221. Describe what else can be used instead of money as a store of value


Explain what protectionism means?



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261. Explain what protectionism means?
What is Protectionism? ... Protectionism refers to the policy of protecting domestic industries against foreign competition through tariffs, import quotas and subsidies, or other restrictions placed on the imports of foreign competitors.
Protectionism is the governments use of embargoes, tariffs, quotas, and other restrictions to protect domestic producers from foreign competition.
262. Explainwhat free trade means
Free trade is a system which allows certain countries to buy and sell goods from each other without any financial restrictions. In practice, despite the advice of economists, every nation protects its own domestic producers to some degree from foreign competition. Behind these barriers to trade are people whose jobs and income are threatened, so they clamour to the government for protectionism. Protectionism is the governments use of embargoes, tariffs, quotas, and other restrictions to protect domestic producers from foreign competition.
free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies
263. Count which countries include G-7.
263 The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Its members are the world's largest IMF advanced economies and wealthiest liberal democracies;[1][2] the group is officially organized around shared values of pluralism and representative government.[3] As of 2020, the collective group accounts for a little over 50 percent of global net wealth (which is $418 trillion),[4] 32 to 46 percent of global gross domestic product,[n 1] and about 770 million people or 10 percent of the world's population.[5] Most members are great powers in global affairs and maintain mutually close political, economic, social, legal, environmental, military, religious, cultural, and diplomatic relations. Since the start of 2022, Germany has taken over the presidency of the G7.[6]

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