ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A government boycott is an absolute restriction against the purchase and importation of certain goods from other countries. An embargo is a refusal to sell to a specific country. A public boycott can be either formal or informal and may be government sponsored or sponsored by an industry.

Detailed explanation-2: -An embargo (from the Spanish embargo, meaning hindrance, obstruction, etc. in a general sense, a trading ban in trade terminology and literally “distraint” in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country/state or a group of countries.

Detailed explanation-3: -1 : an order of a government prohibiting the departure of commercial ships from its ports. 2 : a legal prohibition on commerce. 3 : stoppage, impediment; especially : prohibition.

Detailed explanation-4: -An embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction. Embargoes can bar all trade, or may apply only to some of it, for example to arms imports.