Question

In which type of market would you find it the most difficult to buy goods from another country?

pure market economy
closed economy
traditional economy
mixed market economy

Answer 1

In which type of market would you find it the most difficult to buy goods from another country?


ĀNSWĒR:-

Closed economy ✔


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Answer 2

In a closed economy market it would be very difficult to buy goods from another country

Explanation:

• In a closed economy the country has no method of transacting goods or services with any other country or economy.  The economy of the country is very "self reliant" and "self sufficient" by themselves and they do not trade with other countries
• There can be no form of "export" or "import" happen with countries that have a closed economy. But on the other hand in an open economy the countries trade with other countries and are able to export and import goods from other economies
• There are many countries like Brazil, Vietnam, Morocco, Tajikistan, Ukraine and more which have closed economy markets and do not trade with other countries. These countries do not waste money on trading and they increase the production of their own goods

To know more about closed economy

Distinguish between closed economy and open economy

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