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Closed Economy
An economy that does not engage in international trade with other economies, neither importing nor exporting goods and services.
Government Deficit
The financial situation in which a government's expenditures exceed its revenues within a given fiscal period, leading to borrowing or debt accumulation.
Private Saving
The portion of households' income that is not consumed or paid in taxes, and is instead saved for future use.
Macroeconomist
An economist who focuses on broad issues such as inflation, unemployment, and national economic growth.
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