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Free Trade (Benefits (More efficient resource allocation, Acquiring needed…

- - - - Increased price goes to foreign exporters
        
        Government distributes licenses to their own exporters, who gain quota rent
    - - Health & Safety regulations
      - Red tape
        
        Customs procedures may be time consuming
      - Embargo
        
        Partial/complete prohibition of importation of particular goods from certain countries
      - Import license
        
        Controls quantity
    - - Raise revenue / restrict imports (protective)
      - May not work if demand is highly price inelastic
  - - - Dumping: selling abroad at a price below unit costs/domestic price
  - - - Consumption inefficiency: less options and higher prices
      - Production inefficiency: domestic production is at a higher cost