ENTREPRENEURSHIP

Detailed explanation-1: -What Is a Quota? A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.

Detailed explanation-2: -What are Import Quotas? Import quotas are government-imposed limits on the quantity of a certain good that can be imported into a country. Generally speaking, such quotas are put in place to protect domestic industries and vulnerable producers.

Detailed explanation-3: -1.1 Definition of tariff rate quota (TRQ) A TRQ is a quota that establishes a limit on the quantity of a product that may be imported at a lower (within access) rate of duty, but places no limit on the amount of product that may be imported at a higher (over access) rate of duty.

Detailed explanation-4: -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.