Scenario: Not-So-Free Freeland
Freeland is a semi-closed economy whose government believes in protecting national identity and building a self-sustained economy. The government's priority is to protect local jobs and provide opportunities to Freeland's emerging industries to flourish without the threat of external competition.
-The belief that Freeland's emerging industries need protection from international competition during their development phase is an example of ________.

Question

Quizplus · Accepted Answer

The belief that new industries need protection from international competition during their development phase is known as the infant industry argument. This argument suggests that without protection, these industries may not survive and grow to become competitive with established industries in other countries. This protection can come in the form of tariffs or subsidies, which increase the cost of imported goods or lower the cost of locally produced goods. This argument is often used by countries to justify protectionist policies.

Scenario: Not-So-Free Freeland Freeland Is a Semi-Closed Economy Whose Government Believes in Protecting