Asked by Madelynn Kjenstad on May 09, 2024
Verified
In a closed economy, Y - C - G equals _____. The variable Y is _____, C is _____, and G is _____.
Closed Economy
An economic system that does not interact with other economies in terms of trade, investment, or migration and relies solely on its own resources and internal production.
Variable Y
A symbolic representation of a dependent variable that is subject to change based on other variables' values within a mathematical function or an experiment.
- Define national saving in the context of a closed economy and its components.
Verified Answer
SG
Stephanie GarrowMay 13, 2024
Final Answer :
national saving/investment, output/GDP, consumption, government purchases
Learning Objectives
- Define national saving in the context of a closed economy and its components.