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.
