A single market is a type of trade bloc which is composed of a free trade area (for goods) with common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production.
A common market is a first stage towards a single market, and may be limited initially to a free trade area with relatively free movement of capital and of services, but not so advanced in reduction of the rest of the trade barriers.
The European Economic Community was the first example of a both common and single market, but it was an economic union since it had additionally a customs union.
Read more about Single Market: Benefits and Costs, List of Single Markets
Famous quotes containing the words single and/or market:
“The shore is composed of a belt of smooth rounded white stones like paving-stones, excepting one or two short sand beaches, and is so steep that in many places a single leap will carry you into water over your head; and were it not for its remarkable transparency, that would be the last to be seen of its bottom till it rose on the opposite side. Some think it is bottomless.”
—Henry David Thoreau (1817–1862)
“To market ‘tis our destiny to go.”
—Robert Frost (1874–1963)