State 3 arguments in favor of protectionism (in favor of trade restrictions). Please state your own opinion about the validity of each one and whether you support such argument.

See explanation

Explanation:

Protectionism refers to the restriction of international trade by the government in order to help the domestic industries. The argument in favor of protectionism include:

• Protection of infant industries: Protectionism protects infant industries as they're protected from being subjected to unfair competition and therefore allowed to thrive.

• To prevent dumping and unfair competition

• Revenue generation for government: Through the imposition of tariffs and other policies by the government to protect domestic industries, the government also generates revenue which can be used to improve the economy.

I believe the arguments are valid and I support them.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

i have economics during second block which is easy to me. anyways, i think b.