Describe the Policies That Would Be Associated with Import Substitution

question 58

Essay

Describe the policies that would be associated with Import Substitution Industrialization.What are the primary criticisms of these policies?

---

Definitions:

Hired Managers

Individuals employed to direct and control the operations, strategies, and policies of a business or organization.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production.

Different Rents

Variations in rental prices, often influenced by factors such as location, demand, and property features.

Future Value

The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today.