Globalisation 13.1. Today…. Free Trade and Protectionism – Definitions – Videos – Quiz Questions.

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Presentation transcript:

Globalisation 13.1

Today…. Free Trade and Protectionism – Definitions – Videos – Quiz Questions

What is Free Trade? “The unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas.” investopedia.com

Arguments For Free Trade Increased specialisation = quality & efficiency Increased productivity Increased competition Greater incentive to innovate Greater output Higher living standards

Protectionism (Trade Restrictions) Arguments For:Arguments Against: 1. To protect weaker domestic industries from foreign ‘attackers’ 1. Causes higher prices for consumer and producer products 2. To protect domestic jobs2. Restricts consumer choice (less variety) 3. To protect national security by restricting the trade of certain technology 3. Loss of jobs from export-oriented businesses 4. To protect the health of citizens by banning products that do not meet specified health and safety standards 4. Props up inefficient businesses, which is a waste of scarce resources 5. To retaliate against another country’s trade restrictions 5. Leads to lower economic growth rates

Quiz Question Time! Write yourself three quiz questions on today’s topic!

Today we covered…. Free Trade and Protectionism: – Definitions – Reasons for and against