Trade Barriers Canada Flashcard

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What are tariffs on imported goods?

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Taxes or duties imposed on goods entering a country from another country

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Why do countries impose tariffs on imported goods?

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To protect domestic industries, raise revenue, and reduce trade deficits.

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How do tariffs affect the price of imported goods?

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Tariffs increase the price of imported goods.

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What are the advantages and disadvantages of tariffs on imported goods?

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Advantages include protecting domestic industries and generating revenue for the government, while disadvantages include higher prices for consumers and potential trade wars.

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What are quotas on agricultural products?

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Limits on the quantity of specific agricultural products that can be imported or exported

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How do quotas impact the supply and demand of agricultural products?

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Quotas restrict the amount of agricultural products that can be imported, leading to a decrease in supply and an increase in demand for domestic products.

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What are embargoes on specific countries?

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Restrictions or limitations imposed on trade with certain countries

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What are the effects of embargoes on the economies of the countries involved?

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Negative impacts on the economies of the countries involved

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What are the political implications of imposing embargoes on specific countries?

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Imposing embargoes can strain diplomatic relations and impact global alliances.

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How does free trade affect consumer prices?

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Free trade decreases consumer prices as it allows for cheaper imports.