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You are taking notes in a lecture, writing as fast as you can, when suddenly your hand become so stiff that you can't write any more. You pull the pencil from between your frozen fingers with your other hand, and after a few worried moments your hand is able to relax again. What happened?
Foreign Competition
The presence of competing products or services from other countries in a domestic market.
Domestic Producers
Individuals or entities within a country that produce goods or services.
Import Substitution
A strategy aimed at reducing foreign dependency through the domestic production of previously imported goods.
Infant Industries
Newly established industries that may not yet be competitive in the global market without protection or support from the government.
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