barriers to trade and protectionism Flashcards Preview

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Flashcards in barriers to trade and protectionism Deck (8)
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1

what is trade protection?

by deliberately attempting to limit the amount of imports and exports by putting up barriers to trade

2

what does protectionism prevent?

free trade

3

what is the most common barrier to trade?

a tariff

4

what are tariffs?

putting taxes on imports

5

why is protectionism still practiced?

for countries to protect their established or emerging industries

6

what is a non tariff barrier?

rules on the quality of product coming in

7

what is an embargo?

a partial or complete prohibition of trade with a particular country

8

what country has the us got an embargo with?

cuba
due to political reasons