Asked by stephan vailes on Jun 14, 2024
Verified
Economic communities,which are also known as ________,have developed as a result of political changes in the last half-century.
A) free trade zones
B) open market channels
C) international entities
D) productivity communities
Economic Communities
Groups of countries or regions that band together to form closer economic ties, typically through trade agreements and shared regulations.
Free Trade Zones
Specially designated areas within countries where goods can be imported, handled, manufactured, or reconfigured without being subject to customs duty, to encourage trade and investment.
- Grasp the concept and significance of economic communities in global trade.
Verified Answer
BH
Brent HymanJun 15, 2024
Final Answer :
A
Explanation :
Economic communities refer to groups of countries that have established free trade zones among themselves. These are also known as customs unions or regional trade agreements. The formation of economic communities has been driven by political changes such as the end of colonialism, the breakup of the Soviet Union, and the globalization of trade. Free trade zones allow member countries to trade with each other without tariffs or other barriers, which can lead to increased economic growth and development.
Learning Objectives
- Grasp the concept and significance of economic communities in global trade.