which statement best describes a comparison between East Asian economic systems?
China's ecomomy is purely market based and Japan's economy is purely command.
China's economy is purely command, and Japan's is purely market.
Taiwan's economy is less market based than that of North Korea
North Korea has a more purely command economic system than China.
North Korea has a more purely command economic system than China.
The statement that best describes a comparison between East Asian economic systems is: China's economy is purely command, and Japan's economy is purely market.
The statement that best describes a comparison between East Asian economic systems is: China's economy is purely command, and Japan's is purely market.
To arrive at this answer, we need to understand the economic systems of both countries. China has a predominantly command economy, where the government has a significant influence on economic decision-making and resource allocation. The government controls vital industries, sets production targets, and regulates prices.
On the other hand, Japan has a predominantly market economy, where economic decisions are primarily driven by supply and demand forces. It relies on free market principles, competition, and private ownership to determine resource allocation and production. The government plays a more limited role, generally focusing on regulating business activities rather than directly controlling them.
Therefore, the statement that correctly describes the comparison between China and Japan's economic systems is that China's economy is purely command, and Japan's economy is purely market.