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Social Science
Business
Marketing - Chapter 6
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Protectionism
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The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas.
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Terms in this set (19)
Protectionism
The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas.
Tariffs
Government taxes on goods or services entering a country that primarily serve to raise prices on imports.
Quota
Restriction placed on the amount of a product allowed to enter or leave a country.
World Trade Organization (WTO)
A permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.
Global Competition
This exists when firms originate, produce, and market their products and services worldwide