ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -A government restriction placed on the import or export of goods, services, currency, and other values to any other country or state. Written by CFI Team. Updated January 9, 2023.

Detailed explanation-3: -A blockade is the act of actively preventing a country or region from receiving or sending out food, supplies, weapons, or communications, and sometimes people, by military force. A blockade differs from an embargo or sanction, which are legal barriers to trade rather than physical barriers.

Detailed explanation-4: -Reasons for sanctioning. Sanctions formulations are designed into three categories. Economic sanctions. Main article: Economic sanctions. Diplomatic sanctions. Military sanctions. Sport sanctions. Sanctions on the environment. Sanctions on individuals.