Economic integration whereby countries remove all barriers to trade and the movement of labour and capital between themselves and erect a common trade policy against non-members is called a(n)________.

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Common market involves free movement of goods, services, capital, and labor between member countries and a common trade policy towards non-members. Economic union involves the additional integration of economic policies such as fiscal and monetary policies. Customs union involves the removal of trade barriers among members and a common trade policy towards non-members, but does not involve free movement of labor and capital. Political union involves the integration of political institutions in addition to economic integration.

Economic Integration Whereby Countries Remove All Barriers to Trade and the Movement