What is a common market? What is the primary benefit of the common market to European firms and European workers?
What will be an ideal response?
A common market has all the characteristics of a customs union but also includes the removal of barriers that inhibit the movement of factors of production. The common market offers the opportunity to sell goods in a large, rich market free from barriers to trade. Workers may move from their homeland and practice their profession or trade in any of the other member nations. Firms may locate production facilities, invest in other businesses, and utilize their technologies anywhere within the common market. Productivity within the common market is expected to rise because factors of production are free to locate where the returns to them are highest.
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