WORLD HISTORY

Detailed explanation-1: -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-2: -This is referred to as protectionism. For example, tariffs, quotas and embargoes make foreign goods more expensive and less available.

Detailed explanation-3: -The difference between quotas and tariffs Quotas restrict the quantity of a good imported from another country. Tariffs are a charge levied on the value of goods imported from another country.

Detailed explanation-4: -These barriers come in several forms. A tariff is a tax on an imported product that is designed to limit trade and generate tax revenue. It is a barrier to trade. An import quota is a limitation on imports; other non-tariff barriers take the form of product content requirements, and subsidies.