In a paragraph, select ONE country (excluding Canada, Cuba and Sweden) and explain where it lies on the continuum of command - mixed - market economies. Include evidence to support your decision.

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Leila

Business

15 November, 13:28

In a paragraph, select ONE country (excluding Canada, Cuba and Sweden) and explain where it lies on the continuum of command - mixed - market economies. Include evidence to support your decision.

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Powell · Answer 1

North Korea - Command Economy.

Explanation:

In Command Economy, the government control all means of production. The citizens have no power to actually make efforts to own these resources.

To proof it, we can refer to the economic freedom ranking that was created by Heritage Foundation. From all 180 countries included in the ranking, north Korea placed at the very bottom.

The Government of North Korea have total control of the economy. They determine what products should be made, what type of jobs the citizens can held, and how those resources should be distributed among the people.