12 slides excluding reference Team C: South Korea vs North Korea (Two polar economic opposites, one people) Research each economy assigned to your Team. Compare similarities and differences between yo

Essay: SLT 3 South Korea and North Korea Economic Systems

Case Study:

Compare the economic systems of South Korea and North Korea. Discuss the differences as well as economic performance.

Economic Systems

(i) South Korea:

The South Korea is categorized as the market economy that based on supply and demand as of 2014. In a market economy, all decisions regarding investment and expansion are based on what is needed from the citizens for the country to operate at its optimal levels. In 2014, South Korea was mentioned as one of the poorest nations in economic view throughout the world. South Korea tend to increase their economic wealth and raise the freedom of monetary by opening its market and increase the education in attempting to curb government spending.

(i) North Korea:

The North Korea is categorized as the command economy. A command economy is also named as “state-run economy”, “centrally planned economy”, “socialism” or “communism”. North Korea is located in Eastern Asia, at the upper half of the Korean Peninsula. It has direct control over the economy as it is a communist nation under a one-man dictatorship. As of 2012, North Korea has the most-closed off economic system as their global ranking is 131st and 121st in term of imports and exports respectively. The major international trading partner of North Korea are China and South Korea.

Economic Performance

	South Korea	North Korea
GDP (purchasing power parity)	$1,622 billion	$40 billion
GDP(real growth rate)	2.7%	0.8%
GDP per capita	$32,400	$1,800
Exports total	$552.6 billion	$4.71 billion
Death	For every 1,000 live births in South Korea, 4.08 of the infants die on average	For every 1,000 live births in North Korea, 26.21 of the infants die on average
Life expectancy	79.3 years	69.2 years
Access to the Internet	81.5% of South Korea has access to the Internet.	Less than 0.1% of North Koreans do
Intentional homicide rate	The intentional homicide rate per 100,000 people is 2.6 in the South Korea	The intentional homicide rate per 100,000 people is 15.2 in the North Korea.