Define a closed economy ?
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A closed economy is completely self-sufficient, with no imports or exports from international trade. The need for raw materials produced elsewhere that play a vital role as inputs to final goods makes closed economies inefficient. ... In reality, there are no nations that have economies that are completely closed.
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A closed-household economy is a society's economic system in which goods are not traded. Instead, those goods are produced and consumed by the same households. In other words, a closed-household economy is an economy where households are closed to trading.
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