Trade Protectionism
Despite the advantages of free trade countries may wish to restrict imports for various reasons this can be done through different methods.
1. Tariffs This is a tax on imports.
2. Quotas This is a physical limits on the quantity of imports
3. Embargoes This is a total ban on a good, this may be done to stop dangerous substances
4. Subsidies If a govt subsidises domestic production this gives them an unfair advantage over competitors. This is quite common
5. Administrative barriers
Revision Notes on Trade
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