What you’ll learn4 learning objectivesChoose one objective for a focused lesson, or study the complete topic.4.2.1Tariffs• Tariffs affect markets and stakeholders through price, production, consumption, expenditure, revenue, and welfare effects• Diagram: tariff effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.2Quotas• Quotas restrict import quantity and affect price, production, consumption, expenditure, revenue, and welfare• Diagram: quota effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.3Subsidies and export subsidies• Subsidies affect domestic producers, consumers, governments, foreign producers, and welfare• Diagram: subsidy effects on price, production, consumption, expenditure, revenue, and welfareSyllabus objective4.2.4Administrative barriers• Administrative barriers include standards and regulations• They can restrict trade without using tariffs or quotas directlySyllabus objective