Brain Jogger Just using what you know about China, India, Japan, and North Korea, rank the following country’s economies on the continuum. Pure Command.

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Presentation transcript:

Brain Jogger Just using what you know about China, India, Japan, and North Korea, rank the following country’s economies on the continuum. Pure Command Pure Market

Basic Economic Questions What to produce? How to produce? And for whom to produce?

China What to produce? 40% of Economy is based on state-run industries 60% of economy is based in the “private sector.” Producers and consumers decide.

China How to produce? Some state run industries are not efficient. Chinese officials are having a hard time keeping up with safety and pollution.

China For whom to produce? China requires that it produces enough food for its population. Only excess can be exported. China exports a lot of manufactured goods. China’s new middle class also gets some of these goods

China Education Capital Growth Years of compulsory EDU: up to Grade 9 Literacy Rate: 90.9% Capital Capital Investment: 40.2% of GDP Growth Real growth rate: 11.4%

India What to produce? India has slowly started to move towards market economy. Most people are subsistence farmers Corruption and red tape in setting up and operating businesses

India How to produce? Getting better at protecting property rights India has an large educated population, especially engineers and computer scientist. The tax system makes it difficult to operate a business

India For whom to produce? Food made in India mostly stays in India Software and business process outsourcing is big business.

Brain Jogger List two positives and negatives (Good and bad things) for China’s and India's economy. China India Two Positives (Good things) Two Negatives (Bad things)

India Education Capital Growth Years of compulsory EDU: none Literacy Rate: 64.84% Capital Capital Investment: 39% of GDP Growth Real growth rate: 9.4%

Japan What to produce? Japan’s economy is primarily market driven Agriculture is run by the government Doesn’t produce a lot

Japan How to produce? Private business decide how to produce their products

Japan For whom to produce? Japan has a high standard of living and they buy many Japanese goods Japan is known for its efficiency and quality and that has made it a major exporter of goods.

Japan Education Capital Growth Years of compulsory EDU: Up to Grade 9 (only 4% dropout) Literacy Rate: 99% Capital Capital Investment: 22.5% of GDP Growth Real growth rate: 2.5%

North Korea What to produce? Almost everything is controlled by the government. They are a major receiver of food and basic aid due to natural disasters and an inefficient government. There is a large “black market.” run like a market economy.

North Korea How to produce? Production is determined by the government.

North Korea For whom to produce? ¼ of all that is made is for maintaining the military It does export some manufactured goods and natural resources

Ticket Out the Door How does the economies of South and East Asia’s compare to the economies of the Middle East and Africa? (3-4 sentences)