Economic Systems of Southern and Eastern Asia

Why do most countries in the world today fall somewhere between a market and a command economy?

• Some government control has never been successful.

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to free market.

• Most countries have found they need a mix of free market and government control to be successful.

Most economic decisions in North Korea are made by

• Korean industrial leaders

• North Korean parliament

• Korean people

• Supreme Military Leader Kim Jong-un

The Japanese economy has to make up for the country's lack of

• education

• population

• natural resources

• fish

In a command economy, economic decisions are made by the:

• consumers

• market

• government

• producers

The economy of North Korea can best be described as mostly

• traditional

• command

• market

• mixed

Poor decisions made about how to organize farming in North Korea have resulted in many years of

• drought

• labor strikes

• starvation

• protests

Today, at least 50% of China's workers are involved in

• the military

• agriculture

• service industries

• education

Which has been a constant problem for India's economy?

• a GDP that has not grown in many years

• lack of a strong middle class

• expense of maintaining a large military

• overpopulation and poverty found throughout the country

Why does specialization make trade between countries easier?

• There will always be a steady supply of goods on the market so trade is not needed.

• Countries can produce what they make best and trade with others for what they need.

• A country's economy will never go through a difficult time if they specialize in a good.

• The competition between countries will not exist.

Why has Japan specialized in the area of technology?

• It has few natural resources and little farmland.

• It has a poorly educated population.

• The money earned is used to support the military.

• The country has little in the way of fishing.