Principles of Economics: Microeconomics - Tariffs and Protectionism

Modeling international trade and tariffs using supply and demand graphs, showing the deadweight loss, consumer costs, and resource waste caused by protectionism. We’ll look at the costs and consequences of tariffs, quotas, and protectionism. How do tariffs affect consumers? What about producers? Who wins and who loses? Find out with this video. We’ll apply the fundamentals we learned in the supply, demand, and equilibrium section of this course to real-world examples — like that of protectionism in the U.S. sugar industry — to determine lost gains from trade or deadweight loss, the tariff equilibrium vs. the free trade equilibrium, and the value of wasted resources as a result of tariffs. Microeconomics Course: http://bit.ly/20VablY Next video: http://bit.ly/1oHT6jV Help us caption & translate this video! http://amara.org/v/GLJi/