What you’ll learn5 learning objectivesChoose one objective for a focused lesson, or study the complete topic.4.2.1Tariffs• Tariffs affect markets and stakeholders through price, production, consumption, expenditure, revenue, and welfare effects• Diagram: tariff effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.2Quotas• Quotas restrict import quantity and affect price, production, consumption, expenditure, revenue, and welfare• Diagram: quota effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.3Subsidies and export subsidies• Subsidies affect domestic producers, consumers, governments, foreign producers, and welfare• Diagram: subsidy effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.4Administrative barriers• Administrative barriers include standards and regulations• They can restrict trade without using tariffs or quotas directlySyllabus objective4.2.5(HL)—Trade protection calculations• Calculate stakeholder effects of tariffs from a diagram• Calculate stakeholder effects of quotas from a diagram• Calculate stakeholder effects of subsidies from a diagramSyllabus objective
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