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SingaporeEconomicsQuick questions
International Trade and Globalisation
Quick questions on Protectionism and free trade explained: O-Level Economics
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the arguments for protection?Show answer
Governments give several reasons for protection:
What is the case for free trade?Show answer
Free trade allows specialisation to raise total world output, gives consumers lower prices and wider choice, and forces firms to be efficient and innovative through competition. For most goods, economists argue free trade is better than protection, though some limited, temporary protection (for an infant industry or against dumping) can be defended.
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