The impact of globalisation on businesses - EduqasThe European Union and the European single market
In business, globalisation means operating on an international scale to provide or produce goods and services. Almost all of the goods we use are made of parts sourced from around the world.
The European Union (EU) is a group of countries from Europe that have an agreement in place for political and economic purposes. The EU has what is known as a single market, this allows for the free movement of goods, services, capital and labour.
The single market has a number of characteristics, these include:
free movement of goods, services, capital and labour
all of the countries within the EU can trade freely with each other, which means that no tariff A tax or charge placed on imported or exported goods and services. are put in place
goods and services traded within the EU tend to be cheaper than those traded with countries outside of the EU
there are general laws that affect businesses across the EU, examples include employment law and consumer protection