Fundamentals of Management, 8th ed

European Union (EU)

The first and most

important

international market

system

economic

community

A set of countries

that agree to

markedly reduce or

eliminate trade

barriers among

member nations (a

formalized market

system)

Chapter 2: The Environments of Organizations and Managers

5 5

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Another important economic community encompasses the United States, Canada,

and Mexico. These countries have long been major trading partners with one another;

more than 80 percent of Mexico’s exports go to the United States, and more than 65 percent

of Mexico’s imports come from the United States. During the last several years, these

countries have negotiated a variety of agreements to make trade even easier. The most

important of these, the