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Transcript of Trade Barriers
-Increased competition with foreign trade competitors
Benefit of Trade Barriers
-Cheaper prices for imported goods
-Cheaper prices for domestic goods that compete with imports
Reasons they are Benefits
- An increase in real wealth for every consumer.
Costs and Benefits of Trade Barriers
Trade Barriers are regulations set by the government to put restrictions on international trade.
Reasons they are Costs
-People could get laid off if competition isn't high enough
-Cheaper input costs for us producers
-Higher profit margins / expanded production.
-Access to new markets for exported goods -- higher revenues profits and economies of scale for firms that export.
-Domestic firms may have to cut costs to remain competitive
-They may not be able to compete at all and go out of business or declare bankruptcy.
-It could lead to skyrocketing prices
- Could lead low quality and less innovation.