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Trade barriers - Coggle Diagram
Trade barriers
Purpose
To protect domestic employment.Trade barriers that restrict imports prevent the reduction of domestic production and domestic employment
To protect relatively young domestic industries that are not mature enough or large enough to compete with larger, more mature foreign producers
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Most common used
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Quotas
Quotas on imports are designed to restrict imports and promote exports. A quota is a quantity restriction placed on a good, service and activity
Subsidies
Subsidies are often placed to protect domestic industries. Subsides may be intended to make certain key goods affordable to citizens of the nation
Embargoes
Embragoes can be the most extreme of trade barriers. Embargos basically prohibit the import and export of anything with another country
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