The Economy of India

• Half of India’s population still works in agriculture

• Major products wheat and rice• Green Revolution - Introduced new seeds,

grains, fertilizers and pesticides

• India now leads many of the countries in technology and service industries

• Service industries-technology, airline reservations, retail sales

• Bollywood films are as popular in Southern and Eastern Asia

Economy of Japan

• Technologically advanced

• Japanese government spends very little on military, leaving more money for their economy

• Have very little farmland and few natural resources

• Well-educated work force • Imports all of its oil• Another energy source is nuclear power• About 1/3 of Japan’s energy is by nuclear power

plants• Largest industry is the fishing

• little arable land, terraces - crops carved out of hillsides

• The government buys the farm goods to keep prices high so farmers can make a profit

• foreign countries cannot sell certain farm products in Japan if those products will compete with Japanese farm goods

• Well educated population• employees work long hours• Ministry of International Trade and

Industry (MITI)- helps companies decide what products will sell best internationally

• Tariffs- taxes on imported goods that might compete

Economy of North Korea

• Command Economy

• Communist Party and Premier Kim Jong-il controls the government and the economy

• North Korea does not produce enough food to feed the population.

• cooperatives farms organized and owned by the government

• farmers are told what to grow

• Rich mineral resources-coal and iron

• steel and machinery are leading industries

• government spends millions on the military rather than investing in the economy

The Economy of China

• Originally a command economy• Chinese Revolution

– led by Chairman Mao Zedong – the country would remain in farming and some would

switch to industrial production

• Collective farms- where people worked together and shared whatever they produced

• Great Leap Forward – government tried to reorganize the economy

in the late 1950s

• Cultural Revolution– reorganized farms, businesses, and most of

society

• Four Modernizations organized by Deng Xiaoping– Farmers were given more control – Decided what to produce and can keep profits– Special Economic Zones encouraged foreign

companies to do business with China

1.The economy of China can best be described as________________.

2.The Great Leap Forward and the Cultural Revolution were examples of China’s attempt to

3. One of the problems resulting from the Green Revolution was______________.

4. The economy of Japan can best be described as_______________.

5. Most major economic decisions in North Korea are made by

a.The Korean People

b. Premier Kim Jong-il

c. The North Korean Parliament

d. the Korean industrial leaders