Trade Barriers. Essential Question How do trade barriers make trade between countries more difficult?

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Presentation transcript:

Trade Barriers

Essential Question How do trade barriers make trade between countries more difficult?

Candy Sale Who wants to buy some candy?? Raise your hands

How Much? Today, I’m running a special. I paid about 5 cents a piece.  But I have to charge you a tax. I’ll sell it for $1 dollar a piece. Who still wants to buy some? Why not?

How Many? Okay, I’ll sell it for 5 cents a piece. Who wants some now? Okay, oops, I forgot to tell you, I was only able to purchase 5 pieces. After 5 pieces, I can’t sell anymore.

To Who? Since I only have 5 pieces, I’ll sell candy to everyone whose last name begins with C. If your last name doesn’t begin with “C” then I refuse to sell you candy. Sorry!

Trade Barriers Trade barriers make it more difficult to import products from other countries. There are 3 major types of trade barriers Tariffs Quotas Embargoes  They “hinder” (stop, or slow down) global trade.

Tariffs Tariffs are taxes charged for imported goods  In order to get a product from another country, you have to pay extra for it.  Sort of like sales tax Think of how many goods the United States imports. How do you think tariffs might affect the economy? How do you think this affects world trade?

Quotas A quota is when a country limits the amount of a product that can be imported from another country.  EX: A country might limit the amount of sugar imported from other countries to 50 tons per year. What happens when a country has already bought their entire quota? How do you think this affects world trade?

Embargoes An embargo is when one country completely refuses to trade with another country OR when one country refuses to buy a particular product from another country.  EX: We used to have an embargo with the Soviet Union  EX: We now have an embargo with Cuba This is usually done between two countries that don’t like each other. How do you think this affects world trade?

What is Your Product? You and your partner create a product. It can be anything, name it and draw a picture of it. 1.Would you want to sell this product in other countries? Why? 2.Why wouldn’t you want quotas when selling this product? 3.Why wouldn’t you want tariffs when selling this product? 4.Why wouldn’t you want an embargo when selling this product? 5.Why might you want embargoes when selling this product?