Unit 4.2 - Types of Trade Protection
What you need to know and understand:
Key concepts:
Concepts to understand:
- Tariffs
- Effects on markets and stakeholders
- Quota
- Effects on markets and stakeholders
- Subsidy/export subsidy
- Effects on markets and stakeholders
- Administrative barriers
- Standards and regulations
Key concepts:
- Scarcity
- Choice
- Efficiency
- Equity
- Economic well-being
- Sustainability
- Change
- Interdependence
- Intervention
Concepts to understand:
- The increased interdependence of economies has benefits and costs.
- Increased economic integration may result in efficiency, welfare gains and improvements in economic well-being but the benefits may not result in equity.