What is Tariff?
Tariff: A tax on imported goods.
Where Tariff fits
Tariff is part of Policy & Labor in Economics. Governments steer economies with taxes, spending, subsidies, price ceilings, tariffs and minimum wages. Each policy helps some groups and shifts costs to others.
Practical tip
Ask who benefits, who pays and what behavior changes.
Related terms
- Subsidy
- Government money that lowers the cost of a product or activity.
- Minimum wage
- The lowest pay the law allows for work.
- Gig economy
- Work done through short, flexible jobs rather than permanent roles.
- Supply shock
- A sudden event that sharply changes the supply of a good.
- Price ceiling
- A legal limit on how high a price can go.
- Stagflation
- High inflation combined with slow growth and high unemployment.
- Fiscal policy
- Government spending and taxation choices.
- Unemployment rate
- The share of the workforce without a job.
Formulas you will use with it
Test yourself
Which term means: “A tax on imported goods.”?
Unemployment rate · Fiscal policy · Tariff
Answer: Tariff
Learn Tariff by playing
Quizzes, a CEO simulator, a real estate tycoon game and startup tools. Free to start, in 7 languages.
Play BizJourney free →