Explain the difference between a mixed economy and a command economy. Give an example of an East Asian country that has a mixed economy and one that operates under a command economy. Make sure to write your response in complete sentences.
A mixed economy is an economic system in which both the private sector and government have a role in producing and distributing goods and services. A command economy, on the other hand, is an economic system in which the government makes all decisions about what goods and services should be produced and how they should be distributed.
An example of an East Asian country that has a mixed economy is Japan. Japan has a highly developed manufacturing and service sector, with many privately owned companies. However, the government also plays a significant role in regulating the economy and providing social services such as healthcare and education.
An example of an East Asian country that operates under a command economy is North Korea. The government controls all economic activity, and there is no private ownership of businesses. The government decides what goods and services are produced, and how they are distributed.
shorten it
A mixed economy is where the government and private sector share the role of producing and distributing goods and services. Japan is an example.
A command economy is where the government makes all decisions about goods and services. North Korea is an example.
A mixed economy is an economic system in which both the government and the private sector play a role in determining the allocation of resources and the production of goods and services. This means that there is a combination of free market elements and government intervention. In a mixed economy, individuals and businesses have the freedom to make economic decisions, but there are also regulations and government programs in place to protect the welfare of society.
On the other hand, a command economy is an economic system in which the government makes all the economic decisions, including what and how much to produce, how resources are allocated, and how goods and services are distributed. The government has complete control over the economy in a command economy, and there is limited or no private ownership of property or businesses.
An example of an East Asian country that has a mixed economy is South Korea. South Korea has a strong private sector and embraces free market principles, but the government also plays a significant role in guiding the country's economic development through policies and regulations.
An example of an East Asian country that operates under a command economy is North Korea. The government in North Korea controls most, if not all, economic activities and makes decisions regarding production, resource allocation, and distribution. There is very limited private ownership in North Korea, and the state exerts strong control over economic planning and decision-making.