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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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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for a thesaurus filled with typos.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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