small open economy소규모 개방경제
Economists' term for an economy that trades heavily but is too small to move world prices, interest rates or demand, so it must take them as given. In everyday use it means a trade-dependent economy.
In these articles
- Korea's steel fell and cars stalled in the year of US tariffs, but exports set a record
Here: used in the everyday sense for Korea; no study in this article tests whether Korea is a price-taker in its export markets.