What's New in Scott County. County Spotlights. No Kid Hungry Text FOOD to 877-877 to find locations Read on... Let's Go Fishing! Free excursions for veterans, seniors, and people with disabilities Read on... Submit your community event photos to Show Off Shakopee! Photo contest runs Sept. 1 - 30 Read on...
import substitution industrialization (ISI) A trade or economic policy theory that advocates replacing imports with domestic production, on the principle that countries should reduce their foreign dependency through local production of industrialized products to create self-sufficient economies.
What is a 'Substitute' A substitute or substitute good in economics and consumer theory is a product or service that a consumer sees as the same or similar to another product. In the formal language of economics, X and Y are substitutes if the demand for X increases when the price of Y increases, or if there is a positive cross elasticity of demand.