The Single Market
In business language a single market is a term used to represent a deeper form of integration than mere customs. Basically, this market involves the free movement of capital, labor, goods and services with the broadened concept of economic policy harmonization through member countries. The Single Market therefore is a term used to refer to the larger EU region. With the exit of Britain in the large EU market a lot of changes is left to be felt. The following however are some of the benefits of the benefits of the single market.
The single market has helped create prosperity within its member countries. Through the single market, member countries can trade with each other freely thereby increasing the GDP's of their respective countries. Here's a good read about European Union, check it out!
Easy to shop and move around
This is one of the most sorted after benefits of the single market both to businesses and individual citizen. So long as your country is a member of the EU, you are able to travel across all the other EU countries without necessarily having to carry your passport with you. This is not all. In addition to ease of travel, you want in any way be stopped at border points for check and your consumer rights are not pegged on items to buy and carry with you.
Large potential market
So long as you are a citizen of an EU member country, your business is automatically connected to over two hundred million potential customers. This is beneficial to your business as it opens it up to a large market thereby helping it enjoy the economies of scale among other numerous benefits.
Creation of jobs
With the increase of trade comes creation of jobs. The single market has been able to create a lot of job opportunity both formal and informal. In addition to the large businesses creating jobs the free movement of labor and capital from one member country to another with the EU region has seen people comfortably seeking new job ventures in other countries hence creating job opportunities.
Helped make trade easier between countries
With the absence of border bureaucracy, trade and business opportunities has been much easier. Not only this, businesses have been able to reduce on their costs of doing business thereby saving money and time.
The single market has been a great advantage to member countries. With the exit of UK economist suggest that the benefits being enjoyed will greatly reduce, however all this will be a matter of watch and see.