Explain briefly what is a Closed Economy And Open Economy.

November 27th, 2009 Comments off
Share |

Closed Economy:

  • An economy having no external trade which is completely self-sufficient and insulated from external forces

Opened Economy:

  • An economy which has been engaging in international trade.

  • Degree of openness of the economy may be approximated by the size of its foreign trade sector relative to its gross domestic product.

Comments are closed now.

Financial Accounting


Advertise Here | Brain Teasers/Puzzles | Greeting Cards | Inspirational Quotes | Jokes/Humor | Useful Links | Motivational Stories | Resource | Shopping | Share/Express Your Views | Testimonials | Universities/Colleges | Words of Wisdom from Religions | FREE POSTING OF ACCOUNTING & FINANCE JOBS VACANCY|