Economic Systems and Education Funding

The video discusses different economic systems: market, planned, and mixed economies. It explains how each system organizes resource allocation and production, highlighting their advantages and disadvantages. The market economy emphasizes minimal government interference and competition, while the planned economy focuses on government control and social equality. The mixed economy combines elements of both systems. Examples from various countries illustrate these systems in practice, and the video concludes with a comparison of education systems in Finland and South Korea.

Which economic system is characterized by minimal government interference and is driven by market forces?

• Traditional Economy

• Mixed Economy

• Market Economy

• Planned Economy

In a planned economy, who primarily makes the production decisions?

• Private Sector

• Government

• International Organizations

• Consumers

What is a major disadvantage of a planned economy?

• Environmental degradation

• High levels of competition

• Lack of economic freedom

• Excessive consumer choice

Which of the following is a benefit of a market economy?

• Increased efficiency

• Limited consumer choice

• Social equality

• Government control over resources

What is a common criticism of market economies?

• Lack of innovation

• Resource depletion

• High government spending

• Limited private sector involvement

What does a mixed economy aim to balance?

• Market and planned economy elements

• All of the above

• Economic freedom and government control

• Private and public sector involvement

Which country is an example of a mixed economy with significant public sector involvement?

• North Korea

• France

• Hong Kong

• United States

How does the mixed economy benefit from both market and planned systems?

• By eliminating government intervention

• By ensuring complete privatization

• By reducing consumer choice

• By providing incentives for hard work

In Finland, how is education primarily funded?

• International grants

• State funding

• Private tuition fees

• Corporate sponsorships

What is a notable feature of South Korea's education system?

• Minimal homework

• No standardized testing

• Late school start age

• High pressure and rigorous testing