An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (1)
Finland has a significantly higher GDP ($289 billion) and per capita GDP ($51,700) compared to North Korea ($28.4 billion and $1,300, respectively).
Finland's industrial production growth rate is positive (2%), while North Korea's is negative (-3.5%).
Finland operates under a market economy, whereas North Korea has a centrally planned economy.
Therefore, Finland demonstrates greater economic success. Finland
Explanation
Problem Analysis We are tasked with comparing the economic status of North Korea and Finland based on several economic indicators: GDP, Per Capita GDP, Industrial Production Growth Rate, Type of Economy, and Resources. Our goal is to determine which country demonstrates greater economic success and to provide a well-supported explanation.
Data Organization First, let's organize the data into a table for easy comparison:
Category
North Korea
Finland
GDP
$28.4 billion (2015 est.)
$289 billion (2022 est.)
Per Capita GDP
$1,300 (2015 est.)
$51,700 (2022 est.)
Industrial Production Growth Rate
-3.5% (2015 est.)
2% (2022 est.)
Type of Economy
Centrally planned; state-owned
Market economy; mixed
Resources
Coal, lead, tungsten, zinc, graphite, magnesite, iron ore, copper, gold, pyrites, salt, fluorspar
Timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, stone, gravel, sand
Data Comparison Now, let's compare the data. Finland has a significantly higher GDP ($289 billion) compared to North Korea ($28.4 billion). Finland's GDP is approximately 10 times larger than North Korea's. Finland also has a dramatically higher Per Capita GDP ($51,700) compared to North Korea ($1,300). This indicates a much higher standard of living in Finland. Finland has a positive industrial production growth rate (2%), while North Korea has a negative growth rate (-3.5%). This suggests that Finland's economy is expanding, while North Korea's is contracting.
Economic System and Resources Finland operates under a market economy, which generally fosters innovation, efficiency, and growth through competition and free markets. North Korea, on the other hand, has a centrally planned, state-owned economy, which tends to be less efficient and less responsive to consumer needs. Both countries possess a variety of natural resources. However, the effectiveness with which these resources are managed and utilized differs significantly due to their economic systems.
Conclusion Based on the data, Finland exhibits greater economic success. Its higher GDP and Per Capita GDP, positive industrial production growth rate, and market-oriented economy all contribute to a stronger and more prosperous economic environment. The difference in economic success can be attributed to the type of economic system in place. Market economies are generally more efficient at allocating resources, encouraging innovation, and responding to consumer demands than centrally planned economies. This leads to higher productivity, greater wealth creation, and improved living standards.
Final Answer In conclusion, based on the provided data and analysis, \textbf{Finland} demonstrates greater economic success than North Korea due to its significantly higher GDP and per capita GDP, positive industrial production growth, and a market-oriented economic system.
Examples
Understanding the economic differences between countries can help us analyze the impact of different economic systems on a nation's prosperity. For example, comparing Finland's market economy to North Korea's centrally planned economy illustrates how economic policies affect GDP, per capita income, and overall living standards. This knowledge is useful in making informed decisions about economic reforms, international trade, and investment strategies. By studying these differences, we can better understand the factors that contribute to economic growth and development, which can be applied to improve economic conditions in various countries.
