Final answer:
The infant industry argument suggests that governments should use subsidies to support promising firms in newly emerging industries until they become established and can compete in the market.
Step-by-step explanation:
The concept of using subsidies to support promising firms in newly emerging industries is known as the infant industry argument. This argument suggests that governments should provide temporary financial assistance to new industries until they become established and can compete in the market. However, it is important to note that support for key industries is often directed at long-established industries rather than new industries. The goal of using subsidies in this context is to eventually transition these industries to market competition, rather than relying on continuous government support.