Question

Differentiate between open economy and closed economy.

Answer 1

Answer:

A closed economy is that economy which has not economic relations with other countries of the world. An open economy is that economy which has economic relations with other countries of the world. 2. In a closed economy the domestic product and natural product are equal.

Explanation:

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Answer 2

Answer:

A closed economy is self-sufficient meaning that no imports are brought into the country, and no exports are sent out of the country. A closed economy is the opposite of an open economy, in which a country conducts trade with other nations.

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