Briefly List and Define the Three Major Types of Trade

question 49

Essay

Briefly list and define the three major types of trade barriers most commonly used.

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Definitions:

Prevented Industrialization

The hindrance or delay of the industrial development process in a country or region, often due to external or internal factors.

Colonization

The act of establishing control over a foreign land and its people by a country or group, often leading to exploitation and cultural assimilation.

Abundant Natural Resources

The availability of a large quantity of natural materials that can be utilized for economic gain, such as minerals, forests, and water.

Long Hours

Working time that extends beyond the typical or standard working hours, often associated with high demands and stress.