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Trade Policy: Import Substitution Video Lecture | Economics Class 12 - Commerce
FAQs on Trade Policy: Import Substitution Video Lecture - Economics Class 12 - Commerce
| 1. What is import substitution? |  |
Ans. Import substitution is a trade policy where a country aims to reduce its reliance on imported goods by producing them domestically.
| 2. What are the main goals of import substitution? | |
Ans. The main goals of import substitution are to promote domestic industries, reduce dependency on foreign goods, and improve the country's trade balance.
| 3. How does import substitution impact the economy? | |
Ans. Import substitution can help stimulate economic growth by creating new job opportunities, fostering industrial development, and reducing the outflow of foreign exchange.
| 4. What are some challenges associated with import substitution? | |
Ans. Some challenges of import substitution include the potential for inefficiency in domestic industries, limited access to new technologies, and the risk of protectionism hindering international trade relations.
| 5. What are some examples of countries that have implemented import substitution policies? | |
Ans. Some examples of countries that have implemented import substitution policies include Brazil, India, and Mexico during different periods of their economic development.
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