Asked by Chance Walker on Jul 02, 2024
What is the difference between a tariff and a quota?
Tariff
A levy placed by a government on goods entering or leaving the country to control trade and safeguard local industries.
Quota
A government-imposed limit on the amount or value of goods that can be imported or exported during a specific time frame.
- Gain insight into how trade limitations, including tariffs and quotas, affect the local economy.
Learning Objectives
- Gain insight into how trade limitations, including tariffs and quotas, affect the local economy.