Protectionism: This is an economic policy that restricts imports from other countries through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow fair competition between imports and goods and services produced domestically.
Balance of Trade: This refers to the difference between a country's exports and its imports. A positive balance means that exports exceed imports (surplus), while a negative balance indicates that imports exceed exports (deficit).
Colonialism: This is the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.