The price of a good or service in an economy that does not trade with other countries
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Open it The price of a good or service in an economy that does not trade with other countries is called its autarkic price .
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2.1. Basic Terminology e deficits with that country. Similarly, when a country has a trade deficit, it has to borrow from foreigners or sell some of its assets to foreigners. Section 4 on the balance of payments explains these relationships more fully.
<span>Autarky is a state in which a country does not trade with other countries. This means that all goods and services are produced and consumed domestically. The price of a good or service in such an economy is called its autarkic price . An autarkic economy is also known as a closed economy because it does not trade with other countries. An open economy , in contrast, is an economy that trades with other countries. If there are no restrictions on trade, then members of an open economy can buy and sell goods and service
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