Southeast Asia Economic Systems

In a market economy, goods and services are determined by what the people

• determined by what the government wants to produce

• determined by the willingness of workers to produce

• the cooperation of factory managers to push their employees

• want to buy and sell

Look at the above economy continuum graph. Where on the graph would a country like the United States, Great Britain, and other successful democratic countries be located?

• Somewhere between a command and mixed economy

• In the middle of the graph at the Mixed area

• Mostly towards the Market economy, but not all the way

• Right at the pure market area of the graph

What has Japan been recovering from that affected its economy for a long period of time?

• Outside investments that went bad

• Lack of qualified workers due to a low literacy rate

• Its inability to get along with other Asian countries

• World War Two

South Korea's economy is best described by these factors

• (Command) the government makes all economic decisions and owns all land and resources

• (mixed) lots of economic freedom to make decisions based on supply and demand and little government regulation

• (Moving away from Command) the government owns most of the land

• (Moving towards a command) North Korea determines what can be done economically

Most countries in Southeast Asia have this type of economy

• Market

• Command

• Traditional

• Mixed

Since there are NO PURE command economies in the world, there are some countries that are close. Those countries are?

• Cuba, Former Soviet Union, North Korea, and former West Germany.

• Cuba, Former Soviet Union, North Korea, and former East Germany.

• Cuba, Former Vietnam, North Korea, and former East Germany.

• Cuba, Former Soviet Union, South Korea, and former East Germany.

What is one aspect of a Command Economy when answering the three economic questions?

• Strict government control

• Consumers determine what is produced

• Companies set their own prices

• Availability of qualified workers

In a pure market economy, the government is in control of

• everything

• nothing

• somethings

• all factories and land

All the countries mentioned as being very close to a command economy had or still has what type of government?

• Democratic

• Socialistic

• Communist

• Republic

What are the four types of economic systems?

• Market, Demand, Control, and Customs

• Gen X, Boomer, Communist, and Traditional

• Traditional, Pure Market, Pure Command

• Market, Command, Mixed, and Traditional