Question

The process whereby countries in a geographic area cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital is called ________.

Answer 1

Answer:

The process whereby countries in a geographical area cooperate with one another to reduce barriers to the international flow of products,people or capital is called as regional economic integration.

Explanation:

Regional economic integration is defined as an agreement between groups of counties in a geographical region that reduces barriers to the flow of goods,services,factors etc.

In 1952, this type of agreement was occur between European and 15 different European countries and the main purpose of this was to eliminate the barriers and create flow of goods between European countries which in turn creates new opportunities and provide regional free trade agreement.

The levels of integrations are Free trade,Customs Union, Common Market,Political Union etc.