Question

Describe concepts of tariffs, taxation, and embargo

Answer 1

Answer:The concept of tariffs taxation and embargo

Explanation A tariff is a tax put on goods imported

from other countries.

• The effect of a tariff is to raise the price

of the imported product.

• It makes imported goods more expensive

so that people are more likely to purchase

lower-priced items produced domestically.

• Tariffs are taxes charged for goods that leave

or enter a country.

• In order to get a product from another

country, you have to pay extra for it.

• It is the same concept as sales tax that is put

on items your purchase at the store.

• Think of how many goods the United States

imports.

• How do you think tariffs might affect the

economy?

• How do you think this affects world trade?