Definitions for open economy
open econ·o·my

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1. Open economy

   An open economy is a type of economy where not only domestic factors but also entities in other countries engage in trade of products (goods and services). Trade can take the form of managerial exchange, technology transfers, and all kinds of goods and services. Certain exceptions exist that cannot be exchanged; the railway services of a country, for example, cannot be traded with another country to avail the service. It contrasts with a closed economy in which international trade and finance cannot take place. The act of selling goods or services to a foreign country is called exporting. The act of buying goods or services from a foreign country is called importing. Exporting and importing are collectively called international trade.

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1. Open economy

   An open economy is an economy in which there are economic activities between domestic community and outside, e.g. people, including businesses, can trade in goods and services with other people and businesses in the international community, and flow of funds as investment across the border. Trade can be in the form of managerial exchange, technology transfers, all kinds of goods and services. Although, there are certain exceptions that cannot be exchanged, like, railway services of a country cannot be traded with another to avail this service, a country has to produce its own. This contrasts with a closed economy in which international trade and finance cannot take place. The act of selling goods or services to a foreign country is called exporting. The act of buying goods or services from a foreign country is called importing. Together exporting and importing are collectively called international trade. There are a number of advantages for citizens of a country with an open economy. One primary advantage is that the citizen consumers have a much larger variety of goods and services from which to choose.

How to pronounce open economy?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say open economy in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of open economy in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of open economy in Pythagorean Numerology is: 5

Examples of open economy in a Sentence

1. Michael Keenan:

   In response to these particular allegations, the Minister for Immigration and Border Protection [Peter Dutton] has instructed that there will be extra screening through air cargo, you would appreciate it is a very big job to screen, and Australia is a very open economy, there is an enormous number of packages moving both inward and outward on any given day, but we’ve taken measures to improve screening, and Minister Dutton will continue to assess what we learned from this particular plot, and what other measures we might need to take to ensure the security of the air cargo system.

2. Kang Sung-wook:

   I have a firm belief that this time North Korea would pursue an open economy like Vietnam, kim Jong Un wouldn't go everywhere and visit China twice if he was bluffing.

3. Sanjay Raja:

   The United Kingdom, as a small, open economy, can't do very much, [ United Kingdom ] can't supply and make up these goods to limit the increase in prices to offset that inflation.

4. Arnor Sighvatsson:

   Monetary policy in a very small, open economy out of sync with the rest of the developed world is a serious challenge.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Open_Economy
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=open economy