What do you mean by open economy ? Mention any two types in which open – InterviewSolution

1.

What do you mean by open economy ? Mention any two types in which open economy extends your choice of selection.

Answer»

Open economy is an economy in which one country trades goods and services with other countries.

Following are the two ways to extend our choice :

Choice of selection between domestic goods and foreign goods.
Investors can choose between domestic and foreign assets.

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