Question

• Defines and explains a closed system and provides an example.
• Defines and explains an open system and provides an example.
• Explains the inner and outer flows of a closed system.
• Explains the inner and outer flows of an open system.
• Defines and explains leakages in an open system.
• Defines and explains injections in an open system.
• Provides a personal example of a leakage, describes it and explains it.
• Provides a personal example of an injection, describes it and explains it.


Someone please provide some good link for this?

Answer 1

For simplicity,

A closed system is a system where a country does not trade with any others (accepting no imports or exports)

An open system is the opposite of a closed system, whereby a country decides to include trade into its system (accepting imports and exports)

Inner and outer flows in a closed system means the cash inflows and outflows from businesses and consumers in that country alone.

Inner and outer flowes in an open system means the cash inflows and outflows from businesses trading with one another and consumers buying from the businesses across two or more countries.

Now you know more about what an open and closed system is, you should check out the other answers.