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Economic Unions - Explained

What are Economic Unions?

Written by Jason Gordon

Updated at March 29th, 2023

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What are Economic Unions?

An economic union is a type of trade block composed of common market and a customs union. 

The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labor) as well as a common external trade policy.
Back to: ECONOMIC ANALYSIS & MONETARY POLICY

Related Topics

  • Trade Balance: Surplus and Deficit
  • Mercantilism
  • J Curve
  • National Trade Data Bank
  • Capital Account (Economics)
  • Merchandise Trade Balance
  • Current Account 
  • Income Payments
  • Unilateral Transfer
  • Is it better to have a trade surplus or a trade deficit? 
  • Export of Goods and Services and Percentage of GDP
  • Heckscher-Ohlin Model 
  • Linder Hypothesis
  • The Balance of Trade as a Balance of Payments
  • National Savings and Investment Identity
  • Circular Flow of Money
  • Financial Capital
  • Supply and Demand Sides for Financial Capital? 
  • Flow of Capital
  • Domestic Saving and Investment Determine the Trade Balance
  • National Savings Identity and Trade Deficits
  • How the Business Cycle Affects Trade Balances
  • Trade Balance or Trade Surplus
  • Level of Trade
  • Comparative Advantage
  • Absolute Advantage
  • Specialization and Gain from Trade
  • Absolute Advantage in All Goods
  • Production Possibilities Frontier and Comparative Advantage
  • Comparative Advantage and Mutually Beneficial Trade
  • Gain from Trade
  • Opportunity Costs and International Trade
  • Intra-Industry Trade
  • Splitting Up the Value Chain
  • How Economies of Scale Lead to Trading Advantages
  • Protectionism
  • Closed Economy
  • Tariffs 
  • Double Column Tariff
  • Import Quotas
  • Double Column Tariff
  • Infant Industry Theory
  • National Interest Argument
  • Race to the Bottom
  • Anti-Dumping Laws
  • Dumping
  • Trade War
  • Race to the Bottom
  • Non-Tariff Barriers
  • Effects of Trade Barriers
  • Who Is Benefited and Who is Harmed by Protectionism?
  • Infant Industry Theory for Restricting Imports
  • What is the Anti-Dumping Argument for Restricting Imports?
  • Anti-Dumping Laws
  • Dumping
  • What is the Environmental Protection Argument for Restricting Imports?
  • Race to the Bottom
  • Unsafe Consumer Products Argument for Restricting Imports?
  • National Interest Argument for Restricting Imports
  • What is the WTO?
  • What is the GATT?
  • What are Free Trade Agreements?
  • North American Free Trade Agreement
  • Central European Free Trade Agreement
  • General Agreement on Free Tariff and Trade (GATT)
  • Common Market
  • Common Market for Eastern and Southern Africa
  • Central American Common Market
  • Caribbean Community and Common Market
  • What are Economic Unions?
  • WTO
  • International Monetary Fund
  • World Economic Forum
  • Inter-American Development Bank
  • Davos World Economic Forum 
  • Chamber of Commerce
  • Jackson Hole Economic Symposium
economic unions economic union

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