Globalization. Integration and interdependence of the world economies. Economist have felt for a very long time that international free trade is good. Globalization has really taken off since the second half of the twentieth century.
Ex. American obesity is spreading as well as breakdowns in the family in some countries.
Customers may have more demands for their businesses.
Ex. Merry Mart in Chang Ping
Common Market - Free trade between members as well as set restrictions on goods from outside members.
Ex. They go from their relatively small country market to the 500 million people in the EU .
Members include Iceland, Norway Switzerland and Liechtenstein.
Members include Mexico, Canada and the U.S.A.
Ex. Europeans protect their local farmers hurting South American imports.
Ex. Those businesses that do not compete in Europe the U.S. and the pacific rim are at a disadvantage.