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15 cards from this deck
Actions to impose restrictions on trade in goods & services
Tax on imported goods to raise price vs domestic products
Physical limit on quantity of imported goods
Agreement to remove trade barriers for free flow of goods/services between countries
Countries agreeing not to use protectionist policies between them
Remove trade restrictions among members, set common external tariffs
Free trade in goods, services, and factor markets
Common market with addition of shared currency
Fully integrated economies with fiscal & monetary union
Encourages free trade by removing protectionism, esp. tariffs
When barriers reduced: replacing high-cost domestic with low-cost imports
Shifting from lower-cost outside to higher-cost inside supplier
Safeguard jobs, protect industries, security, reduce deficits
Makes imports more expensive and less competitive
Restricts supply & potentially raises prices for consumers
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