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including the largest on 1 May 2004, when 10 EU countries joined. The
EU aims to increase cooperation between EU member states. All

European Union members must fulfil specific economic and political
conditions, including enjoying a democratic system of government and
respecting human rights and the rule of law, before being allowed to join

the list of EU members. Through membership, EU member states enjoy
increased economic prosperity and the advantages of a large internal

market. To become a member of the European Union, EU candidates
must meet the Copenhagen Criteria for EU membership. EU candidates
must meet political and economic criteria for EU membership, and a

criterion concerning adoption of the European Community acquis. The
Copenhagen European Council (1993) defined the accession criteria for

EU candidates as: stability of institutions guaranteeing democracy, the rule
of law, human rights and respect for and protection of minorities; the
existence of a functioning market economy as well as the capacity to cope

with competitive pressure and market forces within the EU; and the ability
to take on the obligations of membership including adherence to the aims

of political, economic and monetary union. EU candidates must fulfil these
requirements in order to secure EU membership.

Source: www.eucommerz.com/eu_members (accessed 2nd July, 2010)

The twenty seven member states include: Austria, Belgium, Bulgaria,

Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Greece,

Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia,
Spain, Sweden and United Kingdom.

Trading within the European Union between member states is beneficial

as the increase in price can be kept to a minimum. If the price of a product
is too high in the international market compared to the domestic market,
then the consumer may not perceive value in the exchange.

9.8 Value of exchange and price

Price is an important element of the marketing mix because consumers
perceive value in the exchange. If the price is too high consumers may