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Import substitution is an economic policy aimed at reducing a country's dependence on foreign goods by promoting the production of domestic alternatives. This strategy often involves government support for local industries through tariffs, subsidies, and other protective measures. The goal is to foster self-sufficiency, stimulate local economies, and create jobs, while also enhancing national security by reducing reliance on imports. However, it can also lead to inefficiencies and higher prices if not implemented effectively.
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Difference between export promotion and import substitution?
what is d difference between import substitution and export promotion
What is export promotion and import substitution?
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
Disadvantages and advantages of import substitution?
gererate employment
Types of trade policy?
import substitution(impex) and export promotion(exim)
When the Australian economy was based on import-substitution manufacturing?
protectionist policies were emphasized
What is import substitution industrialisatoin?
what are the main criticism of import substitution industrialisation
Difference between export promotion and import substitution?
what is d difference between import substitution and export promotion
What is export promotion and import substitution?
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
Disadvantages and advantages of import substitution?
gererate employment
How entrepreneurship leads to import substitution and utilization of local resources?
Explain how entrepreneurship can lead to import substitution and utilization of resources
Types of trade policy?
import substitution(impex) and export promotion(exim)
When the Australian economy was based on import-substitution manufacturing?
protectionist policies were emphasized
What would be one effect of import substitution on the balance of trade of a country?
What would be one effect of import substition on the balance of trade of a country
What are ways the government can reduce its imports?
One way is by imposing tariffs
When the Australian economy was based on import- substitution manufacturing?
protectionist policies were emphasized
How import substitution can protect domestic industry?
when i get the ans i'll let u know all
Importance of import substitution?
Import substitution advocates replacing foreign imports with local production. It helps in stimulating economic growth: producing product locally might be cheaper as compared to importing them, and also it leads to development of industries which creates jobs for locals.
