CERCADO, GERAN KEARN L.

ACC 227 9:45 – 11:45AM

BSA-2 ASSIGNMENT #1

Balance of Payments, Protectionism, and Trade Barriers are an essential principle

in economic progress. It made me realize that we should buy more on our local products
than those products in foreign market. Exporting than Importing, and Receipts than
Disbursements because it will help our economy to meet its higher potential and to
improve higher standard of living. In order for us to be economically progressive is that
we should support or purchase more on the local markets here in our country rather than
purchasing those foreign products because gaining more inflows here in our country helps
it to improve the performance of our economic progress rather than importing which cause
us to more outflows.

Protectionism encourages a country's government to encourage domestic producers,

thus increasing domestic goods and service demand. It protects our local economy, better
market place however, lessen trade. It restricts imports from other countries through
strategies such as tariffs on manufactured products, quotas and government regulations.
Domestic industry and employment are protected by trade barriers. Trade benefits those
who work in export industries. Furthermore, all of these principles are an essential part of
economic progress and also to improve the trade between the international business. It
simply teach how the markets should be able to gain inflows and outflows and also to
increase earnings in goods and services.