Question

1) In North Korea, the centralized government controls most of the factors of production and makes most of the decisions about how to allocate resources. North Korea is what type of economy

2) All countries have what type of economy?

Answer 1

1) A Planned Economy is a kind of economy where the centralized government has the sole power , it cotrols most of the factors of production and takes all production and allocation decisions . It is also known as command economy or dictatorial kind of economy .

2) Most of the countries have Mixed Economy where there is a combination of both public and private sector . Both the entities have considerable holds over factors of production and production process and in the market . Examples are : USA , India etc .