North Korea

Problem
2012
2008
ASSIGNMENT:
Explain the situation in North Korea as though you are an economist.
Your explanation should incorporate the concepts of scarcity, choice, opportunity cost, tradeoffs, as
!ell as the use of a ""# to sho! !hat is happening in North Korea.
$mportant to %no! the si&e of North Korea's military. #an you find data on North Korea military
(si&e, percent of )*" spent, etc.+
,tatement of relationship -et!een this reality and North Korea's command economy
ha.e to research command economy
#omplete and thorough explanation, sentences, etc.
PLACE ASSIGNMENT HERE
North Koreas military is abot !"#!$ million% Their G&P s'ent is abot ()" billion%
The trade#o**s o* ha+in, sch a bi, military- in sch a small contry- is that they are more 'o.er*l and
able to .in in smaller .ars a,ainst contries o* the same si/e and a little bi,,er%
The scarcity o* electricity and thin,s that 'o.er the contry is that they do not ha+e to s'end as mch
money on the little thin,s and can *ocs yor money as a ,ro.th 'rodct and se it to.ards bi,,er
and better thin,s%
Its their choice .hether or not they *i,ht since they ha+e sch an o''ortnity cost at the little
resorces they hold in their 'ossession and .hether or not they .ant to chance ,i+in, the
resorces '%
R01RIC2
#onsideration for a 10 re/uires the follo!ing:
1. #omplete thoughts and sentences. 0his is not a 1-ulleted2 list of thoughts.
2. 3ccurate and detailed use of the follo!ing economic concepts. ,ho! your %no!ledge.
a. scarcity
-. choice
c. opportunity cost
d. tradeoffs
e. create a ""#
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