Explain the difference between a mixed economy and a command economy. Give an example of an East Asian country that has a mixed economy and one that operates under a command economy. Make sure to write your response in complete sentences.

Answer 1

A mixed economy is an economic system in which both the private sector and government have a role in producing and distributing goods and services. A command economy, on the other hand, is an economic system in which the government makes all decisions about what goods and services should be produced and how they should be distributed.

An example of an East Asian country that has a mixed economy is Japan. Japan has a highly developed manufacturing and service sector, with many privately owned companies. However, the government also plays a significant role in regulating the economy and providing social services such as healthcare and education.

An example of an East Asian country that operates under a command economy is North Korea. The government controls all economic activity, and there is no private ownership of businesses. The government decides what goods and services are produced, and how they are distributed.

Answer 2

shorten it

Answer 3

A mixed economy is where the government and private sector share the role of producing and distributing goods and services. Japan is an example.

A command economy is where the government makes all decisions about goods and services. North Korea is an example.