1. Who makes the decisions about WHAT goods to produce in North Korea? Who decides in the United States? How can the decisions affect the people living in those societies

Who makes the decisions about WHAT goods to produce in North Korea?

North Korea is a centrally-planned economy, where private property essentially does not exist, and the government controls all property. For this reason, government officials decide about what goods to produce.

Who decides in the United States?

The United States is a market economy. Production is decided in the market by producers and consumers, through the forces of supply and demand.

How can the decisions affect the people living in those societies

Central planning in the economy has shown to be ineffective in the production of goods and services. Central-planned economies like that of North Korea are characterized by scarcity, inefficiency, and lack of coordination betwen economic actors. This results in lower standards of living for the population.

Market-oriented economies, on the other hand, have shown to be more effective at the production of goods and services. This is one of the main reasons why living standards in the United States are much higher than in North Korea.

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