1.

What are the main differencies btw free trade area and
common market:

Free trade area (FTA) - Free movement of goods, individual customs

tariffs, rules of origin
Common market (CM) - Free movement of goods, free factor
movement, common customs tariff

2.Consumer surplus is the difference between what consumers

are willing to pay for each unit of the commodity and what they
actually pay.
3. Producer surplus is a payment that need not to be made in the
long run in order to induce producers to supply a specific amount of
a commodity.
4.

Local
content
requirement
is:
b. a condition that same part of environment should be
produced localy