As you read this scenario, think about the effects of reducing trade regulations.

Goran lives in a country that just entered an economic union with many countries in the region. Last week, he and his friends had to convert their money into the new currency of the economic union. Although this is a confusing time, Goran is excited at the prospect of easily working or studying in the countries that also belong to the economic union. But Goran is also worried about the implications of the union on his country’s sovereignty. He hears people voice their concerns about unchecked immigration, culture clash, and the loss of economic power.

List the ways that Goran is affected by a reduction in trade regulations

The reduction in trade regulations will affect Goran in some positive ways:

Goran will have a more job options and job locations to choose from because he can move to any country within the union.

All nations in the union will need to implement uniform labor standards. As a result, nations with a poor record of labor rights protection will be forced to give workers better working conditions and more rights. Workers will enjoy the same or similar labor rights no matter which member country they work in.

The union will allow cheaper foreign goods into Goran’s country. As a result, Goran can enjoy low-priced, better-quality products.

Goran won’t need to change currency or show his passport when he travels to neighboring countries.

The trade regulations will also have some negative effects:

Goran will have more employment competition because the union will open his country’s borders to foreign workers.

Goran’s country will not have the power to deviate from labor norms agreed upon by the union. For example, his country will not have the power to select a retirement age that is different from the age set by the union.

If Goran starts his own business, he’ll have to compete with foreign producers.

Without passport controls, criminals may easily enter Goran’s country and create a security threat.

Explanation:

the earnings of a typical investor is around $1,000,000 to $10,000,000

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