Explain five advantages accruing to a country that have joined an economic block.

      

Explain five advantages accruing to a country that have joined an economic block.

  

Answers


johnson
•Encourages specialization in production of (goods) hence a country has comparative advantage/improving quality/quantity of goods.

•Joint research (can be undertaken) – with each member state contributing

•Technology in one country can be transferred (easily to other member state) leading to improved productivity

•Reduce unemployment in member counties since labour is mobile

•Fosters unity amongst member states as member counties’ citizens can interact freely

•Lessens dependence on developed countries since member countries rely on one another

•Simplifies import/export procedures amongst member states

•Member states are able to establish a common bargaining front

•Facilitates free movement of factors of production between member states thus increasing productivity

•Creates a wider market for industries in the region leading to increased income/sales/profit

•Member states enjoy benefits of economies of scale

•Leads to improvement in infrastructure between member states due to combined capital allocation

•High quality goods are produced due to competition
johnson mwenjera answered the question on January 6, 2018 at 19:42


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