Lesson 1.6 - Trade Barriers
Learning Goals: By the end of this lesson you will be able to describe the effects of barriers and obstacles to international business activity
Independent Work Before Class:
1.Textbook work: Section 2.2*2.Glossary Quiz3.Exit Card4.Homework Forum5.Work on Assignment 1
*NOTE: We are still waiting for the textbook, so instead you can read this article: https://opentextbc.ca/businessopenstax/chapter/barriers-to-trade/
Article Questions:
- What are natural barriers to trade?
- What is a tariff and how can it be used?
- What are the pros and cons of tariffs?
- What is an import quota and why is it used?
- What is an embargo and when is it used?
Do the glossary quiz before class and after you study the glossary.
Do this short survey after class to reflect on how class went for you.
Post your notes from Section 2.2 here.
During Class:
- #1 Review:What's the difference between absolute advantage and a comparative advantage? Give an example.#2 Thinking Question:When should we use a tariff versus an import quota?#3 Application Question:Imagine it is March 2020, and the COVID-19 outbreak in China is still recent news in the world.Let’s further imagine that you are a neighbor country to China, and you import a lot of items from China, including food, automobile parts, and textiles. COVID-19 has not hit your country yet.Would you impose any trade restrictions on China? If so, what would you do?
You can check your homework answers here after you do the exit card.
