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International Economics Assessment 2 Europe Samantha Cochrane In joining the European Union, the United Kingdom has been affected in many different ways. We have had the advantages and the disadvantages, the benefits and the costs. Advantages to the EU cover many fields; there is greater specialisation and economies of scale, for example the more efficient a firm is in producing their product then the bigger the scale of production leading to higher capital for them and also leading to lower costs. There would be more competition involved as the removal of trade barriers leads to more countries being involved leading to greater ideas and more innovation. Trade between member states becomes quicker and cheaper as the EU is a customs union - a single market. No tax tariffs will be imposed due to this and so this is another benefit of being part of the EU. This leads to cheaper prices for the consumers of all...

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