A Single Market is an economic system that allows goods, services, capital, and people to move freely between member countries without tariffs or restrictions. This arrangement aims to enhance trade and economic cooperation, making it easier for businesses to operate across borders. The most well-known example is the European Union (EU) Single Market, which includes 27 member states. In a Single Market, regulations and standards are often harmonized to ensure fair competition and consumer protection. This means that products and services can be sold in any member country without needing to meet different national regulations, promoting efficiency and consumer choice.