Define the following terms: a. Import substitution, b. Quota.
Answers
Answer:
hi
Explanation:
Import Substitution : The policy aimed at replacing or substituting imports with domestic production by protecting the domestic industries from foreign competition is known as Import Substitution. b) Quota : Quantitative restrictions on imports for the protection of the domestic firms from foreign competition
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Answer:
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Explanation:
An import refers to a product or service produced in abroad that is purchased in your home country. Countries are most likely to import goods or services that their domestic industries cannot produce as efficiently or cheaply as the exporting country.
the action of replacing someone or something with another person or thing.
fixed share of something that a person or group is entitled to receive or is bound to contribute.
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy.