Question

Define a closed economy ?​

Answer 1

Answer:

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.

Answer 2

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.