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.

Proposal:
Outline

Words approximation

Introduction

300-400 words

- 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

200-250 words

- explaining the ROK free market system

Second Work

200-250 words

- explaining the DPRK planned system

First Comparative Point

180-200 words

-Ownership of resource in ROK and DPRK

Second Comparative Point

180-200 words

-Enterprising in ROK and DPRK

Third Comparative Point

180-200 words

- Economics policy and governing in ROK and DPRK

Fourth Comparative Point

180-200 words

-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 it
particular 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.

350-400 words

Introduction draft
Introduction
Today, majority nations apply either the free-market system or
the mixed-market system. The planned economic system
nations 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 brings
greater 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 Domestic
Product (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 end
of 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

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/southkorea-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. Parkin Economics (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)