Intro to International Trade Review
- Created by: evystewart
- Created on: 17-02-21 21:02
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- International Trade
- Protectionism
- Tarrifs
- Tax charged on imported goods
- Anti-dumping
- Tax charged on imported goods
- Subsidies
- Domestic firms become more competitive
- Quotas
- Physical limit on imports
- Administrative barriers
- "Red tape"
- Paperwork or restricted borders
- Health standards
- Restrictions or methods of production to restrict imports
- Embargoes
- Complete ban as political punishment
- Not common
- Complete ban as political punishment
- "Red tape"
- Nationalistic campaigns
- Marketing campaigns to encourage domestic consumption
- Tarrifs
- Free Trade
- When there are no barriers to trade; goods and services move freely through the economy
- Protectionism
- Lower prices
- Greater choice
- Difference in resources
- Economies of scale
- Increased competition
- More efficient allocation of resources
- Source of foreign exchange
- Domestic employment (sunset industry)
- Low-cost labour
- Infant (sunrise) industry
- Over-specialization
- Strategy
- Anti-dumping
- Product standards
- Government revenue
- Balance of payments deficit
- Chapter 21 - Why do countries trade?
- Chapter 22 - Free trade and protectionism
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