________ involves the free flow of products and factors of production between member countries, the adoption of a common external trade policy, a common currency, harmonization of members' tax rates, and a common monetary and fiscal policy.

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05-03-2020
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________ involves the free flow of products and factors of production between member countries, the adoption of a common external trade policy, a common currency, harmonization of members' tax rates, and a common monetary and fiscal policy.

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adioabiola adioabiola · Answer 1 · 2020-03-09T03:42:20+01:00

Answer: Economic union

Explanation:

Economic union refers to the agreement between member countries of a union that allows products, services, and workers to cross borders freely.

The primary aim of economic unions is to abolish trade restrictions among member countries and ensure the development of it's member states.

Economic union is aimed at adopting common economic policies between the member countries with the goal of economically developing all the member countries. Economic union is the last step in the process of economic integration.

Examples of economic union includes ECOWAS (Economic Community of West African States), AU( African Union), OPEC(Organization of Petroleum Exporting Countries), EU( European Union), IBRD( International Bank for Reconstruction and Development) also known as World Bank.