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Common Market |
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Common market An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. Common Market 1. A market with the free movement of goods, services, labor, and capital between two or more places. For example, even though Texas and Oklahoma are different places with different governments and regulations, the two have a common market because workers do not need permission to move between them, and one may transfer money between them without incurring any tariffs or fees. See also: Free trade. 2. An informal term for the European Economic Community.
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