Introduction to Trade Protection and its Methods

This video lecture introduces trade protection, explaining its impact on domestic production and consumer surplus. It discusses the motivations for trade protection, such as protecting sunset and infant industries, and managing dumping. The lecture also covers various trade protection policies, including tariffs, subsidies, and quotas, and their implications on global efficiency and potential retaliation.

What are the main methods of trade protection mentioned in the lecture?

What is the definition of free trade as described in the text?

How does free trade impact consumer surplus according to the lecture?

What are the potential consequences of trade protection for domestic producers?

Explain the concept of dumping as discussed in the lecture.

What are the reasons for implementing trade protection policies?

What are the implications of trade protection on consumer prices?

Describe the impact of trade protection on global efficiency.

What is the role of tariffs in trade protection?

How do subsidies function as a method of trade protection?