open economy

Open Economy

An economy in which participants are permitted to buy and sell goods and services with other countries. The GDP of open economies includes exports (which add to GDP) and imports (which subtract). Some very open economies have few or no trade restrictions such as tariffs, but this is rare in practice. Nearly every economy in the world is an open economy to a greater or lesser extent.

open economy

an economy that is heavily dependent on INTERNATIONAL TRADE, EXPORTS and IMPORTS being large in relation to the size of that economy's NATIONAL INCOME. For such economies, analysis of the CIRCULAR FLOW OF NATIONAL INCOME must allow for the influence of exports and imports. Compare CLOSED ECONOMY.

单词	open economy
释义	open economy Open Economy An economy in which participants are permitted to buy and sell goods and services with other countries. The GDP of open economies includes exports (which add to GDP) and imports (which subtract). Some very open economies have few or no trade restrictions such as tariffs, but this is rare in practice. Nearly every economy in the world is an open economy to a greater or lesser extent. open economy an economy that is heavily dependent on INTERNATIONAL TRADE, EXPORTS and IMPORTS being large in relation to the size of that economy's NATIONAL INCOME. For such economies, analysis of the CIRCULAR FLOW OF NATIONAL INCOME must allow for the influence of exports and imports. Compare CLOSED ECONOMY.
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