This paper sets out the didactical and logical arguments for using the closed economy concept at the start of introductory courses to discuss our planet’s economy. The paper illustrates how
observations at the level of planet Earth can be used while teaching
relationships that are studied in a closed economy setting. It provides an
overview of internet resources with world data and some practical examples that
can readily be used in teaching.
Book: pp. 1-8, 11-18 (updated tables), 71-72 (exercise 6.5) and 126-128 (exercise 10.7)
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