Open economy in the context of "Alberta"

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⭐ Core Definition: Open economy

An open economy is an economy in which both domestic and international entities participate in the trade of goods and services. This type of economy allows for the exchange of products, including technology transfers and managerial expertise. However, certain services, such as a country's railway operations, may not be easily exchanged internationally due to practical limitations.

In contrast, a closed economy restricts international trade and finance with other countries. In an open economy, the sale of goods or services to a foreign country is known as exporting, while the purchase of foreign goods or services is referred to as importing. Collectively, these activities form the basis of international trade.

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👉 Open economy in the context of Alberta

Alberta is a province in Canada. It is a part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to its west, Saskatchewan to its east, the Northwest Territories to its north, and the U.S. state of Montana to its south. Alberta and Saskatchewan are the only two landlocked Canadian provinces. The eastern part of the province is occupied by the Great Plains, while the western part borders the Rocky Mountains. The province has a predominantly continental climate, but seasonal temperatures tend to swing rapidly because it is so arid. Those swings are less pronounced in western Alberta because of its occasional Chinook winds.Alberta is the fourth largest province by area, at 661,848 square kilometres (255,541 square miles), and the fourth most populous, with 4,262,635 residents. Alberta's capital is Edmonton; its largest city is Calgary. The two cities are Alberta's largest census metropolitan areas. More than half of Albertans live in Edmonton or Calgary, which encourages a continuing rivalry between the two cities. English is the province's official language. In 2016, 76.0% of Albertans were anglophone, 1.8% were francophone and 22.2% were allophone.

Alberta's economy is advanced, open, market-based, and characterized by a highly educated workforce, strong institutions and property rights, and sophisticated financial markets. The service sector employs 80% of Albertans, in fields like healthcare, education, professional services, retail, tourism and financial services. The industrial base includes manufacturing, construction, and agriculture (10%, 5%, and 2% of employment respectively), while the knowledge economy includes about 3000 tech companies employing an estimated 60,000 people, mainly in Calgary and Edmonton. The energy sector employs 5% of Albertans but significantly impacts exports and GDP. Alberta's exports, primarily US-bound, consist of 70% oil and gas, 13% food products, and 12% industrial products. Oil and gas are culturally influential, having shaped politics, generated "striking it rich" narratives, and created boom-and-bust cycles. In 2023, Alberta's output was $350 billion, 15% of Canada's GDP.

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Open economy in the context of Economy of Scotland

Scotland has an economy which is an open mixed economy, mainly services based, which had an estimated nominal gross domestic product (GDP) of £223.4 billion in 2024, including oil and gas extraction in the country's continental shelf region. The country's primary industries are agriculture, forestry, fishery, manufacturing, oil and gas extraction, science, technology and energy, food and drink and tourism. Major developing industries in Scotland include the space industry, renewable energy and the financial technologies sectors. The country is one of Europe's leading financial centres, and is the largest financial hub in the United Kingdom outside of London. Scotland's largest non-UK export market is the European Union (EU), followed by the United States.

Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing. The country had one of the largest and most successful shipbuilding industries in the world, and although significantly reduced in size, shipbuilding remains a significant sector of the economy, generating £403 million in GVA towards Scotland's economy in 2022. Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom since the Acts of Union 1707 which united the Kingdom of Scotland with the Kingdom of England to create the Kingdom of Great Britain. Since 1979, management of the economy has followed a broadly laissez-faire approach.

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Open economy in the context of Economy of Malaysia

The economy of Malaysia is an upper-middle income, newly industrialised, developing economy, which is relatively open and state oriented. It ranks as the 36th largest in the world in terms of nominal GDP and 30th largest by purchasing power parity (PPP). It has a labour workforce of 17.51 million with the labour productivity of Malaysian workers being the 62nd highest in the world and significantly higher than China, Indonesia, Vietnam, and the Philippines.

The Malaysian economy has developed vertical and horizontal integration across several export linked industries while capturing a significant global market share for manufactured products and commodities ranging from integrated circuit, semiconductor, and palm oil to liquefied natural gas.

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Open economy in the context of Economy of the Netherlands

The Netherlands has a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy. It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP. It has the world's 11th highest nominal per capita GDP and the 13th highest PPP-adjusted per capita GDP as of 2023, making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber and Netflix. Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport. Netherlands is ranked fifth on the Global Innovation Index and fourth on the WEF Global Competitiveness Report. Among OECD nations, Netherlands has a highly efficient and strong social security system; social expenditure stood at roughly 25.3% of GDP.

The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus (which, compared to the size of the country, is even more than Germany) and an important role as a European transportation hub; Rotterdam is the biggest port in Europe; and Amsterdam has one of the biggest airports in the world. Industrial activity is predominantly in food processing, chemicals, petroleum refining, high-tech, financial services, the creative sector and electrical machinery. Its highly mechanized agricultural sector employs no more than 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002.

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