a closed economy is an economic system that does not interact with other economies around the world. study with quizlet and memorise flashcards containing terms like the 3 elements in the closed economy model, consumption, investment and others. study with quizlet and memorize flashcards containing terms like production function, firms hire until, firms rent k until and more. what is one example of a closed economy? North korea is often cited as an example of a closed economy due to its strict control over imports and exports. Used in economic models to analyze. a 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.
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