The EEA, which stands for European Economic Area, has various synonyms that are used interchangeably to refer to the same agreement. Some of the most common synonyms for the EEA include the European Common Market, the Single Market, the European Free Trade Association, and the Internal Market. The purpose of the EEA is to provide a framework that facilitates the free movement of goods, services, people, and capital within the member states of the European Union, as well as the three EFTA states: Norway, Iceland, and Liechtenstein. The EEA is a vital component of the European integration process and has helped to promote economic growth and development across the continent over the years.