Drag and drop the definitions and the countries to the correct economic system.

Question

(2 points)

and Economy

Market Economy

:: Mongolia during the Cold War

:: North Korea during the Cold War

::South Korea during the Cold War

::Taiwan during the Cold War

Answer 1

Market Economy: An economic system in which private individuals and businesses make decisions about production and consumption.

Planned Economy: An economic system in which the government makes decisions about production and consumption.

Mongolia during the Cold War: Planned Economy

North Korea during the Cold War: Planned Economy

South Korea during the Cold War: Market Economy

Taiwan during the Cold War: Market Economy