explain the type of economic system found in north korea

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04-09-2020
Social Studies

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explain the type of economic system found in north korea

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linhcute301003 linhcute301003 · Answer 1 · 2020-09-07T10:08:54+02:00

Answer:

The economy of North Korea is a centrally planned system, where the role of market allocation schemes is limited, although increasing. As of 2020, North Korea continues its basic adherence to a centralized command economy. ... China is North Korea's largest trading partner.

Explanation:

Country group: Low-income economy

Currency: North Korean won (KPW, ₩)

Export goods: minerals, metallurgical products, manufactures (including armaments), ...

Import goods: petroleum, coking coal, machinery and equipment, textiles, grains