ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a command economy.
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a traditional economy.
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a market economy.
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a government-controlled economy.
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Detailed explanation-1: -The Constitution of South Korea stipulates that “the right of property of all citizens shall be guaranteed.” In other words, South Korea is based on a market economy, and thus it allows individuals and businesses to freely conduct economic activities and guarantees their profits and properties.
Detailed explanation-2: -South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. South Korea is a member of the Asia-Pacific Economic Cooperation (APEC) and the Asia-Pacific Trade Agreement (APTA).
Detailed explanation-3: -After decades of rapid economic growth and global integration, South Korea is a high-technology, industrialized, $1.6 trillion economy led by such sectors as electronics, telecommunications, automobile production, chemicals, shipbuilding, and steel.
Detailed explanation-4: -Hall & Soskice (2003, p. 8) defined the Korean capitalism as ‘coordinated market economy’ with the following characteristics: non-market relationships for coordination entailing relational contracting and network; equilibrium is outcome of interplay among market actors., not by supply and demand.