G. Economy of North Korea

Below is a video for North Korea's economy. (It is not embedable.)
http://www.bing.com/videos/watch/video/sen-schumer-on-north-korea-economy/62edcbh?fg=rss
 
Above is an image of a North Korean economic center. Most of the things being done are probably government controlled and decided on.
 

North Korea is the most economically suppressed countries in the world. North Korea is one the few countries in the world that still remains a communist country. They have a 2% mixed economy more command than market. The only reason they have the 2% market economy is because of black market entrepreneurship and trade within the black market. The people of North Korea have no economic freedom whatsoever. The government decides what to produce, how to produce, and for whom to produce. There are no entrepreneurs in North Korea as well. The GDP of North Korea is $28.2 billion that’s not a lot compared to China’s GDP which is $8.8 trillion. There major industries are military products, mining such as (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals,) metallurgy, textiles, food processing, and tourism. Major exports would be minerals, metallurgical products (products used to extract metals from ores), manufacturing (including armaments), textiles, agricultural and fishery products, coal, iron ore, limestone, graphite, copper, zinc, lead, and textiles. Agriculture and fishery count for 21% of their GDP. The economy is very dependent on foreign aid, such as food aid from the United States to escape starvation from famine since 1995.

File:1000 North Korean Won.jpg

 
Above is an image of North Korean Won. 1 Korean Won is .7 US cents. 

Teacher Notes

  • N. Korea has an economic freedom score of 2%
  • N. Korea's GDP is 28.2 billion USD. (Very low)
  • N. Korea's Per Capita GDP is 1800 USD. (Extremely low)
  • N. Korea's main industries include mililtary products, mining products like coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals, textiles, food processing, and surprisingly, tourism.
  • N. Korea's main exports are minerals, metallurgical products (products used to extract metals from ores), manufactures, textiles, agricultural and fishery products, coal, iron ore, limestone, graphite, copper, zinc, lead, and textiles.
  • With the collapse of the Soviet Union, N. Korea has been forced to try and reconnect economic links with the rest of the world. N. Korea has remained very much Communist, and is now the only truly Communist nation in the world. They are very unique and well known for crushing free market inside the country




Quick Summary
  • Government decides what to produce, how to produce and for whom to produce.
  • No entrepreneurship.
  • The 2% of freedom comes from the black market.
  • Agriculture and fishery count for 21% of GDP.







Written by
Team Kobra
Tyler
Erwin
Anjie
Max






Sources: