Duty

Real World Example

In history, the concept of duty as a tax was significant during periods like the Age of Exploration, when countries needed funds to support voyages and protect trade routes. Duties were imposed on goods such as tea, sugar, and tobacco to help governments raise money and regulate trade. This was important because it allowed countries to build powerful navies and expand their global influence. Today, duties still matter as they affect the prices of imported goods, which can influence what we buy in stores. For example, if there is a high duty on electronics imported from another country, it could make phones or computers more expensive for us to purchase.