Question

The economy of South Korea can best be defined as:

A. Traditional


B. Command


C. Mixed


D. Market

Answer 1

D. Market. The economy of South Korea is largely market-driven, with the government playing a significant role in supporting and promoting certain industries through policies and incentives. South Korea has a highly developed industrial sector, with a focus on electronics, automobiles, and shipbuilding. The country has also been a significant exporter of goods and services, contributing to its economic growth and development. While the government plays a role in shaping the economy, market forces largely determine prices, wages, and production levels.

Answer 2

D. Market

Step-by-step explanation:

The economy of South Korea is best defined as a market economy, where the production and distribution of goods and services are primarily determined by supply and demand in the market. South Korea has a highly developed and diversified economy, driven by exports of electronics, automobiles, and other manufactured goods. The government plays a significant role in regulating the economy, but private enterprise is the main engine of growth. While there are elements of government intervention and regulation, the market largely determines the allocation of resources and the prices of goods and services in South Korea.