Apple Market Dynamics

graph

price

pound

<p>quantity</p> Signup and view all the answers

<p>demand</p> Signup and view all the answers

<p>The horizontal axis represents the quantity of apples and the vertical axis represents the price per pound.</p> Signup and view all the answers

<p>The tick marks indicate the different price points in dollars per pound.</p> Signup and view all the answers

<p>The quantity represents the amount of apples in thousands of pounds produced.</p> Signup and view all the answers

<p>The graph represents the next week.</p> Signup and view all the answers

<p>If the price of apples were really high, the demand curve would be lower.</p> Signup and view all the answers

<p>Why do countries not trade freely if it is good for all countries involved? Why do countries often protect their economies from import?</p> Signup and view all the answers

<p>Governments protect their economies to ensure the most efficient allocation of resources and to address concerns about domestic industries and employment.</p> Signup and view all the answers

<p>Protectionism is the economic policy of restraining trade between countries through methods such as tariffs, quotas, and subsidies.</p> Signup and view all the answers

<p>The arguments for protectionism include protecting domestic industries, safeguarding national security, addressing unfair trade practices, and promoting economic self-sufficiency.</p> Signup and view all the answers

<p>The potential drawbacks of protectionism include higher prices for consumers, reduced choices and competition, retaliation from trading partners, and inefficient allocation of resources.</p> Signup and view all the answers