What is the country that you are researching: Republic of
Type your answer below. Please use full sentences
Korea
Write a brief summary of the economic system of the
country: Identify and explain the type of economic
system.
Select three key economic indicators such as poverty
rates, labor distribution, use of resources, etc. and analyze
what this information says about the country, how does it
compare to other countries, change over time, etc.
Identify the GDP - per capita for the country.
Koreas mixed economy system is a union of private and
public sectors in cooperation of its economy. Korea
export-focused economy is beneficial as it grew the small
country dramatically during the early 90s, but it is very
dependent on other countries economies. It also regulates
many imports to promote self-efficiencies and use of raw
materials and technologies.
Use of Resources The Republic of Korea does a lot of
regulation on what is imported to ensure what is exported
is higher. This is how the country has been successful in
its mixed economy system. This shows that Korea is
conscious of its development as a country.
Labor Distribution - agriculture: 4.9%, industry: 24.1%,
services: 71% (2016 est.) Because the Republic of Korea
is small country it lacks a need to focus its labor on
agriculture for its main source of revenue. Instead its
focus on industry is a huge factor for its main exports.
Services in the country helps circulate the economy to
become self-sufficient. As Korea continues to progress we
should see this trend continue.
Poverty rates - 12.5% (2015 est.) poverty rates in the
Republic of Korea are much lower than that of USA
(15.1% in 2010) or Hong Kong (19.6% in 2012) this
shows that Korea is conscious of its people and is
working towards a better economy. Over time, I see
poverty slowly declining, as poverty is natural in its
current economic system.
$37,700 (2016 est.)
$36,900 (2015 est.)
$36,100 (2014 est.)