Question

Distinguish between open economy and closed economy

Answer 1

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Answer 2

OPEN ECONOMY is an where exports and imports are taken into consideration

mostly the trade part. Example— peopke or business man caninvest in the world

market.

CLOSED ECONOMYis an economy where

trade is not allowed and there is only

domestic production of endogenous goods.Example— peoples or investors can invests only in his or her country.