Advantages and limitations of international trade International trade creates a more diverse trade market. The exportation of low cost products and services enables every country to evaluate where their economic strengths and capitalize on them. Imposing a tariff on imports on products that traded freely is a difficult decision. To trade without restriction increases the overall welfare of all concerned. Imposing tariffs can invite retaliation from the countries on whose products you have imposed tariffs. It can adversely affect exports and neutralize any comparative advantage that your country.
Four key points There were four key points emphasized in the stimulation. A numerical limitation on imports defined as a quota. The emphasized of debate on free trade versus trade restrictions. Tariff is the taxes on imports. Export goods are defined as a commodity conveyed from one country to another for the purpose of trade.
Applying what to my workplace Factors that influence a specific company's sources of crude oil imports would include the characteristics of various crude oils as well as a company's economic needs. While, in general, crude oil is fungible, one crude oil can be substituted for another, many refineries are optimized by refining crude oil with specific qualities Also, depending on the global crude oil market condition at the time, the price difference between heavy and light crude oils varies, thus changing the economic dynamics for different refineries. Therefore, many factors determine the