Final answer:
The 'three Rs' of global business relating to trade restrictions are tariffs, import quotas, and nontariff barriers, which are used by countries to practice protectionism.
Step-by-step explanation:
The "three Rs" in global business, comprising tariffs, import quotas, and nontariff barriers (NTBs), serve as tools for countries to restrict the flow of trade, reflecting protectionist policies. Tariffs are taxes imposed on imported goods, import quotas limit the quantity of specific items that can be imported, and nontariff barriers encompass various trade barriers excluding tariffs, such as licensing requirements or technical standards.
These protectionist measures aim to shield domestic industries from foreign competition. While they can benefit domestic producers by raising prices and reducing foreign competition, they often result in higher costs for consumers. The increased prices for goods in the domestic market can lead to reduced consumer welfare and potential inefficiencies in resource allocation. The dynamic interplay of these trade restrictions underscores the complex balance between protecting domestic industries and maintaining a globally competitive and efficient marketplace.