Drag and drop the definitions and the countries to the correct economic system.
(2 points)
and Economy
Market Economy
:: Mongolia during the Cold War
:: North Korea during the Cold War
::South Korea during the Cold War
::Taiwan during the Cold War
Market Economy: An economic system in which private individuals and businesses make decisions about production and consumption.
Planned Economy: An economic system in which the government makes decisions about production and consumption.
Mongolia during the Cold War: Planned Economy
North Korea during the Cold War: Planned Economy
South Korea during the Cold War: Market Economy
Taiwan during the Cold War: Market Economy
Market Economy - An economic system in which the means of production and distribution are privately owned and operated for profit.
Definitions:
1. An economic system in which the means of production and distribution are privately owned and operated for profit. (Market Economy)
Countries:
- Mongolia during the Cold War
- North Korea during the Cold War
- South Korea during the Cold War
- Taiwan during the Cold War
Please provide the definitions and countries that correspond to each economic system.
To correctly match the definitions and countries to the economic system, we need to understand the characteristics of each economic system.
1. Market Economy: In a market economy, the production and distribution of goods and services is primarily determined by the interactions of supply and demand in the marketplace. Private individuals and businesses control the production and consumption decisions. Prices of goods and services are set by market forces.
Now, let's match the definitions and countries:
- Market Economy: South Korea during the Cold War, Taiwan during the Cold War
Both South Korea and Taiwan adopted market-based economic systems during the Cold War. They embraced capitalist principles, encouraged private enterprise, and experienced significant economic growth.
- Command Economy: North Korea during the Cold War
North Korea, during the Cold War, adopted a command economy. In a command economy, the state has central control over the means of production and distribution. The government directs economic activity and makes decisions about what should be produced and consumed.
- Mixed Economy: Mongolia during the Cold War
Mongolia during the Cold War had a mixed economy. A mixed economy combines elements of both market and command systems. While the state exerted some control over key industries and resources, the country also allowed for private ownership and market forces to a certain extent.
By understanding the characteristics of each economic system and the general context of these countries during the Cold War, we can accurately match the definitions and countries.