| What is the Economic Policy about of the European Union? | The policy concerning with the management of goods and services including productivity, consumption, money, supply and competition. |
| What is Competition policy about of the European Union? | The policy concerns avoiding marketplace distortion caused by monopolies, cartels, price-fixing, abuse of dominant position and market sharing. |
| What has the EU done in order to guard against abuse of dominant positions? | The EU have a competition policy focused on the reduction of restrictive practices, the control of mergers and monitoring the effects of state aid. |
| What are the 4 Freedoms of the Free market? | Free movement of people, capital, goods and services. |
| Why is it impossible to divorce politics and economics | This is because political decisions are driven by economic needs and pressures, while governments' economic choices are influenced by political considerations. |
| What is the Customs Union? | An arrangement under which all tariffs, duties, and other restrictions on trade among countries are removed and a common external tariff is in place. |
| What is Economic Liberation? | The process of opening up markets through reduced regulations of restrictions on competition. |
| What 3 type of barriers are there when we talk about the Removal of Barriers? | Physical, techinical and fiscal barriers. |
| What are Physical Barriers? Give an example and effect. | The internal customs and border check which resulted in that everyone is required to have a passport. |
| What are Technical Barriers? Give a example and effect. | Barriers such as safety, health and environmental regulations. |
| What are Fiscal Barriers? Give a example and effect. | The different fiscal rules and policies between countries such as Indirect taxation causing distortion of competition. |
| What is Mutual Recognition? | The principle is that while member states of the EU are free to develop and impose standards, they cannot bar products or services provided legally in other member states. |
| What are 3 Obstacles to the Single Market? | Restrictive measures, state-aid and monopolies. |
| What are the Core Principles of the Single Market? | Demand and supply, freedom of movement and the market principle. |
