In particular, the second equation separates national saving into two pieces: private saving (Y T C) and public saving (T G). Consider each of these two pieces: Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. 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.
A map of North America ca. 1566, one of the first to include the name Canada (top right). The name Canada is now generally accepted as originating from the St. Lawrence Iroquoian word kanata or canada, meaning village or settlement. Related translations include land or town, with subsequent terminologies meaning cluster of dwellings or collection of huts.
The Iroquois used the word kanata to tell Cartier about the route to the village of Stadacona. They referred to it by using the Huron-Iroquois word for settlement or village. Cartier used the word for the entire area, and the name Canada was soon applied to the area north of the St. Lawrence River.Cartier referred to the river as the riviere de Canada, and this name was in use until the early 17th century.While the region was called New France, the areas along the Gulf of St. Lawrence and the river were known under the name Canada.he Iroquois used the word kanata to tell Cartier about the route to the village of Stadacona. They referred to it by using the Huron-Iroquois word for settlement or village. Cartier used the word for the entire area, and the name Canada was soon applied to the area north of the St. Lawrence River.