Economic integration can take many forms. The following table shows four common forms of integration and their characteristics.
(Click the question marks to see the characteristics)
| Free Trade Area | Customs Union |
Common Market | Economic Union | |
|---|---|---|---|---|
| Free trade among members? | ||||
| Free trade with non-members? | ||||
| If No to previous question, then: | Independent policy | Uniform policy | ||
| Free Factor Mobility? | ||||
| Unification and co-ordination of economies? |