Economic Mini Project
By Shelby Runkle
Peru runs on a free market economy, which means the people have total ownership of property and resources, profit motivates them to work hard, competition keeps prices down and quality high, consumer sovereignty allows the customer to decide what is produced through their purchases, and have minimal government involvement in the economy. One advantage of the type of economy is that you can decide what you want to do with your property without the governments say. A disadvantage would be that private businesses may have few protections.
Cuba has an economy is called command economy. That means that all decisions are made by the government and central planning of ownership of property and resources. An advantage of this economy is that everyone gets equal amount from central authority. A disadvantage would be that it isn't enough to handle the wants and needs of a person.
Germany's economy is called a mixed economy. A mixed economy has greater government role, government makes decisions for the public, and lets individuals and businesses make their own decisions for themselves. One advantage could be that the government keeps on eye out so we won't get taken advantage of. A disadvantage could be that some business owners could feel like the government is too involved.