Business, 25.02.2021 22:10, dennisedemirovic20
...the citizens of the nation [North Korea] have one of the lowest standards of living within the Northern Hemisphere; this is largely because the totalitarian government under which they live controls all factors of production and takes away any incentives for citizens to be innovative. Although education and medical services are provided to citizens by the government these services are of low quality because of the way the nation’s limited resources must be distributed equally among its people.
What type of economic system is described in this passage?
mixed
capitalist
free market
command
Answers: 1
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