the global economy (4.2)

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11 Terms

1
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trade protection

a deliberate attempt by the government to safeguard domestic producers from foreign competition by use of barriers of trade

2
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types of trade protection

  1. tariffs

  2. quotas

  3. subsidy (export subsidy)

  4. administrative barriers

3
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tariffs

a special tax imposed on imported goods and services

  • to discourage competition (imports)

  • to raise revenue

  • to protect domestic industries

4
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non-tariff barriers to trade

  • quotas

  • voluntary export restrictions

  • subsidies

  • regulatory & technical standards

  • government purchasing policies

5
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quotas

quantitative restrictions on imports

6
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subsidies

financial assistance to local firms to help them compete against foreign rivals by lowering the costs of production for domestic suppliers

  • production subsidies

  • export subsidies

7
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production subsidies

help reduce the production costs for domestic firms

8
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export subsidies

targeted at protecting specified export-oriented firms

9
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administrative barriers

bureaucratic standards & regulations imposed on foreign firms in order to protect domestic firms/consumers

  • embargoes

  • exchange controls

10
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embargoes

(administrative barrier)

bans on trade within a certain country

often due to political/economic disputes

11
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exchange controls

(administrative barrier)

restrictions on the quantity of foreign exchange that can be brought or sold by domestic residents

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