International Business Part II BCS-BE-8: The student analyzes hoe international business impacts business.

Protectionism and Free Trade Global _______ often leads to trade disputes. Protectionism and free ______ are two opposing points of view involved in trade disputes.

Protectionism Japan ______protectionis m in the areas of rice farming and auto production. protectionism the practice of the _______putting limits on foreign trade to protect businesses at home

Protectionism Reasons to Restrict Trade Foreign competition can lower the demand for _____ made at home. Companies at home need to be ________from unfair competition. Industries that make _______ related to national defense need to be protected.

Protectionism Reasons to Restrict Trade The use of cheap _____ in other countries can lower wages or threaten jobs at home. A country can become too ________ on another country for important products. Other _______ might not have the same environmental or human rights standards.

Protectionism A ______ is an example of a trade barrier. tariff a tax placed on imports to _______ their price in the domestic market

Protectionism A ______ is another example of a trade barrier. quota a limit ______ on the quantities of a product that can be imported

Protectionism An _______ is a trade barrier that is usually used for political or military reasons. embargo a ban on the import or export of a ______

Free Trade Supporters of _______ think all countries should be free to compete anywhere in the world without restrictions. free trade when there are few or no limits on trade between _______

Free Trade Benefits of Free Trade Free trade opens up new ________ in other countries. Free trade creates new ______. ________ forces businesses to be more efficient and productive.

Free Trade Benefits of Free Trade Consumers have more _______ in the variety, prices, and quality of products. Free trade promotes ________ understanding and encourages countries to cooperate with each other. Free trade helps ________ raise their standard of living.

Free Trade To reduce ______ on trade, _______ form trade alliances. NAFTA (North American Free Trade Agreement) combined the ______ of the United States, Canada, and Mexico.

Free Trade Some people ______ NAFTA because they feared some workers would be displaced when trade barriers were _______.

Graphic Organizer North American Free Trade ______ (NAFTA) European ______(EU) Association of _______ Asian Nations (ASEAN) United States, Canada, Mexico Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam