Economic Systems Field Trip!

By: Alex J. Prottengeier (Your Tour Guide)

Introduction for the Trip:

Hello! Welcome to our Economics Field Trip! For this trip, we will be visiting three countries, all with different economic systems! The countries will be listed below, each one with their native flag. We will also go through some interesting facts about each country's economic system, as well as some advantages and disadvantages!

Day One: Peru

Economy and Interesting Facts of Peru:

Peru is a Traditional Economy, which means that Peru is not controlled by the Government.

This means that most of the decisions are made by the people instead of by the representatives in a government, and that the decisions are based off of the people's habits and customs. The jobs also tend to be the same, since the working jobs are handed down from one generation of a family to the next generation. So, the farming villages that we are visiting are handed down from generations!

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Advantages and Disadvantages of Peru:

Peru has an advantage of being predictable and mainly stable within the terms of their economy, but they also have a disadvantage due to the lack of progress of the economy and the living conditions being decreased.

Day Two: Cuba

Economy and Interesting Facts of Cuba:

Cuba is a Command Economy, which means that Cuba is fully controlled by the government.

This means that all decisions are made by the government, not by the native people. The ownership of property and resources is also controlled by the government, so the Cattle Ranch and Sugar Cane Plantation that we are visiting were given to the people by the Government.

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Advantages and Disadvantages of Cuba:

Cuba has an advantage of everyone getting an equal amount from the government, but Cuba also has a disadvantage of not reaching the wants and needs of the people, along with no incentive to create or produce certain goods.

Day Three: Germany

Economy and Interesting Facts of Germany:

Germany is a Mixed Economy, which means that there is some Government control, but there is also control with the people in Germany.

This means that Individuals make decisions for the private sector while the Government makes decisions for the public sector. Also, this economic system is the most common, which is why the places we are visiting today are common in most countries today.

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Advantages and Disadvantages of Germany:

Germany has an advantage of not having businesses becoming monopolies and taking over a certain industry, but Germany also has a disadvantage because businesses there think that the Government is too involved in the community, which sometimes causes tension.

Conclusion:

Ok, that's all, now! Hope you enjoyed the field trip, and hopefully you learned something new about these countries and their economies!