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8 Cards in this Set
- Front
- Back
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Protectionism
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Government policies to reduce or block imports
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Tariffs
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Taxes imposed imported products
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Import Quotas
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Numerical limitations on the quantity of products that can be imported
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Nontariff barriers
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All the other ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products
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Infant Industry Arguement
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An argument to block imports for a short time, to give the infant industry time to mature, before eventually it starts competing on equal term in the global economy
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Dumping
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Selling internationally traded goods below their cost of proudction
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Anti-dumping laws
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Laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production
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Race to the bottom
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When production location in countries with the lowest environmental (or other) standards, putting pressure on all countries to reduce their environmental standards
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