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 name Canada is pronounced /ËkaenÉdÉ/ ËkÃ¦nÉdÉ In, [english] kanada in Standard french Of, [france] kanadÉ in Standard Quebec. French In, inuktitut one of the official languages of the territory Of, nunavut The First nations (word [pronounced]) kanata is, used with The inuktitut syllabics. á²ááhe French colony of Canada, New France, was set up along the Saint Lawrence River and the northern shores of the Great Lakes. Later the area became two British colonies, called Upper Canada and Lower Canada until their union as the British Province of Canada in 1841.