The basic types of economic systems found in Mexico and Cuba are quite different.
Mexico has a mixed economy, which means it has elements of both socialism and capitalism. The government plays a significant role in regulating the economy, but there is also a large private sector. Mexico has a free-market economy, with a focus on manufacturing, agriculture, and services. The country is heavily dependent on foreign trade, particularly with the United States.
On the other hand, Cuba has a command economy, which is highly centralized and controlled by the government. The state owns the means of production and distribution, and there is little room for private enterprise. The government sets prices and wages, and decides what goods and services are produced and consumed. In recent years, Cuba has started to open up its economy to some extent, allowing for limited forms of private enterprise and foreign investment.
Overall, Mexico's economy is more open and diverse, while Cuba's economy is more rigid and controlled by the government. Both countries face challenges such as high levels of poverty and inequality, as well as dependence on foreign markets and resources.
Compare the basic types of economic systems found in Mexico and Cuba. (Cuba Economy - Unit 6 Lesson 8)
3 answers
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Mexico has a mixed economy with elements of socialism and capitalism, while Cuba has a command economy controlled by the government. Mexico relies heavily on foreign trade, while Cuba limits private enterprise. Mexico is more diverse and open, while Cuba is more centralized and rigid. Both countries face challenges such as poverty and inequality.