Trade barriers
Definition
Trade barriers are government-imposed restrictions on the free international exchange of goods and services.
Analogy
Think of trade barriers like a bouncer at a club. They control who gets in and out, sometimes making it difficult for certain people (or in this case, goods) to enter.
Related terms
Tariffs: These are taxes imposed on imported goods and services, making them more expensive and less attractive to consumers.
Quotas: These are limits set by a government on the amount of a particular product that can be imported during a specific period.
Non-tariff barriers: These include things like regulations, restrictions, and standards that make it harder for foreign products to enter a market.
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