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Differentiate Between an Open and a Closed Economy? Do You

question 154

Essay

Differentiate between an open and a closed economy? Do you agree that the U.S.economy is more open among the advanced industrial countries in the world?


Definitions:

Unenforceable Contract

An agreement that is not legally binding, either due to its failure to meet certain legal requirements or because it involves illegal activities.

Contractual Duties

Obligations that a party is bound to perform under the terms of a contract.

Void

That which is entirely null. A void act is one that is not binding on either party and that is not susceptible of ratification.

Executed

Completed or carried out; in legal terms, it can mean a contract or document that has been signed and made legally binding.

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