top of page

Economics explained


International trade



The secret to scoring awesome grades in economics is to have corresponding awesome notes.
A common pitfall for students is to lose themselves in a sea of notes: personal notes, teacher notes, online notes textbooks, etc... This happens when one has too many sources to revise from! Why not solve this problem by having one reliable source of notes? This is where we can help.
What makes TooLazyToStudy notes different?
Our notes:
  • are clear and concise and relevant
  • is set in an engaging template to facilitate memorisation
  • cover all the important topics in the O level, AS level and A level syllabus
  • are editable, feel free to make additions or to rephrase sentences in your own words!

    Looking for live explanations of these notes? Enrol now for FREE tuition!

An import quota sets a quantitative limit on the sale of a foreign good into a country.

The limits are usually imposed on the quantity of imports but are also sometimes imposed on the value of imports that can be purchased each year.

The imposition of a quota at Q2 reduces the supply of the import from S1 to S2 (where supply is perfectly price inelastic). This leads to the price of the import rising from P1 to P2, and output falling from Q1 to Q2

Disadvantage to the consumer

The quota limits the quantity imported and thus raises the market price of foreign goods So, quotas are likely to disadvantage consumers as they result in them paying higher prices and consuming fewer products.

bottom of page