free trade Flashcards

1
Q

what is free trade?

A

free trade is trade without the introduction of artificial barriers

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2
Q

what are examples of artificial barriers:

A

examples of artificial barriers:

  • quotas
  • tariffs
  • embargoes
  • subsidies to domestic firms
  • quality standards
  • healthy and safety regulations
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3
Q

what are the potential advantages of free trade?

A

the potential advantages of free trade are:

1) increased competition for producers
2) better use of scarce resources
3) dynamic efficiency gains
4) economies of scale
5) a stimulant to economic growth

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4
Q

what does the World Trade Organisation (WTO) aim to do?

A

the WTO aims to make trade as free as possible

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5
Q

what is the World Trade Organisation?

A

the World Trade Organisation is an international …

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