when did the common market become the eec
European Economic Community The EEC was also known as the Common Market in the English-speaking countries and sometimes referred to as the European Community even before it was officially renamed as such in 1993.
Babylon Babylon (
Alonso Álvarez de Pineda
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]