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Define internal and external balance

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Define internal and external balance, and give an example of how the pursuit of one might cause a problem in achieving the other.

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This solution defines internal and external balances.

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Internal Balance

Internal balance can be defined as the economic state in which an economy maintains price level stability and full employment. In other words it can be explained as the consistent level of activity in an economy because of stable inflation rate (Krugman, 2004).

External Balance

External balance can be defined as the sustainable pattern of ...

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