Question

Distinguish between Closed Economy and Open 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.

Explanation:

Answer 2

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.