what is open economy
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An open economy is a type of economy where not only domestic actors but also entities in other countries engage in trade of products (goods and services). Trade can take the form of managerial exchange, technology transfers, and all kinds of goods and services
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An open economy is a type of economy where not only domestic actors but also entities in other countries engage in trade of products (goods and services). ... Exporting and importing are collectively called international trade. There are a number of economic advantages for citizens of a country with an open economy.
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