Question

North Korea and South Korea have extremely different economies, this is because......

North Korea has a Command Economy and South Korea has a Market Economy
North Korea has a Traditional Economy and South Korea has a Command Economy
North Korea has a Market Economy and South Korea has a Command Economy
North Korea has a Strong Economy and South Korea has a Traditional Economy

Answer 1

[AI-generated answer — Bot GPT 3.5]

North Korea has a Command Economy and South Korea has a Market Economy. This means that in North Korea, the government controls all aspects of the economy and makes all decisions regarding production, distribution, and pricing. In South Korea, on the other hand, the economy operates based on supply and demand, with businesses and individuals making decisions about what to produce, how much to produce, and at what price. This fundamental difference in economic systems has led to vast disparities in wealth and living standards between the two countries.