Question

What do you understand by common market?

Answer 1

Answer:

a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.

Answer 2

The common market is the market in which the movement of laborers and capital are free.

What are the characteristics of the common market?

• Goods and service is adopted in the countries without trade barrier
• Uniform policies are adopted by the members of the countries
• Factors like labor and capital are moved freely in any country
• There is a free flow of production between the members of the countries
• The companies can easily sell their products in the markets in different countries