Match each industrial strategy or policy instrument on the left with its correct economic … — JAMB UTME

Match each industrial strategy or policy instrument on the left with its correct economic definition on the right.

Import Substitution IndustrializationReplacing foreign imported goods with domestically manufactured alternatives
Export Promotion IndustrializationEncouraging domestic industries to manufacture goods targeted at external international markets
Tariff ProtectionLevying customs duties on foreign imports to shield nascent domestic producers

Cevap

Import Substitution Industrialization matches with replacing foreign imported goods with domestically manufactured alternatives; Export Promotion Industrialization matches with encouraging domestic industries to manufacture goods targeted at external international markets; Tariff Protection matches with levying customs duties on foreign imports to shield nascent domestic producers.

Import Substitution Industrialization is an inward-looking policy aimed at replacing imports with local goods, Export Promotion Industrialization is an outward-looking policy aimed at producing goods for foreign export, and Tariff Protection is a commercial policy tool using import taxes to protect home industries.

Adım Adım Çözüm

Define Import Substitution Industrialization

Import Substitution Industrialization corresponds to replacing foreign imported goods with domestically manufactured alternatives.

The primary objective of import substitution is achieving self-reliance by producing previously imported consumer goods locally.

Define Export Promotion Industrialization

Export Promotion Industrialization corresponds to encouraging domestic industries to manufacture goods targeted at external international markets.

Export promotion focuses on industrializing by expanding sales in international markets to earn foreign exchange.

Define Tariff Protection

Tariff Protection corresponds to levying customs duties on foreign imports to shield nascent domestic producers.

Tariffs are trade barriers designed to safeguard local infant industries from foreign competition.

Anahtar Kavram

Core Strategies and Policy Tools of Industrialization

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Cevap

Adım Adım Çözüm

Anahtar Kavram

Sık Yapılan Hatalar

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