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NON-TARIFF BARRIERS - Coggle Diagram
NON-TARIFF BARRIERS
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effect on stakeholder
domestic consumer
there is decrease in consumer surplus, due the higher price and less quantity supplied
domestic producer
there is a increase in producer surplus, due to higher price and a greater domestic quantity supply.
foreign producers
less quantity will be imported. however, for those foreign producers who can import, the price is higher.
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definition
unlike tariff which are a tax on products being imported, non-tariff barriers are other elements which can slow or prevent trade.
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free trade
exist when nation can swap goods and services without the constraints of tariff duties or quotas free-trade lets nations concentrate on manufacturingr