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Brief Meaning of Key Words Used in the Study of Industrialisation

(i) Industrialisation:
It is the process which increases the volume of production in industrial activities.

(ii) Location of Industry:
It is the siting of an industry in a given place.

(iii) Firm:
A firm is a business unit formed for the purpose of carrying out economic activities.

(iv) Import Substitutions:
This is the government action aimed at encouraging the growth of industries within the country by replacing imported goods with domestic production.

(v) Export Promotion Strategy:
It is a deliberate government effort to promote industries at home that can produce goods and services for export.

(vi) Indigenisation Policy:
This is a government effort to encourage indigenous entrepreneurs to be involved actively in economic activities of the economy.