ENTREPRENEURSHIP

Detailed explanation-1: -The most common barrier to trade is a tariff–a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (good produced at home). Another common barrier to trade is a government subsidy to a particular domestic industry.

Detailed explanation-2: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.

Detailed explanation-3: -Embargo. An embargo is a political decision to stop transactions with individual countries, including export or import activities. Embargoes may only apply to some products. Or, it may include all goods and services. Embargoes are often for political rather than economic reasons.

Detailed explanation-4: -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.