protectionism

tariffs. 3

tariff is a tax on goods which are imported into a country.

they raise the cost of production and cause higher prices for consumers

benefit government through tax revenue

what is the CAP

EU common agricultural policy. combination of traiffs and subsidies to protect domestic farmers from imports

quota 2

1. a physical limit on the amount of imports allowed into a country.

2. EU’s quota on chinease textiles

subsidies 1

1. reduce the cost of production for domestic firms making them more exort competitive on the international market

embargoes 4

this is a total ban of goods being imported.

goods which are considdered dangerous or done for political reasons.

embargoes on zimbabwe due to lack of human rights

embargoes of british beef due to mad cow desease scare.

administration costs. 2

quality checks and regulation leads to fewer imports as AC increases.

EU has strick regulation on importing livestock

currency maniplulation 4

1. currency wars are when a country devalues the currency to make exports more competitive through cutting interest rates and quantitative easing.

2. results in others weakening too

3. import price rises

incentives for protectionism. 4

increase in tax revenue.

reduction in unemployment

increased quality

reduced risk