What type of economic system operates in south korea? Explain your answer?

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What type of economic system operates in south korea? Explain your answer?

I know its a mixed economic system but can anyone explain further?

2007-09-12 04:58:19 · 2 answers · asked by Anonymous in Social Science ➔ Economics

2 answers

Mixed economy means that on the one hand, private property rights are protected and prices are generally free from government control (as they would be a market economy), while on the other hand, a substantial part of national income is captured by the government in taxes and redistributed via entitlements (as it would be a command economy).

2007-09-12 05:07:14 · answer #1 · answered by NC 7 · 1⤊ 0⤋

do your own homework

2007-09-12 05:03:59 · answer #2 · answered by Beans? 3 · 0⤊ 0⤋