X Unit Bu: Novel Med x 2 50 powerful example x @ Karen Chu shared the X English 12 Student x novelmed ent/894276/View Assignment: The Two Koreas - Command Versus Market Economic Systems Today North and South Korea have been separate politically since the end of WWII, but they are culturally similar and have been home to a distinct ethnic nationality from time immemorial. This ethno- cultural similarity should make it easier to attribute any differences between the two societies which have developed since 1945 - one (The North under communism) and the other (The South under capitalism) - to the different economic systems (Command in the case of The North and Market in the case of The South) which have prevailed during the course of the last 65 years. Test this hypothesis by completing the following exercise. The World Factbook 1. Go to "The World Factbook" CIA (link above) 2. Once there, find the pages displaying statistical data for North and South Korea. 3. Now complete the Comparative Systems Worksheet provided in the manner illustrated below. (5) 4. Use this information in conjunction with the following resources to assess the degree to which the nature and functioning of the two Korean economies reflects the generalizations made about the performance of Command and Market Economic Systems in the "Market vs. Command Systems Compared" table (located on the previous page). The table separates the components of an economic system into five categories: the output, the productive efficiency, the business cycle, the economic growth, and the income distribution. Organize your assessment using these criteria. (20) Resources eUnit But Novel Med > 50 powerful examp x Karen Chu shared ti x English 12 Student X novel /894276/View Compared" table (located on the previous page). The table separates the components of an economic system into five categories: the output, the productive efficiency, the business cycle, the economic growth, and the income distribution. Organize your assessment using these criteria. (20) Resources 2015 Index of Economic Freedom, North Korea 2015 Index of Economic Freedom, South Korea Comparative Systems Worksheet Using the resources provided above, update the data in the North Korea column to reflect the most current information available. Economic Measures North Korea South Korea GDP (Purchasing Power Parity) US $40 billion (2011 est.) GDP (Real Growth Rate) 4% (2009 est.) GDP per Capita (PPP) US $1,800 (2011 est.) GDP Composition by Sector Agriculture: 23%; Industry: 43.4%; Services: 33.6% (2011 est.) I shoyer Forna his Marination Agriculture. 2506 FEUnit Bu: Novel Medi X @ 50 powerful examplex @ Karen Chu shared th X English 12 Student - X Wi nov it/894276/View Comparative Systems Worksheet Using the resources provided above, update the data in the North Korea column to reflect the most current information available. Economic Measures North Korea South Korea GDP (Purchasing Power Parity) US $40 billion (2011 est.) GDP (Real Growth Rate) 4% (2009 est.) GDP per Capita (PPP) US $1,800 (2011 est.) GDP Composition by Sector Agriculture: 23%; Industry: 43.4%; Services: 33.6% (2011 est.) Labour Force by Occupation Agriculture: 35% Industry Services: 65% (2008 est.) Unemployment Rate Not Available Population below Poverty Line Not Available Government Budget (2005) Revenues: US $3.2 billion Expenditures: US $3.3 billion Inflation Rate Not Available Exports US $2.557 billion (2010) Imports US $3.529 billion (2010)Economic Measures North Korea South Korea DP (Purchasing Power US $40 billion (2015 est.) US $2211.315 billion (2019 est.) arity) DP (Real Growth Rate) -1.1% (2015 est.) 2.09% (2019 est.) DP per Capita (PPP) US $1,700 (2015 est.) US $42,765 (2019 est.) DP Composition by Sector Agriculture: 22.5%; Agriculture: 2.2%; Industry: 47.6%; Industry: 39.3%; Services: 29.9% (2017 est.) Services: 58.3% (2017 est.) abour Force by Occupation Agriculture: 37% Agriculture: 4.8% Industry : 63%(2008 est.) Industry: 24.6% Services: 70.6%(2017 est.) nemployment Rate 25.6% 3.76% opulation below Poverty Not Available 14.4%(2016 est.) ine overnment Budget (2005) Revenues: US $3.2 billion Revenues: US $357.1 billion Expenditures: US $3.3 billion(2007 Expenditures: US $335.8 billion(2017 est.) est.) iflation Rate Not Available 0.3% (2019 est.) xports US $222 billion (2018) US $683.996 billion (2019 est.) nports US $2.32billion (2018 est.) US $599.705 billion (2019 est.)