Free trade - trade without tariffs or quotas being imposed when products are traded.

Single Market - a market in which there is a single set of laws and regulations relating to the movement of products, people and money; all businesses in the single market have to abide by these.

The European Union is a group of countries that collectively make a single market.

As a member of the EU a country is bound by all its rules, examples:

• Regulations are legally binding immediately and imposed directly by the EU
• Directives which must be applied as law, but it is up to the country to implement them
• Recommendations of how a country should improve certain aspects

_The main changes introduced by the EU:__

• Freedom of movement for all EU citizens within member countries
• Free movement of capital within the EU
• Synchronization of all rules and regulations to products and services, allowing a business to operate in all member states without change to the product
• Removal of some of the checks on crossing borders for goods
• Synchronization of tax rules for individuals and businesses
• Removal of internal tariffs and a common external tariff

Eurozone - those countries in the EU that are now using the euro as their currency

Benefits of being in the EU for a business:

• More markets for them to expand into
• If the import or export supplies it is easier for them to
• Easier to work with businesses outside their country
• Can better skilled labour as they can hire people from abroad easier

Drawbacks:

• More competition from abroad
• Some regulations can hold businesses back
• A big business can dominate markets that aren't as developed
• Profits from businesses don't stay in the country they made the money in if the yare foriegn