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Protectionism (Types (Quotas (A numerical value on the maximum number that…
Protectionism
Types
Quotas
A numerical value on the maximum number that can be imported, this makes domestic producers supply the remaining demand
Tariffs
A tax on the import of foreign goods, increases the price of foreign goods in order to make local producers more competitive
Subsidies
Money given to domestic producers to cover some of the costs and make them more competitive with foreign producers
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