Specialization
European Union
Goals of the European Union
Freedom of Travel and Trade
100
What is specialization?
Countries focus their attention on what they specialize in and trade with other countries for their specialties
100
Is joining the EU required?
NO - it is optional
100
Fill in the black to identify a common goal of the European Union:
"To establish ______________ "
A single currency (called the Euro)
100
Define tariff
A tax placed on a trade exchange
200
Name a benefit of specialization
- A more efficent way to work
- Lowers the costs of production
- Increases and ecourgaes trade between member nations
200
What is the European Union?
An organization of European nations that come together for a common goal
200
Fill in the black to identify a common goal of the European Union:
"To maintain _________ and __________ in Europe"
Peace and Stability
200
Define embargo
A ban planned on trading with a specific country
300
What is an opportunity cost?
The value of what is given up when a decision is made
300
The EU is a loose alliance among several European nations. This relationship is best described as a ____________.
Confederation
300
Fill in the black to identify a common goal of the European Union:
"To promote ________ and _________ "
Trade and Economic growth
300
The EU wanted to make trade and travel easier for the goal of having a "__________ market"
Common
400
Itality and Switzerland should trade with each other because they want/need what the other country specializes in.
400
Although member nations choose to join the Union they are still _____________ nations.
Independent
400
Fill in the black to identify a common goal of the European Union:
"To protect ______ and _________"
Citizens and The environment
400
What is the benefit of joining the EU as it relates to trade?
No taxes placed on trade exchanges made within the union
500
How does specialization encourage and influence trade?
When each country focuses its resources and attention and a limited variety of goods and services eventually reaches a point where they want something else. It's at that point that specialization encourages countries to trade with each other to outsourced needs and wants.
500
Member nations are still free to do the following under the EU ....
[Name one]
- Make it's own laws
- Maintain its own military
- Elect its own government leaders
500
Fill in the black to identify a common goal of the European Union:
"To allow free movement of _______ and ________ among member nations"
People and Goods
500
What is the benefit of joining the EU as it relates to travel?
Citizens of member nations can travel freely within member nations using an universal EU passport