The Economic Development Strategy Aimed at Exporting Domestically Manufactured Goods

question 51

Multiple Choice

The economic development strategy aimed at exporting domestically manufactured goods is called a(n) :

• A) replacement strategy.
• B) market-oriented strategy.
• C) inward-oriented strategy.
• D) outward-oriented strategy.
• E) future-oriented strategy.

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Definitions:

Licensing Agreement

Occurs when a firm pays a fee for the rights to make or sell another company’s products.

Manufacturing Technology

The machinery, equipment, and processes used in the production of goods, emphasizing efficiency and quality.

Patent

Legal protection granted to inventors, giving them exclusive rights to manufacture, use, or sell their invention for a certain period.

Central-Planning Economies

Economic systems where the government or central authority makes all decisions about the production and distribution of goods and services.