry talks) Together these form the EEA. The European Economic Area (EEA) came into being on January 1, 1994 following an agreement between the European Free Trade Association (EFTA) and the European Union (EU). ... The European Community (EC), most important of two European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas[1] which came into effect on August 1, 1973. ...

Proposed

• Economic Community of West African States (ECOWAS)
• Central African Common Market of the Economic Community of Central African States (ECCAS)
• Gulf Cooperation Council (GCC), due in 2007
• Southern African Development Community (SADC), due in 2012
• ASEAN Economic Community (AEC), due in 2020
• African Economic Community (AEC), due in 2023

The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded on May 28, 1975 when fifteen West African countries signed the Treaty of Lagos. ... The Economic Community of Central African States (ECCAS), in French Communauté Économique des États dAfrique Centrale (CEEAC), is a organisation for promotion of regional economic co-operation in Central Africa. ... ... To meet Wikipedias quality standards, this article or section may require cleanup. ...  members of AEC pillar blocs  states signatories to the AEC Treaty, but not participating in any of the pillars The member states of the African Union are mounting efforts to collaborate economically, but they are impeded by the civil wars raging in several parts of Africa. ...

Benefits of a single market

A single market has many benefits. For both business within the market and consumers, a single market is a very competitive environment. This means that inefficient companies will suffer a loss of market share and may have to close down. However, efficient firms can benefit from economies of scale, increased competitiveness and lower costs, as well as expect profitability to be a result. Consumers are benefited by the single market in the sense that the competitive environment brings them cheaper products, more efficient providers of products and also increased choice of products. What is more, businesses in competition will innovate to create new products; another benefit for consumers.

Costs of a single market

A single market can be criticized for a couple of reasons. The transition to a single market from a monetary union can have short term negative impact, resulting from the loss of sovereign-nation economic control. This loss of control persists, and certain infant industries may no longer be feasible. The infant industry argument is an economic reason for protectionism. ...