Economics Tour Project
Germany has a Free Market Economy. Their weaknesses are that consumers and private businesses may have few protections and they need money to make money. Their strengths are that choice gives consumers options, consumer sovereignty allows the customer to decide what is produced through their purchases, and total private ownership of property and all resources.
Cuba has a Command Economy. Their weaknesses are that Their government owns the resources, and there are a lack of consumer goods. Their strength is that every one receives a perceived equal amount from the government.
Peru has a Traditional Economy. Their weaknesses are lack of progress leads to a lower standard of living. Their strengths are that they are stable and predictable
Decisions are made based on habits & customs.