ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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traditional economic system
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Communist Command economic system
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socialist command economic system
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market economy
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Detailed explanation-1: -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-2: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.
Detailed explanation-3: -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-4: -Cuba, North Korea, and the former Soviet Union all have command economies.