Common Market

Tariffs: Taxes imposed on imported goods and services. They raise the price of imported goods as a way to shield domestic producers from foreign competition.

Free Trade Area: A region where member countries have signed a free trade agreement, which eliminates tariffs and import quotas between them but allows each country to maintain its own trade policy with non-member nations.

European Economic Community (EEC): An economic union established in 1957 by six Western European countries, with the goal of providing a common market and customs union among its members.