European Union – Location 3.1 Miss Richmond Standard Grade Business Management

European Union Many European Countries (25) One Market – over 360 million customers Few Restrictions A.K.A – Single Market

European Union Countries Austria Belgium Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxemburg Malta Poland Portugal Slovakia Slovenia Spain Sweden The Netherlands United Kingdom

Advantages No quotas No customs duties Free movement of workers and capital Larger choice of suppliers Increased competition BUT increased efficiency Restrictive practices stopped

Disadvantages Language barriers Distance problems – high transport costs Currency difficulties in the short term Slower production due to large demand

Funding Given to projects such as: Road building Clearance of derelict inner city areas Development of infrastructure (schools and hospitals) Grants given mostly to reduce unemployment and factory closures.

Funding cont. The European Social Fund –financial aid to improve training and job prospects. The European Regional Development Fund – financial aid for businesses involved in infrastructure and telecommunication projects. The European Agricultural Guidance and Guarantee Fund – job opportunities in farming areas.

Non-EU Companies Set up businesses in EU countries to reap benefits For Example – Japan and the USA Benefits local EU areas: Employment Higher spending power Increased standard of living and prosperity in depresses areas