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Chapter 7: Malaysia and International Trade Sector Discuss any 4…

- - - - Tariffs
        
        taxes imposed on imports
        
        ↑ price of imported goods = ↓ demand
      - Quotas
        
        restrictions on the volume of imports for a particular good or service over a period of time.
      - Subsidies
        
        The government gives domestic producers tax credits. They make the price that consumers pay different from the price that producers pay.
      - Standardization
        
        A nation's government may stipulate rules that must be followed by all imported goods. For instance, the UK government may mandate that a specific amount of leather be present in all imported shoes. Measures to standardise the market often result in fewer foreign items being sold.
- - - - Help reduce import levels and allow the country to increase its trade balance.
        
        Boost the economy’s GDP due to a rise in domestic production
        
        It is possible for a government to ensure that it will have access to critical products during a crisis by employing protectionism in order to make certain that there is some degree of production of essential items inside the boundaries of the nation.
        
        Another justification for the implementation of protectionist measures is to ensure the nation's safety. Countries that export gasoline have significant sway on countries that are dependent on imports for the procurement of basic goods, such as gasoline. These countries include the United States.
      - A nation that is interested in cultivating the growth of technological firms inside its boundaries may implement measures, such as tax relief, to provide entrepreneurs with an incentive to locate their enterprises within the nation's borders. It's possible that the new industry may evolve to the point where it can compete successfully with established ones over the course of time.
- - - - Miller, J. W. (2009, September 15). Protectionist Measures Expected to Rise, Report Warns. Https://Www.Wsj.Com/Articles/SB125295068841109309. https://www.wsj.com/articles/SB125295068841109309
        
        Spruiell, S. (2009, January 29). Protectionism: Tariffs, Subsidies and Trade Policy. Https://Www.Nationalreview.Com/Corner/Looming-Protectionism-Stephen-Spruiell/. https://www.nationalreview.com/corner/looming-protectionism-stephen-spruiell/