Q9) Please define economic integration. Is economic integration just about economics?

Expert Solution

Economic integration is the method of integrating economies through the process of removal or reduction of taxes and tariffs and promotion of free trade. Here in case of economic integration, the policies of various states have to be unified in a manner that benefits everyone.

Consumers in all states will get the benefit by means of lower prices of goods and services. The only loss comes for the governments and various entities by the reduction or removal of tariffs which forms a major part of their revenue.

Economic integration is not just about economics but there are other reasons as well. Political reasons are also a major contributor like in case of international treaties and conventions where integration of economies are an agenda.

Eg : Treaties by European Union

Also, it helps in boosting the productivity of states and export promotion which helps in increasing GDP of states.

The drawback of economic integration is that it reduces the sovereignty of states by being an open territory in case of trade and that may cause trouble from nationalist sentiments.

Rahul Sunny answered 2 years ago

Define economic integration. What are the three approaches to integration? Explain.

Define regional economic integration. Identify and explain the first four levels of economic integration.

Please define and describe an investment in economics Please define mrp, mrc, Vp ( use equation,...

Please define and describe an investment in economics Please define mrp, mrc, Vp ( use equation, graph, words ) How does rate of return on capital and cost of capital relate to mrp and mrc? What is the time preference? How does the element of time ( or term ) relate to investments?

What national conditions contribute to the success of economic integration? Please explain

PLEASE MAKE POST ORIGINAL! What are the economic and political arguments for regional economic integration? Given...

PLEASE MAKE POST ORIGINAL! What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more integration in the world economy? Select a current global business event relating to Brexit from a news source, such as electronic local newspapers, New York Times, International Business Times, Economic Times, or CNN News. Provide a summary of the article Include an explanation of what you learned in this article and if you agree with the author's...

Define the concept of trade creation and trade diversion with respect to regional economic integration. Given...

Define the concept of trade creation and trade diversion with respect to regional economic integration. Given that, integration can both create and divert trade, under what circumstances will regional integration be in the best interest of the world economy? b) In what ways could regional trade blocks serve as either a building block or stumbling block (i.e., an obstacle) to those agreements envisioned by multilateral agreements sponsored by the WTO?

Introduction to Business & Economics Module Learning Outcomes: Define Business and Economics while exploring economic systems....

Introduction to Business & Economics Module Learning Outcomes: Define Business and Economics while exploring economic systems. Identify the ways to measure economic performance. Outline the different phases in a business cycle and the types of competition. Summarize the factors affecting the business environment and future challenges. Describe the advantages/disadvantages of sole proprietorships, partnerships, and corporations. Examine special types of corporations: LLC, S-corporations, non-for-profits Key Terms/Concepts to Learn: Free enterprise system federal deficit 4 types of competition Business national debt equilibrium...

Define the three types of integration strategies (forward integration, backward integration, and horizontal integration). Give examples...

Define the three types of integration strategies (forward integration, backward integration, and horizontal integration). Give examples and guidelines for when each is strategically appropriate.

write a summary about what is economics and the types of the economic system and their...

write a summary about what is economics and the types of the economic system and their advantages and disadvantages and Islamic economic theory and principle of Islamic economics /and neoclassical versus Islamic economic theory and the objective of an Islamic economic system

Define Vertical Integration Strategies (Forward, Backward & Horizontal Integration)

Question