Common Market for Dummies
noun
pronunciation: 'kɑmən_'mɑrkɪtWhat does Common Market really mean?
Hey there! Let's talk about the term "Common Market." Don't worry, I'm here to help you understand it. So, imagine you have a bunch of friends who all love different kinds of toys, right? One friend loves action figures, another one loves dolls, and another one loves puzzles. They all have different toys, but what if they wanted to share their toys with each other? That's where a common market comes into play.
A common market is a group or union of countries that agree to trade goods and services with each other without too many restrictions. Just like our friends who want to share their toys, countries in a common market want to share their products and resources with each other. They do this by removing barriers, like taxes or other restrictions, that could make it difficult to trade among themselves.
Let me give you an example to make it even clearer. Imagine you and your friend are playing a game where you trade your toys. You decide that you will only trade toys if your friend gives you two of their toys in return. But what if you both want to trade more easily? You might decide to remove this rule and trade toys freely, without any specific conditions.
That's what countries in a common market do! They create trade agreements that reduce or eliminate restrictions on buying and selling goods and services within their group. They want to make it easy for businesses in different countries to trade with each other, just like you and your friend wanted to trade toys more easily. By doing this, countries hope to increase their economies, create jobs for their people, and generally make life better for everyone.
Now, there is another definition of "common market" that you might come across. Sometimes, the term is used specifically to refer to the European Common Market, which is now known as the European Union. But don't worry about that right now. For the basic concept, just remember that a common market is a group of countries that agree to trade with each other more easily by removing restrictions on buying and selling goods and services.
So, to sum it up, a common market is like a group of friends who want to share their toys and trade with each other more easily. These countries remove barriers and restrictions to make it simpler for businesses and people to buy and sell products and services. Pretty cool, right?
Hope that explanation made sense. If you have any more questions, feel free to ask!
Revised and Fact checked by Robert Jones on 2023-10-28 06:08:57
Common Market In a sentece
Learn how to use Common Market inside a sentece
- When different countries agree to trade goods with each other without taxes or barriers, it is called a common market. For example, in the European Union, countries like Germany, France, and Italy can freely sell and buy things from each other without any extra charges.
- In a common market, countries also agree to have similar rules for products and services. For instance, if you buy a toy from Sweden and it meets all the safety standards, you can be sure that it is also safe to play with in other common market countries like Denmark or Spain.
- Imagine a common market as a big shopping area where countries can easily sell their products to each other. For instance, if a farmer in the Netherlands grows delicious apples, they can easily sell them to supermarkets in nearby Belgium or Luxembourg without any restrictions.
- A common market allows people to travel, work, and live in any country within that market without needing special permissions or visas. For example, if you are a citizen of one common market country like Austria, you can easily move and work in other common market countries such as Slovakia or Slovenia.
- In a common market, competition among companies from different countries increases. This means that companies have to make better products or offer better services to attract customers. For instance, if a common market allows multiple phone companies, they will try their best to offer the most affordable and high-quality mobile plans to win more customers.
Common Market Synonyms
Words that can be interchanged for the original word in the same context.
Common Market Hypernyms
Words that are more generic than the original word.
Common Market Has Members
Words that belong to the group defined by the original word.