Economic Systems
This type of economy is not its own economic system due to it being a combination of two preexisting economic systems.
What is mixed economy?
North Korea is 95% command on the economic continuum line. This leaves their percentage of freedom to be...
What is 5%?
This country displays no economic freedoms and has had no positive economic growth since the 1990s.
What is North Korea?
What is a tariff?
China has invested heavily in education, particularly in science, engineering, and technology. China has invested in their country's...
What is human capital? (Labor)
What is traditional economy?
The second MOST free economy in Southeast Asia that we have learned about.
What is Japan?
Though this country has shifted towards a market economy, their key industries are still state-run.
What is China?
What is a quota?
India is invested in modernizing its infrastructure and manufacturing sectors, although it still faces challenges in upgrading compared to more developed economies. India has invested in their country's...
What is capital goods? (Capital)
In this type of economy, the government decides the method of production often using state-owned enterprises.
What is command economy?
Though this country has a communist state, their economic system lies in the middle of the 5 countries you have learned about.
What is China?
This country is the 7th largest economy in the world.
What is India?
A complete ban on trade with a specific country, usually imposed for political reasons.
What is an embargo?
China has an abundance in coal, rare earth metals, and agricultural products. This has supported its industrial sector and allowed it to become a global manufacturing hub. China has invested in their country's...
What is natural resources?
In this type of economy, good are produced for those who can afford them.
What is market economy?
Though this country is democratic, their economic freedom percentage is the second lowest.
What is India?
Though the government charges taxes and tariffs, this country has still managed to grow steadily since the end of WWII.
What is Japan?
This occurs when a country focuses on producing a limited range of goods or services that it can produce efficiently, often because of unique resources, skills, or technological capabilities.
South Korea has a strong business starting sector, with many high-tech startups. The government supports innovation and business startup, particularly in technology and digital sectors. South Korea has invested in their country's...
What is entrepreneurship?
Private individuals and businesses make all economic decisions with minimal government interference.
What is market economy?
South Korea is the most economically free of the 5 countries we have learned about. Their percentage of economic freedom is...
What is 74%?
This country is known for their highly industrialized economy.
What is South Korea?
Because each country has its own currency, and trade between nations involves transactions that need to be completed in different currencies, countries must use this system in order to complete their transactions.
What is currency exchange?
This country has limited access to modern capital goods due to international sanctions and internal economic controls. The country struggles with outdated technology and insufficient infrastructure, which limits its economic growth potential.
What is North Korea?