Trade barriers such as tariffs and quotas can limit international trade between nations. While trade barriers protect domestic industries and jobs, they can also raise prices for consumers and decrease overall economic efficiency by reducing competition. Most economists agree that allowing free trade between countries is generally beneficial, as it allows goods and services to be exchanged at better prices, resulting in higher standards of living. However, some workers may lose jobs as their industries face more international competition.

1. Trade Barriers Unit 10 Notes