ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
USA
|
|
|
France
|
|
|
N Korea
|
|
|
Germany
|
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.
Detailed explanation-2: -As of 2022, North Korea continues its basic adherence to a centralized command economy.
Detailed explanation-3: -The Constitution of South Korea stipulates that “the right of property of all citizens shall be guaranteed.” In other words, South Korea is based on a market economy, and thus it allows individuals and businesses to freely conduct economic activities and guarantees their profits and properties.
Detailed explanation-4: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.
Detailed explanation-5: -Some examples of countries that have command economies are Cuba, North Korea and the former Soviet Union.