Question

20. Distinguish between closed economy and open economy.​

Answer 1

Answer:

close economy and open economy

Explanation:

Close Economy

• the closed economy is self sufficient which means no import comes to the country and no export leave the country.
• the purpose of this is to provide domestic consumers with everything they need from the country's border

Open economy

• a open economy is a economy in which there are economic activities between the domestic community and outside
• people and even buisness can trade with good and services with other people and can buisness in the international community and funds can flow as investments across the border