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open economy

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An economy in which a significant percentage of its goods and services are traded internationally. The degree of openness of an economy usually depends on the amount of overseas trade in which the country is involved or the political policies of its government. Thus the UK economy is relatively open, as the economy is significantly dependent on foreign trade, while the US economy is relatively closed as overseas trade is not as important to its economy.

Subjects: Social sciencesEconomics

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