2.4 - INDUSTRY AND TRADE
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
Define import substitution.
💡 Hint: Think about why a country would want to produce its own goods instead of buying from others.
What does the term 'license raj' mean?
💡 Hint: Consider how regulations can control business activities.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does import substitution aim to achieve?
💡 Hint: Think about the benefits of producing goods in your own country.
True or False: The license raj encouraged rapid entrepreneurship.
💡 Hint: Consider how regulations can affect business startups.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Analyze the economic implications of maintaining a strong public sector in the face of growing private enterprise. Discuss the potential benefits and drawbacks.
💡 Hint: Think about the effects on consumers and the market as a whole.
Evaluate the effectiveness of the import substitution strategy in relation to consumer choice and quality of goods available in the market.
💡 Hint: Consider how diverse goods influence consumer satisfaction and market health.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.