An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of protectionist 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. If a quota is put on a good, less of it is imported. Quotas, like other trade restrictions, are used to benefit the producers of a good in a domestic economy at the expense of all consumers of the good in that economy.
Read more about Import Quota: Goals, Effects, Other Effects, Types, Import Quotas Vs Tariffs
Famous quotes containing the words import and/or quota:
“The intellectual life may be kept clean and healthful, if man will live the life of nature, and not import into his mind difficulties which are none of his.”
—Ralph Waldo Emerson (1803–1882)
“Some are petitioning the State to dissolve the Union, to disregard the requisitions of the President. Why do they not dissolve it themselves,—the union between themselves and the State,—and refuse to pay their quota into its treasury? Do not they stand in the same relation to the State that the State does to the Union? And have not the same reasons prevented the State from resisting the Union which have prevented them from resisting the State?”
—Henry David Thoreau (1817–1862)