Describe concepts of tariffs, taxation, and embargo
Answers
Answer:
tariffs :- A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry.
taxation :- Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.
embargo :- An embargo is a government order that restricts commerce with a specified country or the exchange of specific goods. They are usually created as a result of unfavorable political or economic circumstances between nations. Embargoes can have serious negative consequences on the affected nation's economy.
Explanation:
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Answer:
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.
Trade embargoes forbid trade with
another country.
• The government orders a complete ban on
trade with another country.
• The embargo is the harshest type of trade
barrier and is usually enacted for political
purposes to hurt a country economically
Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.