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Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. [1] Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy ( protectionism ).
In economics, a tariff-rate quota (TRQ) (also called a tariff quota) is a two-tiered tariff system that combines import quotas and tariffs to regulate import products.. A TRQ allows a lower tariff rate on imports of a given product within a specified quantity and requires a higher tariff rate on imports exceeding that quantity. [1]
The exact definition of imports in national accounts includes and excludes specific "borderline" cases. [10] Importation is the action of buying or acquiring products or services from another country or another market other than own.
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
A quota refers to a measure that limits, either minimum or maximum, on a particular activity. Quotas are usually enacted by governments or organizations to protect domestic industries. In short, it limits the number of goods a country can export or import during a certain period of time.
Barriers take the form of tariffs (which impose a financial burden on imports) and non-tariff barriers to trade (which uses other overt and covert means to restrict imports and occasionally exports). In theory, free trade involves the removal of all such barriers, except perhaps those considered necessary for health or national security.
In addition, it does not declare temporary imports duties and credit on government imports or pursuant to other international assistance imports. [83] Upon joining Eurasian Economic Union in 2015, led by Russians, Armenia applied tariffs on its imports at a rate 0–10 percent.