| Tariff (Import Duty) | tākehoko tāwāhi | 关税 (guānshuì) | 관세 (gwanse) | A tax imposed by a government on imported goods to make foreign products more expensive relative to domestic goods. |
| Tariff Revenue | no attested term | 关税收入 (guānshuì shōurù) | 관세 수입 (gwanse suip) | Tax revenue generated for the government by multiplying the specific tariff rate by the volume of imports (Area C). |
| World Price (Pw) | no attested term | 世界价格 (shìjiè jiàgé) | 세계 가격 (segye gagyeok) | The benchmark international market price of a commodity before any domestic import tax or tariff is applied. |
| Local Equilibrium (No-Trade) Price | no attested term | 本地均衡价格 (běndì jūnhéng jiàgé) | 국내 균형 가격 (gungnae gyunhyeong gagyeok) | The price where domestic demand meets domestic supply with no trade at all ($55 here). A tariff can't raise the price above it. |
| Tariff Price (Pt) | no attested term | 含税国内价格 (hánshuì jiàgé) | 관세 포함 가격 (gwanse poham) | The elevated domestic market price paid by consumers after adding the tariff to the world price (Pt = Pw + Tariff). |
| Prohibitive Tariff | no attested term | 禁止性关税 (jìnzhǐxìng guānshuì) | 금지적 관세 (geumjijeok gwanse) | A tariff so high that the world price plus the tariff is at or above the no-trade price, so imports stop altogether and the tariff raises no revenue. |
| Deadweight Production Loss | no attested term | 生产无谓损失 (Area B) | 생산 비효율 손실 | The loss of economic efficiency resulting from inefficient domestic producers expanding output to replace cheaper imports (Area B). |
| Deadweight Consumption Loss | no attested term | 消费无谓损失 (Area D) | 소비 위축 손실 | The loss of economic efficiency caused by consumers reducing overall consumption due to higher tariff prices (Area D). |
| Deadweight Welfare Loss | no attested term | 福利无谓损失 (fúlì wúwèi sǔnshī) | 사회후생 손실 (sahoe husaeng sonsil) | The welfare lost to everyone because of the tariff, gained by nobody: areas B + D. |
| Import Volume | no attested term | 进口量 (jìnkǒu liàng) | 수입량 (suiplyang) | The physical volume of foreign goods purchased, equal to domestic quantity demanded minus domestic quantity supplied. |
| Producer Gain (Area A) | no attested term | 生产者收益增加 (Area A) | 생산자 잉여 증가 | The increase in producer surplus enjoyed by domestic firms who can sell more output at higher prices under tariff protection. |
| Consumer Loss (Areas A+B+C+D) | no attested term | 消费者福利损失 | 소비자 후생 감소 | The total loss of consumer surplus caused by higher domestic prices and reduced overall consumption quantity under the tariff. |
| Protectionism | pākaihoko | 贸易保护主义 (màoyì bǎohù zhǔyì) | 무역 보호주의 (muyeok bohojuyi) | Government trade policy designed to restrict imports and assist domestic manufacturers through tariffs, quotas, or subsidies. |
