ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -North Korea has a command (centralized) economy. The state controls all means of production, and the government sets priorities and emphases in economic development. Since 1954, economic policy has been promulgated through a series of national economic plans.

Detailed explanation-2: -The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2022, North Korea continues its basic adherence to a centralized command economy.

Detailed explanation-3: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.

Detailed explanation-4: -South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.