4.1.4

Cards (8)

what is protectionism? 
when a country takes action to protect its own industries by restricting trade with other countries
what is meant by trade barriers?
measures that government introduce to make imported goods less competitive then locally produced goods
what are tariffs? 
taxes placed on imported goods that are not applied on domestic goods
what are import quotas?
an annual limit on the quantity of imported goods allowed into a country
what are government legislations?
a country introducing complex legal forms to discourage imports
what are domestic subsidies? 
a sum of money given by the government to producers of a specific product
what are some resons for protectionism? 
protects countries jobs
helps support small businesses
provide a layer of security for nation
what are some reasons against protectionism? 
higher price for customers
retaliation of other countries
extra costs of exporters
limited choice for customers