Definition of Import Quota

Import Quota

Restriction on the quantity of a foreign good that can be imported.

Protectionism

Policy of tariffs or import quotas to protect domestic producers from foreign competition.

Quota

See import quota.

Export-Import Bank (Ex-Im Bank)

The U.S. federal government agency that extends trade credits to U.S.
companies to facilitate the financing of U.S. exports.

Import-substitution development strategy

A development strategy followed by many Latin American
countries and other LDCs that emphasized import substitution - accomplished through protectionism - as the
route to economic growth.

Quotation

The bid and offered prices a dealer is willing to buy or sell at.

Import

Foreign-produced good or service bought by us.

Marginal Propensity to Import

Fraction of an increase in disposable income that is spent on imports.

Protectionism

Protecting domestic industry from import competition by means of tariffs, quotas, and other
trade barriers.

Free Trade

The absence of any government restrictions, such as tariffs or quotas, on imports or exports.

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