Protectionism
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Last updated 7:38 PM on 3/2/26
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5 Terms
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What is protectionism?
The government limiting imports to protect domestic industries from foreign competition
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Tariff
Tax on imports
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Tariff diagram
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Quotas
A limit on the quantity of imports
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Costs of protectionism
Higher prices for consumers and leads to less choice
Retaliation (trade wars)
Domestic firms may lose incentive to be efficient
Reduces overall economic welfare
