Mini Project

Tour Guide: Peru, Cuba, Germany

PERU: Free Market Economy

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Peru: Pros and Cons

Pros

-People get to make their own choices about products and services

-Producing goods with a small amount of wasted resources

Cons

-Makes things that people want not need

- Supplier will not always be the one to pay for production costs

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Things To Know

Peru was founded by Francisco Pizarro on January 18, 1535

It was named La Ciudad de los Reyes which can be translated to The City of Kings

Peru is the world's 20th largest nation

CUBA: Planned Economy

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Cuba: Pros and Cons

Pros

-Prices are kept low so people can afford goods and services

-Low unemployment

Cons

-Time and money is wasted on communications between the government and the firms

-No motive for profit

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Things to Know

All resources in Cuba are managed and owned by the government

People are not allowed to set prices on goods and services

There are no Sovereignty for the consumer or the producer

GERMANY: Social Market economy

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Germany: Pros and Cons

Pros

-Increased competition between businesses

-Productivity

Con

-High taxes

-Intervention of government and its rules

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Things to Know

Germany is the second most populated in central Europe

Europe's largest economic country is Germany

There are 35 different dialects in German