The American economy is an open economy, an economy in which economic activities occur between the country and the international community.
<h3>What is the Economy?</h3>
The economy of any country is determined by the ratio of production and consumption that takes place within a year and evaluates the flow of funds in the market by analyzing the purchasing parity of an individual.
The American economy is open, meaning that there are no constraints on how much trade can take place between the nation and the rest of the world.
In this type of economy elements like tariffs and licensing got eliminated from the trading procedure.
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