MANAGEMENT

Detailed explanation-1: -The country of North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has an isolated and tightly controlled command economy. A command economy is a standard component of any communist country. In a command economy, the economy is centrally planned and coordinated by the government.

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

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: -North Korea has a command (centralized) economy. The state controls all means of production, and the government sets priorities and emphases in economic development.