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IMPORT SUBSTITUTION: A strategy for economic development for a country based on replacing imported goods with domestic production. This is often directed toward imported inputs used for domestic production. The goal of this policy is to encourage domestic production, which subsequently increases domestic income and consumption. A contrasting economic development is export promotion.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 1 of 25

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  • The definition of production:

  • Production is the general process of combining resources (inputs) into more valuable goods and services (outputs).
  • The production activities of business firms is a critical component of market supply.

  • How much firms are willing to sell at various prices depends on the cost of producing the goods.


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INDUCED NET EXPORTS

Net exports by the foreign sector that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in net exports. Induced net exports reflect the induced relation between imports and income, which means net exports decline as income increases. They are measured by the negative of the marginal propensity to import (MPM) and are reflected by the negative slope of net exports line. The alternative to induced net exports is autonomous net exports, which do not depend on income.

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