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Question
What is the name given to an economy which has no relation with rest of the world?
What is the name given to an economy which has no relation with rest of the world?
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Solution
The correct option is D Closed Economy
When a country claims to be self reliant, it is said to be closed economy. In closed economy, country produces every thing within the country what their citizens need. It neither imports nor exports, that means it does not trade with any other nation. It is opposite of open economy where the country trades with other nations.It is open to exports and imports.
When a country claims to be self reliant, it is said to be closed economy. In closed economy, country produces every thing within the country what their citizens need. It neither imports nor exports, that means it does not trade with any other nation. It is opposite of open economy where the country trades with other nations.It is open to exports and imports.
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