If North Korea and South Korea Were Both Equally Poor

question 78

Multiple Choice

If North Korea and South Korea were both equally poor in 1950, why has South Korea developed so much faster since then?

• A) The two countries have different language, cultural, and historical backgrounds.
• B) North Korea has an economic system that develops incentives.
• C) South Korea has maintained a more market-based economic system.
• D) South Korea began with a higher per capita GDP.

Identify the fundamental problem of economics as the need to make choices due to scarce resources.

Describe the basic categories into which resources are divided.

Comprehend the definition and role of capital in economics.

Describe the role of an entrepreneur in the economy.

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Definitions:

Accrued Paid Sick Leave

This is the amount of paid sick leave that an employee has earned over time but has not yet used.

Union Avoidance

Strategies and practices employed by employers to prevent employees from joining or forming labor unions.

Representation Election

A voting process conducted to determine if employees wish to be represented by a union in their workplace.

Certification

The process of verifying the attributes or qualifications of a person or organization, usually through the issuance of a document or certificate.