Match the country with its type of economy.
(2 points)
Command Economy
Mixed Economy
:: China
:: South Korea
:: North Korea
:: Japan
China: Mixed Economy
South Korea: Mixed Economy
North Korea: Command Economy
Japan: Mixed Economy
China: Command Economy
South Korea: Mixed Economy
North Korea: Command Economy
Japan: Mixed Economy
To match the countries with their type of economy, we need to understand the different types of economies first.
1. Command Economy: In this type of economy, the government has complete control over all economic activities, including production, distribution, and allocation of resources. The government makes all the decisions, and there is no room for individual initiative or private ownership.
2. Mixed Economy: A mixed economy combines elements of both a market economy and a command economy. It has a mix of private and public ownership, and the government intervenes to regulate economic activities and protect public interests.
Using this knowledge, let's match the countries with their types of economies:
1. China: Command Economy - China has a command economy, where the government controls most of the economic activities, including major industries and strategic sectors.
2. South Korea: Mixed Economy - South Korea has a mixed economy. It has a strong private sector, with significant government intervention to support industries and regulate the economy.
3. North Korea: Command Economy - North Korea also has a command economy similar to China, where the government controls and manages most aspects of the economy.
4. Japan: Mixed Economy - Japan has a mixed economy as well. It has a strong industrial and private sector, with government interventions to ensure stability and regulate economic activities.
So, the correct pairing is:
:: China - Command Economy
:: South Korea - Mixed Economy
:: North Korea - Command Economy
:: Japan - Mixed Economy