Economics Section Chp 46 Further Reading Keywords Protectionism

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, • Class : Y 11 • Lesson Topic: Protectionism • Scheme of Work: Macroeconomics – Global Economy

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs,

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, P&D Higher thinking Skills Lesson Objectives Planning and Data ALL (KNOWLEDGE) Describe Protectionism MOST (ANALYSIS) • Analyse and apply advantages and disadvantages Protectionism SOME (EVALUATION ) • Evaluate the usefulness of Protectionism

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, P&D Planning and Data Planning Tools

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Personalise your learning. . . Define and describe Protectionism [Grade E-D] Examine and Analyse the impact of Protectionism Evaluate the pros and cons & Justify your views of Protectionism [Grade C-B] [Grade A-A*]

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Keyword Definition Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs CONNECTIVES

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, CONTRASTING Although… Except… Moreover… If… However… Yet… Apart from… Unless… Despite… As long as… CAUSE & EFFECT Consequently… Due to… As a result… Therefore. . Because of… Because… CONCLUDING Firstly… After… Secondly… Before… Overall… I believe… Finally… I think … In conclusion… it depends… To conclude… short term… Meanwhile… Long term… COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CONNECTIVES for Analysis CONNECTIVES for Application CONNECTIVES for Evaluation EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite… Yet… As long as… Unless… Apart from… If… Moreover… Except… However… Although… ADDING In addition… And… Too… Also… Additionally… As well as… Furthermore… ILLUSTRATING For instance… Such as… In the case of… So… For example… As revealed by… As illustrated by…

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Pf. L Prepare for Learning • We’ve looked at the huge benefits of free trade! • Why do you think countries would still then decide to do the opposite?

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Protectionism • Means by which trade between countries is restricted in some way – normally through measures to reduce the number of imports coming into a country • Main means are: – Tariffs – Quotas – Non-Tariff Barriers

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Protectionism • Tariff: A tax on a good coming into a country • Increases the price of the good and makes it less competitive • Quota: Physical restriction on the number of goods coming into a country

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Impact of a Tariff on Steel S + Tariff Price of Steel (US $ per kg) S Amount of the tariff per unit 28 20 D 350 500 Quantity of Steel Bought and Sold from Abroad

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Impact of a Quota on Steel Price of Steel (US $ per Kg) Quota level S Pre-trade The quota restricts position the supplybefore to a set a quota. amount (250 in the example) which is likely to result in a shortage of this good and a subsequent rise in its price. 30 20 D 250 500 Quantity of Steel Bought and Sold from Abroad

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Non-Tariff Barriers • Any methods not covered by a tariff, most usually: – Rules – Regulations – Voluntary Export Restraints (VERs) – Legislation – Exacting Standards or Specifications

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Non-Tariff Barriers • Examples include setting exacting standards on fuel emissions from cars, the documentation required to be able to sell drugs in different countries, the ingredients in products – some of which may be banned in the destination country • NTBs are difficult to prove – when do you accuse a country of protectionism – could be a legal or cultural issue? • The main method involved in NTBs is not to prevent trade but to make the cost of doing so prohibitive to the potential exporter

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Reasons for protectionism • • • Protect domestic industries Protect domestic employment Strategic reasons Political pressures Protect culture? Prevent ‘Dumping’ – selling goods in the destination country below cost to break into that market

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, R Review the Learning Is Protectionism good for? • • Consumers Firms Governments Environment Review the Learning

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, P&D Higher thinking Skills Lesson Objectives Planning and Data ALL (KNOWLEDGE) Describe methods of Protectionism MOST (ANALYSIS) • Analyse and apply advantages and disadvantages Protectionism • Illustrate & explain 2 types of protectionism? SOME (EVALUATION ) • Evaluate the usefulness of Protectionism

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs,

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, R Review the Learning Pass the Parcel Add as much information you can remember from today’s lesson When the horn blows – pass your sheet to the next table!

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, R Review the Learning 2 things your neighbour has learnt today Neighbours 1 question your neighbour wants to ask

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, R Review the Learning Tweet Summarise your learning today into a single tweet 140 characters Keep all of the information STOP

Economics Section: Chp. 46 Further Reading R Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, Review the Learning 1 question you need to ask 2 new things you learnt 3 pieces of information

Economics Section: Chp. 46 Further Reading Keywords – Protectionism, trade barriers, Infant industry, dumping, quotas, tariffs, 5 minutes. . . GO STOP