Lesson 7: Protectionism and Trade Liberalization

Question 1

refers to the
increasing interdependence of world
economies as a result of the growing scale of
cross-border trade of commodities and
services , flow of international capital, and
wide and rapid spread of technologies

Answer 1

Economic globalization

Question 2

2 types of economics associated with economic globalization

Answer 2

protectionism and trade liberalization

Question 3

means “a policy of systematic government intervention
in foreign trade with the objective of encouraging
domestic production. This encouragement involves
giving preferential treatment to domestic producers and
discriminating against foreign competitors”

Answer 3

protectionism

Question 4

involves removing or softening
barriers to trade between and among
different countries and encouraging free
trade.

Answer 4

trade liberalization