Types of Economies

Index Page

Types of economies :

- Closed economy :It is an economy which has very little or no external trade. That is the country's exported and imported goods account for a tiny or nil portion of it's consumption.

- Open economy : This is the opposite of closed economy. It refers to the economy whose external trade accounts for a significant proportion of it's consumption.

- Emerging Market Economy :This term refers to developing countries. It means that these countries are growing into large markets. Countries like Brazil,Rusia,India,China come onto this category.

-Advanced Countries : The countries whose per capita income in very high are advanced countries .Ex:USA,Japan.

-Least developed countries : The countries whose percapita income is very less are called least developed countries Ex: Somalia, Afghanistan.