Trade Overview.

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Presentation transcript:

Trade Overview

Why Trade? Lower Prices Greater Choice Differences in Resources Economies of Scale Increased competition Comparative advantage/opportunity cost

Free trade and protectionism Free trade means there are no barriers between countries.

Arguments for Protectionism Protect domestic employment Protect against low cost labor Protect infant industries Avoid overspecialization Strategic reasons Prevent dumping Product standards Revenue

Arguments against protectionism Higher Prices Less choice Ineffeicient

Types of Protectionism Tariffs Quotas Subsidies Embargoes

WTO Established to promote and maintain trade standards Handle disputes Monitor trade policies Technical assistance for developing countries

Economic Integration Globalization Trading Blocs Preferential trading area (PTA) Free trade areas (FTA) Customs union Common markets Economic union

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