Import Substitution

question 23

Multiple Choice

Import substitution:

• A) protects domestic industries until they are efficient enough to compete in the world market.
• B) incentivizes consumers to substitute imported goods for domestic goods.
• C) encourages domestic industries to ship exports to other countries.
• D) mandates that imports can only be sold if the domestic economy does not produce that good.

Describe habituation and its importance in animal behavior.

Differentiate between operant conditioning and classical conditioning.

Recognize the role of learning in animal behavior.

Understand different problem-solving strategies used by children, including the application of rules and the use of analogies.

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Definitions:

Entrepreneurial Process

The journey of identifying a business opportunity, resources acquisition, and the management of growing the business venture.

Brain Trust

A group of experts or highly knowledgeable individuals brought together to provide advice and guidance on complex matters or strategic decisions.

Resource Acquisition

The process of obtaining the necessary resources, such as capital, materials, or human skills, needed for business operations or project initiation.

Bootstrapping

refers to starting and growing a business using one's own resources and revenue generated from the business, rather than relying on outside investment.