Free Trade vs Protectionism Flashcard

Front

Any activity which slows or outright blocks the free exchange of goods and services between nations.

Back

Embargo

Front

refers to the unrestricted flow of goods, services, and productive resources between countries

Back

free trade

Front

The use of trade barriers to protect a nation’s industries from foreign competition

Back

Protectionism

Front

Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.

Back

arguments for free trade

Front

Protects infant industries, hurts domestic workers, labor standards are not the same, and to protect national security.

Back

Arguments against free trade

Front

Which of the following is not a type of protectionism? Embargo, Quota, Trade alliance, Tariff

Back

Trade alliance

Front

How does trade protection help maintain national security?

Back

By reducing reliance on imports for essential goods

Front

Goods and services produced in other countries and sold domestically.

Back

import

Front

Goods and services produced domestically and sold in other countries.

Back

export

Front

What is a tax paid on imports?

Back

Tariff