Protectionism
With global policies, the opposite of free trade would be called what?
Protectionism or Isolationism
Which trade barrier is a tax on imported goods?
Tariffs
One potential advantage of protectionism is that it helps domestic industries that are hurt by ______ (who or what).
Foreign countries, Foreign Competition or trade or cheaper goods.
What is the term for countries buying and selling across borders with minimal barriers?
Free Trade
What is the largest trading block in the world?
EU or European Union
Tariffs often makes imports more ______ or harder to buy.
Expensive
Which trade barrier involves many countries working together to persuade another country to change their polices or actions?
Sanctions
What is the advantage called when protectionism supports new industries until they can compete globally?
Supporting “infant industries”
Free trade does what to barriers like tariffs, quotas, and other restrictions?
Reduces, lowers, removes, gets rid of, etc.
This is the term for when the United Kingdom left the European Union in 2020.
Brexit
Protectionism is designed to protect what kind of industries?
Domestic (home-country) industries
Which trade barrier sets a limit on how much of a good can be imported?
Trade Quota
Protectionism can be used to support national security in key areas like food, energy, and ______.
Defense or Military (Army, Navy, Airforce)
A benefit of free trade is better __________ of life or living.
quality, experience, degree or measurement
Large countries benefit from free trade because they avoid ______ with their trading partners.
wars, conflict, fighting
DAILY DOUBLE!!! You can wager any amount that you have in your score.
(No Phone a Friend)
True or False: Protectionism tries to increase foreign companies profits?
Which trade barrier involves restricting trade of goods to another country to punish them?
Sanctions or Embargo
A disadvantage of protectionism is it ________ prices of some goods and services for consumers.
increases, raises, makes go up
A benefit of free trade is _________ quality goods and services?
better, higher, increased
This Brexit is a combination of two words, what are these two words?
Britain and Exit
Protectionism increases the difficulty of buying goods from what countries?
Foreign Countries, International Markets
Name ALL three trade barriers connected to protectionism in the video:
tariffs, quotas, and sanctions.
DAILY DOUBLE!!! You can wager any amount that you have in your score.
(No Phone a Friend)
True or False: One advantage of protectionism is greater self-sufficiency or independence for a country in key industries.
A benefit of free trade is cheaper __________ and ____________ for the consumer.
goods and services.
Brexit is largely seen as being a ___________ policy and not a free trade policy.
Protectionist