Instructions: Identify the Following Terms

question 57

Short Answer

Instructions: Identify the following terms.
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Definitions:

Import-Licensing Requirement

Regulations requiring a company or individual to obtain permission, often through a specific license, before importing goods into a country, used by governments to control the volume and types of goods entering the market.

Nontariff Barriers

All barriers other than protective tariffs that nations erect to impede international trade, including import quotas, licensing requirements, unreasonable product-quality standards, unnecessary bureaucratic detail in customs procedures, and so on.

Import Restrictions

Government-imposed controls or limitations on the quantity or value of goods that can be imported into a country, often to protect domestic industries.

Import Demand

The quantity of goods or services that domestic consumers or firms are willing to purchase from abroad at various prices.