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TeachMeFinance.com - explain Quotas, import Quotas, import The term 'Quotas, import ' as it applies to the area of agriculture can be defined as ' A quantitative limit placed on the importation of specific commodities. The protection afforded by quotas is more certain than can be obtained by imposing import duties as the effect of the latter will depend on the price elasticities of the imported commodities. Quotas, like tariffs, can also be used to favor preferred sources of foreign supply. Quotas may be specified as an absolute limit or changed from year to year in response to changes in domestic supply and demand'. Previous 5 Terms: quire quoad quokka quoll quondam Next 5 Terms: quotient R R and D R and D RA About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.