1.     What is the rationale for managing trade?

Define and explain the following

Socioeconomic rationale:

A) infant industry argument: The infant industry argument is that new industries need protection until they have become efficient enough to compete in the world market.

B)  questionable labor practices:  

C)  environmental considerations, health and safety.  

Geopolitical rationale:  policymakers may use various socioeconomic or geopolitical rationales to protect specific companies or industries and achieve particular strategic objectives.

A) National security

B) Strategic industries

C) Embargoes