Protectionism (Leaving Cert Business): Flashcards

Govt actions to protect domestic industries from foreign competition

Tariffs, quotas, embargos, subsidies, administrative regulations

Tax on imported goods (e.g., customs duty)

Makes foreign goods pricier, domestic products more competitive

Limit on number of units that can be imported or exported

Complete ban on imports from a specific country

Payment to domestic firms to help with operating costs

Reduce costs for domestic firms to compete with foreign companies

Bureaucratic obstacles/red tape to make importing difficult

Reduce imports, protect jobs, safeguard industries, improve BoP