ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Traditional Economy Conclusion The activities are typically centralized around agriculture or hunting. Common characteristics include family centred, use hunting, fishing or farming to get the required goods, and the economy doesn’t trade.

Detailed explanation-2: -Centrally planned economy: (aka command economy) Government decides everything. Example: communism. Mixed economy: Market-based economy where government plays a limited role.

Detailed explanation-3: -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-4: -Answer and Explanation: Fundamental economic questions are answered by both producers and consumers in a market economy, with (in theory) little or no government intervention.