Drag and drop the definitions and the countries to the correct economic system.
Mongolia during the Cold War added to
North Korea during the Cold War
South Korea during the Cold War
Taiwan during the Cold War
Command Economy
Market Economy
Mongolia during the Cold War
: Command Economy
North Korea during the Cold War: Command Economy
South Korea during the Cold War: Market Economy
Taiwan during the Cold War: Market Economy
During the Cold War, Mongolia had a command economy.
North Korea during the Cold War
To answer this question, we need to understand the definitions of command economy and market economy, and then match them to the correct countries during the Cold War.
- Command Economy: A command economy is characterized by central planning and government control over the means of production. In this system, the government determines what goods are produced, how they are produced, and the distribution of resources.
- Market Economy: A market economy, on the other hand, is driven by supply and demand. In this system, individuals and businesses make their own economic decisions, and the market determines the prices and distribution of goods and services.
Now, let's match these definitions to the countries during the Cold War:
- Mongolia during the Cold War: Mongolia had a command economy during the Cold War. The government had significant control over industries, resources, and economic planning.
- North Korea during the Cold War: North Korea had a command economy during the Cold War. The government controlled all aspects of the economy, with minimal market influence.
- South Korea during the Cold War: South Korea had a market economy during the Cold War. The country embraced free-market principles and allowed businesses to operate based on supply and demand.
- Taiwan during the Cold War: Taiwan had a market economy during the Cold War. Similar to South Korea, Taiwan adopted market-oriented policies to drive economic growth.
So, to summarize:
- Mongolia during the Cold War had a command economy.
- North Korea during the Cold War had a command economy.
- South Korea during the Cold War had a market economy.
- Taiwan during the Cold War had a market economy.