by Angela cruz

Things That You Can Only Witness In A Closed Economy

Things That You Can Only Witness In A Closed Economy

A closed economy is an economy that does not trade with other countries.

All countries rely on others in the real world. Closed economies are hypothetical.

here are the features that you can see in a closed economy

NEITHER LOAN NOR ACCEPT FOREIGN ASSISTANCE.

Closed-economy citizens can't work abroad.

In a closed economy, GDP and GNP are identical.

Closed economies are typically self-sufficient.

No Fear of Foreign Coercion

Unfavorable conditions may affect their agricultural yield.