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2 cards from this section. Quick, good the night before a test.
Define import substitution.
Think about why a country would want to produce its own goods instead of buying from others.
What does the term 'license raj' mean?
Consider how regulations can control business activities.
What does import substitution aim to achieve?
Think about the benefits of producing goods in your own country.
True or False: The license raj encouraged rapid entrepreneurship.
Consider how regulations can affect business startups.
Analyze the economic implications of maintaining a strong public sector in the face of growing private enterprise. Discuss the potential benefits and drawbacks.
Think about the effects on consumers and the market as a whole.
Evaluate the effectiveness of the import substitution strategy in relation to consumer choice and quality of goods available in the market.
Consider how diverse goods influence consumer satisfaction and market health.
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