Used in economic models to analyze. Weba closed economy is an economy that does not interact with other economies in the world. Basic concepts learn with flashcards, games, and more — for free.

Webstudy with quizlet and memorise flashcards containing terms like the 3 elements in the closed economy model, consumption, investment and others. North korea is often cited as an example of a closed economy due to its strict control over imports and exports. Webwhat is one example of a closed economy? Weba closed economy is an economic system that does not interact with other economies around the world.

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