Unit 6.2.4 - Methods of protectionThis section of the Cambridge IGCSE Economics (0455) syllabus requires students to understand the following methods of protection: (1) tariffs, (2) import quotas, (3) subsidies, and (4) embargoes.Tariffs are taxes (or duties) imposed by governments on the import of goods and services. They are the most common method of trade protection and are used to protect domestic industries from...