What is one example of a closed economy

2 answers:

8 0

A closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders. A closed economy is the opposite of an open economy, which is when a country will conduct trade with outside regions.

A closed economy is the opposite of an open economy, in which a country will conduct trade with outside region.

solmaris [256]3 years ago

4 0

A closed economy is an economy that does not interact with other economies. Meaning they do not get imports nor do they export anything from their economy.
One example is Brazil

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