restricted system that blocks trade with international partners.
A closed economy can be defined as self-sufficient economies which completely restricts imports and exports in the country. Closed economies believe in producing domestic consumers where everything can be provided inside the country's borders.
This type of economy can be also regarded as isolationist or an autarky.
However, maintaining a closed economy is very difficult in present scenario because every country needs the raw materials from different parts of the world. This could only possible through the involvement in the trading activities with other countries.