October Test Flashcards
Definition of a ‘Quotas’
An import quota is a legal limit on the quantity (either in terms of number of units, or the total value of imports of that product) that can be imported in a given year.
Definition of ‘Administrative Barriers’
The use of rules, regulation and other administrative requirements to make it more difficult for foreign countries to meet the necessary requirements to export to a certain country.
Definition of ‘Tariffs’
The putting of barriers to protect domestic industries from competition from foreign imports.
Definition of ‘Subsidy’
An amount of money paid by a government to the producer of a good/service to lower the cost of production of domestic products, making them cheaper to buy and subsequently more competitive internationally.
