ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade such as import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for geopolitical reasons), and licenses to import goods into the economy.

Detailed explanation-2: -Tariffs are taxes that governments place on imported goods of a specific type. Quotas are import limits that prevent more than a set amount of a specific good from being imported into a country. An embargo is a ban on the trade of a particular good, category of good, or with a specific country.

Detailed explanation-3: -Trade barriers include any policies and regulations that prevent you from trading goods. Barriers can include tariffs, labelling requirements and local content requirements.

Detailed explanation-4: -A trade barrier refers to any regulation or policy that restricts international trade, especially tariffs, quotas, licences etc.