SE Asia Economic Systems

Why does specialization make trade between countries easier?

• There will always be a steady supply of goods on the market so trade is not needed.

• The competition between countries will not exist.

• Specialization has no impact on productivity or costs
• Countries can produce what they make best and trade with others for what they need.

Why do most countries in the world today fall somewhere between a market and a command economy?

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to free market.

• Most countries have found they need a mix of free market and government control to be successful.

• Free market economy

Most economic decisions in North Korea are made by:

• Korean industrial leaders

• Premier Kim Jong-un

• North Korean Parliament

• The citizens

The Japanese economy has to make up for the country’s lack of:

• Education

• Population

• Natural Resources

• Human Capital

In a command economy, economic decisions are made by the ___________.

• consumers

• market

• government

• businesses

The economy of North Korea can best be described as:

• Traditional

• Command

• Mixed

• Republican

Poor decisions made about how to organize farming in North Korea have resulted in many years of:

• Farmers refusing to work

• Starvation

• Arguments about what crops to grow

• Food surplus

Today, at least 50% of China’s workers are involved in:

• Agriculture

• Service Industries

• Education

• Technology

Which has been a constant problem for India’s economy?

• A GDP that has not grown in many years

• Overpopulation and poverty found throughout the country

• Expense of maintaining a large military

• Large railrads

Why has Japan specialized in the area of technology?

• It has few natural resources and little farmland.

• The money earned is used to support the military.

• It has a poorly educated population.

• They have really fast internet