Which of the following terms best describes efforts to limit foreign goods in a market?

The term that best describes efforts to limit foreign goods in a market is protectionism. Protectionism refers to government policies and measures that are put in place to restrict international trade, aimed at nurturing domestic industries by imposing tariffs, quotas, and other trade barriers on imported goods. By limiting foreign competition, protectionism seeks to protect local businesses, sustain jobs, and enhance national security.

This concept is essential in global economics, as countries may adopt protectionist policies to shield their economies from the potential negative impacts of globalization, such as job losses and the decline of local industries due to cheaper imports. In contrast, globalization and trade liberalization involve the reduction of trade barriers to encourage free trade and international exchange of goods and services, making them opposite to protectionist policies. Trade balancing focuses on maintaining a balance between imports and exports but does not inherently involve limiting foreign goods.