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Explain the type of economic system found in North Korea. Who controls the economic activity? What program receives the majority of the country’s budget? (Site 1)

Answer 1

North Korean economy is centralized planned economy, North Korean economic activity is control by its government and its majority of economic budget is received by North Korean military.

Step-by-step explanation:

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Answer 2

Explain the type of economic system found in North Korea.

The economic system in North Korea is a centralized, planned economy. Private property does not exist, all property is controlled by the state.

Who controls the economic activity?

All economic activity is controlled by the state, with ministries in charge of different aspects of the economy: agriculture, commerce, industry, services... There is some degree of decentralization in the regions as well.

What program receives the majority of the country’s budget?

The military is the sector that receives the most budget. Military officials are the best paid people in North Korea, besides political authorities. North Korea has the largest military in proportion to its population in the world.