WAEC - Economics (2020 - No. 30)
Import substitution as a strategy of industrialization is the
replacement of locally produced goods with imported ones
development of locally produced goods with imported ones
establishment of firms to process imported raw materials
act of using local inputs to produce goods for export
Erläuterung
Import substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods.