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Trade Policy: Import Substitution Video Lecture | Economics Class 12 - Commerce

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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.
64 videos|275 docs|52 tests
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Trade Policy: Import Substitution Video Lecture | Economics Class 12 - Commerce

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