The term "single market" refers to a region in which goods and services can be traded freely between different countries or regions without barriers such as tariffs or quotas. Synonyms for the term include "internal market," "common market," and "unified market." These terms all describe the same concept of a unified economic zone where businesses can operate on a level playing field and consumers can benefit from increased competition and choice. The European Union is perhaps the best-known example of a single market, but similar arrangements exist in other parts of the world, such as the Common Market of Southern Africa and the Gulf Cooperation Council.