Political Influences

Question 1

Define what is meant by the European Union

Answer 1

The economic and political union of most European states aimed at reducing trade barriers and harmonising economic policy

Question 2

Name 5 members of the EU

Answer 2

Denmark, Greece, Spain, France and Germany

Question 3

State 3 facts about the EU

Answer 3

Member countries have to pay a member fee, regulations which are legally binding have to be followed by members, freedom of movement is allowed for EU citizens within member countries

Question 4

State three impacts on business of regulation

Answer 4

Encourages competition, more choice, better value products, more businesses in specified markets

Question 5

Define what is meant by the Euro

Answer 5

The currency in the EU used by members

Question 6

Define what is meant by the euro zone

Answer 6

Those countries in the EU that are using the euro as their currency

Question 7

How do members of the EU benefit?

Answer 7

No tariffs or quotas = more profit, larger choice of workforce, a standardised set of regulations (easier to produce)

Question 8

Define free trade

Answer 8

Agreement between countries to trade without tariffs or quotas

Question 9

Define tariff

Answer 9

A duty paid pm imports

Question 10

Define quota

Answer 10

A limit on the quantity of a good that’s can be imported into a country at one time

Question 11

State an argument against the UK leaving the EU

Answer 11

Loss of free trade, business may not be able to buy from the same suppliers because of added costs of tariffs and quotas

Question 12

State an argument for the UK leaving the EU

Answer 12

The UK can negotiate new trade deals outside if the EU, free from EU laws