BANKING AFFAIRS

Detailed explanation-1: -A closed economy is one that does not swap their trading with outside economies. The closed economy is independent, meaning no imports enter the country and no exports leave the country. The aim of a closed economy is to provide all that domestic consumers need from within the boundaries of the country.

Detailed explanation-2: -A closed economy is an economy that does not participate in international trade, meaning it would not import or export goods and services from another country. In this situation, all goods and services are produced within the boundaries of a single economy.

Detailed explanation-3: -A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country. Was this answer helpful?

Detailed explanation-4: -In a completely closed economy, there are no imports or exports. The country claims that it produces everything its citizens need. We also refer to this type economy as isolationist or an autarky. A closed economy is the opposite of an open economy or a free-market economy.

Detailed explanation-5: -The correct answer is Closed. An economy having no economic relationship with other countries is called a closed economy. There is neither exports nor imports in a closed economy. Goods are produced and consumed by the same households within a closed economy.