Week 7: International Trade

1. Key definition: tariff, quota, mercantilism, countervailing duties.

Quota: a numerical limit on importation of a product.

Tariff: a tax or duty imposed on imported goods.

Non-tariff barriers: bureaucratic or regulatory

Export subsidies the domestic producers to increase the employment.

Currency manipulation

Intellecture  property threft

2. Deadweight loss capture the loss of economic efficiency in trade of a tariff

Week 7: International Trade Week 7: International Trade Week 7: International Trade