Import Quotas

Import quotas are government-imposed limits on the quantity of a specific good that can be imported into a country during a certain time frame. The purpose of these quotas is to protect domestic industries from foreign competition by controlling the supply of imported goods. By restricting imports, a government aims to encourage consumers to buy local products, which can boost the economy and preserve jobs. However, quotas can also lead to higher prices and reduced choices for consumers since the supply of imported goods is limited.