Import substitution

Import substitution is like playing dress-up. Imagine you ask your mom for a new dress for a special party, but your mom tells you that she can't buy you a new dress because it costs too much. So instead, you decide to make a dress out of things that you already have at home.

In the same way, import substitution is when a country tries to make things themselves instead of buying them from other countries. This is because it can be expensive to buy things from other countries, and sometimes they might even run out of certain things. So, the country decides to make those things themselves. For example, if a country cannot afford to import cars from another country, they might try to start making their own cars.

When a country makes things themselves, it's like they're putting on a dress-up costume. They're pretending to be someone else (in this case, the person or country that originally made that product). This can be a good thing for a country because they can save money and be more independent. However, it can also be hard because they might not have the skills or resources to make things as well as other countries can.

Overall, import substitution is a way for a country to be more self-reliant and save money by making things themselves instead of buying them from other countries. It's like playing dress-up, but with products instead of costumes.