Economics Mini Project
By: Brandon Durrette
Peru Farming Village
This farming village, found in the Andes Mountain, has a traditional economy. In this economy you take the job that your parents or grandparents had. This economy follows historical events that have happened, and customs. One advantage is that everyone has a job in the village. One disadvantage is that they are not technologically advanced.
Cuba has a command economy. This economy is centrally owned, usually by the government. This economy is also centrally planned. One advantage in this economy is that market failures are rare due to the government being so influential, rather than a free economy where market crashes are likely and the government has minimal involvement. One disadvantage is that there is a lack of consumer choices and there is no incentive to work hard, seeing has all jobs usually pay the same.
Germany has a mixed economy. In this economy public property is owned by the government. The government has a greater role in the country than in free market economies. The government has less of a role than in command economies. One advantage is that the government has a role to where they can help in the case of a market crash, but citizens can still ow private property. One disadvantage is that it can be hard to tell how much the government should intervene in the economy. Also mixed economies are criticized by free and command economies, because we either allow to much or to little of the role of the government.
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