How Trade Barriers Impact the Global Economy

Miacademy & MiaPrep Learning Channel

This educational video provides a comprehensive overview of trade barriers and their impact on the global economy. Using the relatable example of the denim jean industry, the narrator explains complex economic concepts like tariffs, quotas, subsidies, and product standards. The video explores how governments use these tools to protect domestic industries while also examining the unintended consequences such as higher consumer prices and trade wars. The content dives deep into the mechanisms of international trade, illustrating how policies intended to help local manufacturers can lead to market inefficiencies and retaliation from trading partners. It balances economic theory with real-world historical examples, such as the US textile industry in the 1800s, Cold War embargoes against the Soviet Union, and sanctions against South Africa during the apartheid era. Ideal for high school economics and social studies classrooms, this resource helps students understand the delicate balance between protectionism and free trade. It features interactive 'check-in' moments that prompt viewers to apply what they've learned to new scenarios, fostering critical thinking about government policy, national security, and consumer rights.