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Protection

Description

Education Mind Map on Protection, created by Thomas Woolley on 11/09/2017.
Thomas Woolley
Mind Map by Thomas Woolley, updated more than 1 year ago
Thomas Woolley
Created by Thomas Woolley about 7 years ago
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Resource summary

Protection
  1. Economic Arguments FOR Protection
    1. Infant Industry
      1. Domestic Employment
        1. Cheap Foreign Labour
          1. Income Redistribution Argument
            1. Military Self-Sufficiency
              1. Tariffs to Combat "Dumping"
              2. Economic Arguments AGAINST Protection (For Free Trade)
                1. Increased Output for Scarce Resources
                  1. Raises Standard of Living
                    1. Increases Rate of Economic Growth
                      1. Theory of Comparative Advantage
                        1. Specialisation
                        2. Methods of Protection
                          1. Embargoes
                            1. Tariffs
                              1. Quotas
                                1. Quotas
                                  1. Subsidies

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