Abstract

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The common market of factors of production in the European Union (EU) involves the free movement of labour factor, financial capital and innovation/technology. Technology as a separate factor of production in an integrating area is rarely incorporated into theoretical analysis. From a theoretical point of view, there are different relationships between various segments of the market of factors of production. Importance and strength of the relationship between them changes with each shift in the economic development of the EU member countries and deepening of integration processes. No doubt, however, that the central element becomes innovations / technologies, that lead to structural changes and local changes in integrating areas. Therefore, the purpose of this article is to assess the progress of the integration processes on the technology market in the EU and the identification of the relationship between this segment of the market of factors of production and its remaining segments.

The first part of the article presents the technology as a factor of production in an integrating area. Next we describe the influence of R&D on the region’s competitiveness and we identify the main characteristics of the technology market in the European Union.  The main aim of the next part of the paper is to indicate the role of international business in the creation and transfer of technology in the European Union. The analysis conducted in the paper is based on specialist literature and statistical data.

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