Restricting Imports
Definition
This is a policy where a country limits the goods and services that can be brought in from other countries. It's often done to protect domestic industries from foreign competition.
Analogy
Think of restricting imports like a bouncer at a club. The bouncer only lets certain people (or in this case, goods) into the club to ensure the inside crowd (domestic industries) doesn't get overwhelmed by outsiders.
Related terms
Tariffs: These are taxes imposed on imported goods and services, making them more expensive and less attractive to consumers.
Quotas: These are specific limits set on the number of certain goods that can be imported during a specific time period.
Trade Barriers: These are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services.
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