Define the Following Terms and Explain Their Importance to the Study

question 13

Essay

Define the following terms and explain their importance to the study of macroeconomics:
a. open economy
b. closed economy
c. budget deficits and trade deficits
d. international capital flows

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Definitions:

Recommendation

An advice or suggestion given by someone, based on their knowledge or experience, intended to guide decisions or actions.

Request

The act of formally or politely asking for something.

Information

Data or facts received or given which are processed or utilized to inform or make decisions.

Action

The process or state of doing something or being active, often implying movement or the implementation of decisions.