economics individual assignment draft 12

8/10/2019 Economics Individual Assignment Draft 12

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Economics

Individual Assignment Draft 1

Purpose:

The given title

How Does Different economic systems contribute towards the welfare and wealth of a

country? Describe one economic systems of a particular country and compare it with another

economic system of another country.

From the title above, I have understood that I must write an assignment of not more than 2000

words which include:

1. The background study of the first nation economic system and the second nations

economic system.

2. To compare both nations welfare and wealth

3. To define how the economic system of both countries work.

4. To evaluate which economic system is consider bring a greater welfare and wealth for the

people.

5. Finally, to conclude which countrys economic system is the most suitable to apply.


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Proposal:

Outline Words approximation

Introduction

- Define the free market system vs planned system in todays 21

Century.

- Why using South Korea (ROK) and North Korea (DPRK) are

the best example to measure the economy welfare and wealth of

their particular nation?

First work

- explaining the ROK free market system

Second Work

- explaining the DPRK planned system

First Comparative Point

-Ownership of resource in ROK and DPRK

Second Comparative Point

-Enterprising in ROK and DPRK

Third Comparative Point

- Economics policy and governing in ROK and DPRK

Fourth Comparative Point

-Operation of demand and supply in ROK and DPRK

Conclusion

-Overall, among ROK or DPRK, which country achieves the

highest contribution towards the welfare and the wealth of itparticular country?

-Why, what and how the achiever (either ROK or DPRK) is

considered the contributing the highest point towards the

welfare and the wealth of it particular country.

300-400 words

200-250 words

200-250 words

180-200 words

180-200 words

180-200 words

180-200 words

350-400 words


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Introduction draft

Introduction

Today, majority nations apply either the free-market system or

the mixed-market system. The planned economic systemnations are now the minority, since, the fall of the Soviet Union

(USSR) in 1989. Toward the end of 20th

century, politically and

economically, nation by nation are shifting their economic

system toward the free-market system or the mixed-market

system. The planned economic system is now applied by

minority nations such as Laos, Cuba and North Korea. The

planned economic nations such as Vietnam and China are

relaxing their economy freedom and applied the mixed

economic system which brings them a greater economy boast.

In short, free-market system or the mixed-market system bringsgreater contributions towards the welfare and wealth to a

country, while, the planned economic system only bring limited

contributions towards the welfare and wealth to a country.

For this reason, using the Republic of Korea (ROK) also known

as the South Korea as an example to compare with the

Democratic Republic of Korea (DPRK) also known as the

North Korea will be suitable to compare because the South

Korea (ROK) applies the free-market economy system,

currently, it is considered one of the top Gross DomesticProduct (GDP) achiever in term of nominal nations, while on

the other hand, the ROKs counterpart the North Korea (DPRK)

is known as one of the world last nation which currently still

practicing the planned economic system.

Besides that, it is easier to compare because it involves only one

race and culture (The Korean People) which was divided into

two nations which practiced two different economic systems.

Both the Korean nations developed their economy system

differently since the gain of the Korean Independence at the endof world war two, and, by the end of Korea War. Also, both

nations directly and indirectly attempt to boast their economy

by proving the function of the economic system.

Therefore, both the ROK and the DPRK will be the most

relevant examples to study and compare the contribution of the

Lecturers comment


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welfare and wealth between the both Korean nations, before,

drawing out the conclusion on whether which Korean countrys

economic system applies the best in term of contribution of the

welfare and wealth toward its particular nations?

References:

1. History Channel

http://www.history.com/topics/korean-war

2. The Guardian

http://www.theguardian.com/world/datablog/2013/apr/08/south-

korea-v-north-korea-compared

3. CIA official facts

Illustration:

-Venn chart of the ROK and DPRK economic systems

-Illustration of GDP comparison of ROK and DPRK

-Info graph of ROK and DPRK economic

Referencing:

1. Sanmugam, Lecture Notes (Primary reference)

2. Textbook: M. ParkinEconomics (Microeconomic reference)

3. Online Sources: CIA official facts (Economy Statistic and facts)

The Korea Times (ROK news on economy)

The Korea Herald (ROK news on economy)

Yonhap News Agency (ROK news on economy)

NK Daily (ROK research on DPRK such as DPRK commodities price)KCNA (DPRK official source)

Kyodo Shimbun (DPRK current economy affair)

The Guardian (Inforgraph)

Washington Post (Infograph)
http://www.history.com/topics/korean-warhttp://www.history.com/topics/korean-warhttp://www.theguardian.com/world/datablog/2013/apr/08/south-korea-v-north-korea-comparedhttp://www.theguardian.com/world/datablog/2013/apr/08/south-korea-v-north-korea-comparedhttp://www.theguardian.com/world/datablog/2013/apr/08/south-korea-v-north-korea-comparedhttp://www.theguardian.com/world/datablog/2013/apr/08/south-korea-v-north-korea-comparedhttp://www.theguardian.com/world/datablog/2013/apr/08/south-korea-v-north-korea-comparedhttp://www.history.com/topics/korean-war

economics individual assignment draft 12

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