An economic system is related to resources, production, and consumption. The types of economic systems include command, market, traditional and closed economies. Each of these economic systems have certain characteristics. They also have their own sets of goals to achieve. These economies also have ties with socialism and communism. For example, Cuba is a socialist command economy. This means Cuban citizens have few private business opportunities, little influence in economic decisions, and healthcare and education provided by the government.
On the other hand, North Korea is a communist command economy. This means that the North Korean economy has had it’s interactions w/ other nations restricted, limited access to foreign goods, and endured
On the other hand, North Korea is a communist command economy. This means that the North Korean economy has had it’s interactions w/ other nations restricted, limited access to foreign goods, and endured