Final answer:
A specific duty is a rate charged in excess of a compound duty. It is an additional fee imposed on imported goods, typically based on the number of units or weight of the product.
Step-by-step explanation:
A specific duty is a rate charged in excess of a compound duty. In the context of international trade, a specific duty is an additional fee imposed on imported goods, typically charged for a specified number of units or based on the weight of the product. It is important to note that specific duties are different from ad valorem duties, which are stated as a percentage of the value of the product.
For example, if a specific duty of $2 is charged for each unit of a specific product, and someone imports 100 units of that product, the specific duty would be $200 (100 units * $2 per unit).
SEO Keywords: specific duty, compound duty, rate, imported goods, international trade