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Global trade - Coggle Diagram
Global trade
Free Trade
Reasons
Obtain goods that can't be produced domestically
Obtain goods that can be bought a cheaper prices overseas
Selling off unwanted commodities
Advantages
Lower prices
Increased choice
Lower input prices
Wider markets for businesses
Disadvantages
Competitions for domestic businesses
Structural unemployment
Protectionism
Reasons
Prevent dumping
Protect employment
Protect infant industies
Tariff revenue
Prevent entry of unwanted goods
Reduce current deficits
Retaliation
Methods
Tariff
Quota
Subsidy
Embargo