A Desirable Mix of Protection and Free Trade (Grade 12 NSC Matric Economics): Flashcards
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Practise the cards
10 cards from this deck
Import substitution
Import substitution
Protecting local industries from foreign competition
Export promotion
Export promotion
Helping domestic industries sell goods internationally
Import substitution & export promotion link
Import substitution & export promotion link
Work together; import substitution can lead to export promotion
Regionalisation
Regionalisation
Mix of protection & free trade via trade blocks
Trade blocks structure
Trade blocks structure
Free trade within members, protection against non-members
WTO role
WTO role
Independent facilitator for global free trade
Free Trade Area (FTA) feature
Free Trade Area (FTA) feature
Remove tariffs within; each keeps own external policies
Customs union feature
Customs union feature
No internal tariffs + common external tariffs
Common market feature
Common market feature
Customs union + free movement of labour & capital
Economic union feature
Economic union feature
Highest integration: unified policies, one bank, single currency