As we think of a closed economy, we think of fewer goods
and services. The goods and services we have may not be the best in quality and
may come with higher price tags. We could think of our market structures
oligopoly and monopoly coming into play here. Do you remember from
Microeconomics what oligopolies and monopolies have in common? Here
are two biggies –
Higher
prices
A
reduction in customer service
As a consumer, that would not sound good.
Right?! Here is a video that details more about oligopolies and
monopolies to refresh your memory.
After you finish the video, let me know how you feel about a
closed economy from a producer perspective as well as from a consumer
perspective.
Reference: Monopoly vs. Oligopoly vs. Competition:
Monopolies and Oligopolies Defined, Explained and Compared. (2017, August 4).
Retrieved from https://www.youtube.com/watch?v=0Gb4t1L2MH0