Week 5. Economics and Trade

Trade, Free Trade, Protectionism and Tariffs

Introduction to concepts in economics, trade (free trade vs. protectionism and tariffs), globalization; social class and issue of the gap between the rich and the poor.

A duty levied on goods being imported is referred to as an import duty. 

Similarly, a duty levied on exports is called an export duty. 

A tariff, which is actually a list of commodities along with the leviable rate (amount) of customs duty, is popularly referred to as a customs duty.

Watch Videos:

How to Enrich a Country: Free Trade or Protectionism?

The impact of protectionism on international marketing

Tariffs and Protectionism