Question

What is the definition of a common market? shared goods and services in multiple nations a single currency shared between nations no barriers to trade from nation to nation

Answer 1

The correct answer is "no barriers to trade from nation to nation."

The definition of a common market is "no barriers to trade from nation to nation."

A common market is basically a free trade region or area, where countries can freely trade goods and services. This allows the participant countries to have good commerce treaties with no barriers and minimum intervention of the government. The best example could be the European Union or NAFTA, the North American Free Trade Agreement between Mexico, the United States, and Canada.

Answer 2

The correct answer is: "no barriers to trade from nation to nation"

When two countries or a group of countries become members of a common market, trade barriers such as tariffs or quotas are eliminated between the participats. For example, this is the situation established by the NAFTA agreement signed by US, Canada and Mexico to create common markets for many products, hence, to remove trade barriers in those markets. Countries that constitute the European Union also are members of a common market.