Discuss the Values of Private Saving in Closed and Open

question 17

Essay

Discuss the values of private saving in closed and open economies.

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Definitions:

Supply

The total amount of a product or service that is available for purchase at any given time.

Elastic

Describing a situation in economics where the demand or supply for a good or service significantly changes in response to changes in price.

Tax Rates

The percentage at which an individual or corporation is taxed, which can vary based on income level, type of goods or activities.

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in prices, income, or other factors.