ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Socialist
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Market
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Command
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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: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.
Detailed explanation-4: -Overview. The Democratic People’s Republic of Korea (DPRK, also known as North Korea) is a highly centralised totalitarian state.
Detailed explanation-5: -Belarus. Cuba. Iran. Libya. North Korea. Russia.