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Korolek [52]
3 years ago
8

What is one example of a closed economy?

History
1 answer:
gizmo_the_mogwai [7]3 years ago
8 0

There is no completely closed economy. But Brazil is an example.

<u>Explanation</u>:

  • Countries or Economies that have no economic or trading activities with other countries or economies are termed as Closed Economies.
  • A closed economy would be importing and exporting nothing into their country. They would be self-sufficient and everything will be provided for their needs from within the country.
  • No country in the world is completely closed to any other economy.
  • Presently, Brazil imports the least from other countries as compared to their GDP and so it can be considered as a closed economy.
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