ECON 1102 Lecture Notes - Lecture 12: Protectionism, Comparative Advantage
Document Summary
Introduction: trade is generally beneficial, trade makes people better off when preferences differ, trade increases productivity through, specialization, division of knowledge, trade increases productivity through production consistent with comparative advantage. Protectionism: protectionism: the economic policy of restraining trade through quotas, tariffs, or other regulations that burden foreign producers but not domestic production, tariff: a tax on imports, quota: restriction on the quantity of goods that can be imported. Arguments against trade: some of the most common arguments, trade reduces the number of jobs in the u. s.
