Describe three of the economic benefits realized by the formation of the European Union

Answer 1

Much of the European Union's raison d'être is economic. The EEC was designed, as the European Union is today, to secure the benefits of large-scale production by pooling the resources—natural, human, and financial—and markets of its members. Tariffs on goods moving from one member state to another were eliminated, and restrictions on the movement of labor and capital between member states were eased (in theory, a citizen of any EU country may work in any other EU country, but the process is not simple; a work permit must be obtained from the host country).
Monopolies that restricted competition were discouraged. A common set of external tariffs was established to regulate imports from other countries, and a common system of price supports for agriculture replaced the individual systems of member states. The founders expected that free trade within such a populous and highly developed bloc of countries would stimulate investment in mass-production enterprises, which could sell freely to all member countries.
This trade would encourage productive geographic specialization, with each part of the union expanding lines of production for which it was best suited. Each country might thereby achieve greater production, larger exports, lower costs to consumers, higher wages, and a higher standard of living than it could achieve on its own.