Concept
North Korean won
Related concepts (4)
United States dollar
The United States dollar (symbol: to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S.
Kim Il Sung
Kim Il Sung (ˈkɪm_ˈɪlˈsʌŋ,_-ˈsʊŋ; , kimils͈ʌŋ; 15 April 1912 – 8 July 1994) was a Korean politician and the founder of North Korea. He ruled the country from the country's establishment in 1948 until his death in 1994. Afterwards, he was declared its eternal president. His birth name was Kim Song Ju (). He held the posts of the Premier from 1948 to 1972 and President from 1972 to 1994. He was the leader of the Workers' Party of Korea (WPK) from 1949 to 1994 (titled as Chairman from 1949 to 1966 and as General Secretary after 1966).
Economy of North Korea
The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. , North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong Un assumed the leadership in 2012, but reports conflict over particular legislation and enactment.
Currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies.