Business (Y13) - Open trade & protectionism

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9 Terms

1
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What is open trade?

The removal or reduction of barriers to international change

2
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What is protectionism?

A country’s restrictions on international trade

3
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What is the aim of protectionism?

Protect domestic businesses from overseas competition and open trade

4
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What are some examples of protectionism?

Tariffs, quotas, non-tariff barriers, export subsidies and domestic subsidies

5
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What are tariffs?

Tax/ duty on imports

6
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What are quotas?

Limit on quantity imported

7
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What are non-tariff barriers?

Regulations on quality, types of labels and other non monetary qualities

8
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What are export subsidies?

Financial support from the government to lower costs for domestic businesses to export

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What are domestic subsidies?

Financial support from the government to help struggling domestic businesses produce more