The replacement of foreign manufactured goods by domestically manufactured goods is called _____.

Question

Quizplus · Accepted Answer

The replacement of foreign manufactured goods by domestically manufactured goods is called import substitution. This process is usually encouraged by governments to reduce their dependence on imported goods and promote domestic production. Import substitution policies may include measures such as tariffs, quotas, and subsidies for domestic producers.

The Replacement of Foreign Manufactured Goods by Domestically Manufactured Goods