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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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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.
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The average length of a "business lunch" is about 36 minutes.
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"Success is the ability to go from one failure to another with no loss of enthusiasm." -- Sir Winston Churchill
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ACBS
Accrediting Commission for Business Schools
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