The main characteristics of the Single European Market (SEM)
The Single European Market (SEM) allows goods, services, money, and people to move freely between EU member states. It removes trade barriers and sets shared rules so firms can sell across borders as easily as within one country.
Real World
A Polish plumber can legally work in France without a visa under the SEM's free movement of labour, and a UK-based bank could passport its services across all 27 EU states before Brexit.
Exam Focus
Avoid confusing the SEM with a customs union — explicitly state the four freedoms and regulatory harmonisation to access higher marks.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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