Question

Which nation has a socialist command economy

Answer 1

North Korea has a socialist command economy.

In Socialist command economy, the production, distribution and consumption are controlled by the state or government and not by the market or an individual. Most of the land and resources belong to the state. Such type of economy is prevalent in North Korea. All other socialist command economy nations like Cuba, Soviet Union etc turned to Mixed economy--economy controlled both by the state and an individual, resembling with market system.

Answer 2

Answer:

North Korea has a socialist command economy.

Explanation:

In the socialist command economy, the ownership right is with the state government. It controls the factors of "production of goods" and also takes care of the land and the capital goods. The production prices and price deciding authority is "given" to the state.

People of this type of economy have the right to choose the nature as well as a place of work but the rest of the things lay in the hands of the government.