Question

What is meant by open economy and closed economy ? In hindi?

Answer 1

An open economy is an economy in which there are economic activities between the domestic community and outside. People and even businessescan trade in goods and services with other people and businesses in the international community, and funds can flow as investments across the border. Trade can take the form of managerial exchange, technology transfers, and all kinds of goods and services. (However, certain exceptions exist that cannot be exchanged; the railway services of a country, for example, cannot be traded with another country to avail the service.)

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.

Answer 2

What is Economy?

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The state of a country or region in terms of the production and consumption of goods and services and the supply of money.