Flashcards in barriers to trade and protectionism Deck (8)
what is trade protection?
by deliberately attempting to limit the amount of imports and exports by putting up barriers to trade
what does protectionism prevent?
what is the most common barrier to trade?
what are tariffs?
putting taxes on imports
why is protectionism still practiced?
for countries to protect their established or emerging industries
what is a non tariff barrier?
rules on the quality of product coming in
what is an embargo?
a partial or complete prohibition of trade with a particular country