Share This Article:

Economic Definition of common market. Defined.

Offline Version: PDF

Term common market Definition: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels.


« commodity money | common stock »


Alphabetical Reference to Over 2,000 Economic Terms