When a country follows an inward-oriented strategy, it tends to produce:
A) only tertiary goods.
B) goods in which it has an absolute advantage.
C) only labor-intensive goods.
D) goods for which no export barriers exist.
E) goods that replace foreign manufactured products.

Question

Quizplus · Accepted Answer

An inward-oriented strategy, also known as import substitution industrialization (ISI), focuses on producing goods domestically to replace foreign manufactured products. This approach aims to reduce dependency on imports by encouraging the development of local industries.

When a Country Follows an Inward-Oriented Strategy, It Tends to Produce