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Define open economy and closed economy?

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Define open economy and closed economy?

Posted by Siddharth S 6 years, 6 months ago

CBSE > Class 12 > Economics

1 answers

Siddharth S 6 years, 6 months ago

open economic is an economic situation in which country establishes and maintains sound social and political and economic relationship with other countries [rest of world] in order to maintain positive and progressive economic development of country. closed economy is an economic situation in which country does not establish in social and political and economic relationship with other countries [rest of the world].

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