Because a closed economy does not engage in international trade, imports and exports are exactly zero. Therefore, net exports (NX) are also zero. In this case, we can write Y = C + I + G This equation states that GDP is the sum of consumption, investment, and government purchases.Each unit of output sold in a closed economy is consumed, invested, or bought by the government. closed economy is an economy that does not interact with other economies. Y = C + I + G That was exactly what you stated In particular, a closed economy does not engage in international trade in goods and services, nor does it engage in international borrowing and lending.
Lilium canadense. Â© Bill Hilton Jr. Canada Lily, Lilium canadense, a magnificent tall woodland lily, grows wild in damp meadows and thickets from Alabama to Quebec. The flowers are usually yellow, but may instead be orange or red, as illustrated in this photo. Seed-grown plants may take 5-6 years to flower, so planting Canada Lily bulbs is preferable.
Comments: This attractive lily is similar to other lilies with orange flowers, including Lilium superbum (Turk's Cap Lily), Lilium michiganense (Michigan Lily), and the introduced Lilium lancifolium (Tiger Lily). Like the flowers of Canada Lily, the flowers of Michigan Lily and Turk's Cap Lily often nod downward. However, the tepal tips of Michigan Lily curve back to the base of the flower, while the tepal tips of Turk's Cap Lily curve back and extend behind the base of the flower.