An economic union is a type of agreement between countries that allows for the free movement of goods, services, capital, and labor among member states. This arrangement aims to enhance economic cooperation and integration, making it easier for businesses to operate across borders. Economic unions often involve common policies on trade, tariffs, and regulations. One well-known example of an economic union is the European Union (EU), which facilitates trade and economic collaboration among its member countries. By reducing barriers and harmonizing regulations, economic unions can boost economic growth and improve the standard of living for their citizens.