Question
Show the difference between closed economy and open economy.
| Closed Economy | Open Economy |
| Closed economy means economy without the role of the foreign trade and government. | Saving, investment, government and foreign trade play their roles in open economy |
| Closed economy have two parties $A.$ business firms $B.$ families |
In open economy, there are four parties : $A.$ business firms $B.$ families $C.$ government $D$. money market and foreign trade. |
| This concept is far from reality. | This concept is a reality. |
| It is a dependent economy. | It is a independent economy. |
| Economic transactions with other countries are not seen. | Economic transaction with other courtiers are seen. |
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