America, China, and North Korea are different in their economic systems because America has a mixed economy, China has a socialist economy with some capitalist aspects, and North Korea has a purely socialist economy.
<h3>What is a Mixed Economy?</h3>
A mixed economy is a type of economy which combines both private and state enterprises. It involve the use of a free market principle.
<h3>What is a Socialist Economy?</h3>
A socialist economy is that where the production is made directly for use by the citizens. Its essence is to bridge the gap between the rich and the poor.
<h3>What is a Capitalist Economy</h3>
A capitalist economy is one in which the factors of production are owned and controlled by private individuals.
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