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

Question

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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The Answer of 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

Define the Following Terms and Explain Their Importance to the Study