Question

Match each country with its most likely place on the economic continuum.

Answer 1

Answer:

The place of the given countries on the economic continuum are:

China - Slightly on the market side

About 60% of the economy is based on private sectors, where producers and consumers make key decisions. 40% is based on state-run industries.

India - More on the market side as compared to China

India has allowed its markets to open up to private sector, attracting domestic and foreign businesses.

Japan - Most towards the market side

It is mainly market driven. The supply and demand determines what and how much of a product will be produced. Very few industries are government controlled.

North Korea - Most towards the Command side

The majority of all economic activities are run by the government. It is considered one of the most command economies in the world.