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Summary Week 2 Assignment.docx (1) BUS 357 Free Trade and Government Regulations The University of Arizona Global Campus BUS 357: International Business Introduction Free trade is an agreement between two of more countries to trade without restrictions,$7.49
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Summary Week 2 Assignment.docx (1) BUS 357 Free Trade and Government Regulations The University of Arizona Global Campus BUS 357: International Business Introduction Free trade is an agreement between two of more countries to trade without restrictions,
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Week 2 A (1) BUS 357 Free Trade and Government Regulations The University of Arizona Global Campus BUS 357: International Business Introduction Free trade is an agreement between two of more countries to trade without restrictions, tariffs, and quotas. The trade that takes place between t...
week 2 assignmentdocx 1 bus 357 free trade and government regulations the university of arizona global campus bus 357 international business introduction free trade is an agreement betwe
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BUS 357
Free Trade and Government Regulations
The University of Arizona Global Campus
BUS 357: International Business
Introduction
Free trade is an agreement between two of more countries to trade without restrictions, tariffs,
and quotas. The trade that takes place between two or more countries is called importing and
exporting goods and services. Importing is the process of buying goods and services that are
produced buy a foreign country and so then exportation would be the production of good and
services that is then sold to a foreign company. In a free trade agreement those goods and
services can be bought and sold between foreign countries “with little or no government tariffs,
quotas, subsidies, or prohibitions to inhibit their exchange (Barone, 2020)”. Even though it is
called “Free Trade” it is not always necessary free as there are countries that must still pay tariffs
on imports and subsidies on exports. Negotiations between countries that are a part of the free
trade agreement must be agreed upon for free trade to be applied. The dismissal of tariffs
between countries is one of the main goals of a free trade agreement (Daniels, 2018). The
purpose of this paper is to examine the idea of free trade, present pros and cons of free trade, and
to break down the government’s role in free trade.
Idea of Free Trade
British economists Adam Smith and David Ricardo created the idea of free trade arguing
that trade was available universally. “Both economists were concerned with reducing the degree
of protection from very high levels, and both were writing in that period of surging dynamism, in
the industrial revolution (Gray, 1985)”. Smith and Ricardo believed that there are two theories
why countries need to free trade. Those two theories are absolute and comparative advantage.
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