Economics
In theory the economic system of Cuba is a command economy. That is, the economy is entirely controlled by the state. This is because Cuba, by proclamation through its 1979 constitution, is a socialist state ran by the communist political party who controls the government. If we were to look back at Cuba’s economy prior to the Soviet collapse in 1989 we could state this to be the truth, but the reality of today’s Cuban economy is a bit murkier. Today the Cuban economy has become more of a mixed economy that is slowly being pulled into the world’s global marketplace.
According to the CIA factbook the island nation of Cuba is fairly limited in what it produces. Its breakdown is as follows, “GDP; Agriculture: 3.8%, Industry: 14.3%, Services: 81.9%.” Cuba’s agricultural sector produces sugar, tobacco, citrus, coffee, rice, potatoes, beans, and livestock. Its industrial sector produces petroleum, nickel, cobalt, pharmaceuticals, tobacco, steel, cement, agricultural machinery and sugar. Its service sector is largely dependent on the tourism trade and considering it is a Caribbean island with many pristine beaches and coastline it is well suited to adopt this industry like many of the other carribbean islands already have for decades. Cuba’s primary agricultural exports are Sugar and Tobacco. Cuba had once been the world’s largest exporter of sugar but that role was reduced when subsidies provided by the soviet system fell apart with its collapse. Cuba today has the second largest planted area of tobacco out of all the world nations. The cigar industry is their major tobacco export and still holds a special niche in U.S. folklore.
Complete this table.What is the country that you are researching: CubaType your answer below. Please use full sentences
Write a brief summary of the economic system of the country:Identify and explain the type of economic system. In theory the economic system of Cuba is a command economy. That is, the economy is entirely controlled by the state. This is because Cuba, by proclamation through its 1979 constitution, is a socialist state ran by the communist political party who controls the government. If we were to look back at Cuba’s economy prior to the Soviet collapse in 1989 we could state this to be the truth, but the reality of today’s Cuban economy is a bit murkier. Today the Cuban economy has become more of a mixed economy that is slowly being pulled into the world’s global marketplace.
Select three key economic indicators such as poverty rates, labor distribution, use of resources, etc. and analyze what this information says about the country, how does it compare to other countries, change over time, etc.Cuba's primary occupation is in the service industry at 72%. This means that the countries manufacturing and agricultural base are fairly weak. In fact, Cuba imports nearly 80% of all its food. So in order to turn a positive GDP, which Cuba does not, they need to increase their exports or increase their internal production of agriculture to feed their own people.
Cubas unemployment rate is officially listed at 3.6% although it is suspected to be approximately twice that number. That being said if you go by the official numbers Cuba is ranked 29th in the world which is very positive. The problem is that the weak state run economy does not provide enough well paid government sponsored jobs so many Cubans are supplementing their income by getting into the privatized tourism industry.
Cuba's exports currently total 5.6 Billion dollars while it's imports are totaled at 14.7 Billion. This is primarily because 72% of the nation works in the service sector.
Identify the GDP - per capita for the country. GDP in 2010 was $10,200 in U.S. dollars.
According to the CIA factbook the island nation of Cuba is fairly limited in what it produces. Its breakdown is as follows, “GDP; Agriculture: 3.8%, Industry: 14.3%, Services: 81.9%.” Cuba’s agricultural sector produces sugar, tobacco, citrus, coffee, rice, potatoes, beans, and livestock. Its industrial sector produces petroleum, nickel, cobalt, pharmaceuticals, tobacco, steel, cement, agricultural machinery and sugar. Its service sector is largely dependent on the tourism trade and considering it is a Caribbean island with many pristine beaches and coastline it is well suited to adopt this industry like many of the other carribbean islands already have for decades. Cuba’s primary agricultural exports are Sugar and Tobacco. Cuba had once been the world’s largest exporter of sugar but that role was reduced when subsidies provided by the soviet system fell apart with its collapse. Cuba today has the second largest planted area of tobacco out of all the world nations. The cigar industry is their major tobacco export and still holds a special niche in U.S. folklore.
Complete this table.What is the country that you are researching: CubaType your answer below. Please use full sentences
Write a brief summary of the economic system of the country:Identify and explain the type of economic system. In theory the economic system of Cuba is a command economy. That is, the economy is entirely controlled by the state. This is because Cuba, by proclamation through its 1979 constitution, is a socialist state ran by the communist political party who controls the government. If we were to look back at Cuba’s economy prior to the Soviet collapse in 1989 we could state this to be the truth, but the reality of today’s Cuban economy is a bit murkier. Today the Cuban economy has become more of a mixed economy that is slowly being pulled into the world’s global marketplace.
Select three key economic indicators such as poverty rates, labor distribution, use of resources, etc. and analyze what this information says about the country, how does it compare to other countries, change over time, etc.Cuba's primary occupation is in the service industry at 72%. This means that the countries manufacturing and agricultural base are fairly weak. In fact, Cuba imports nearly 80% of all its food. So in order to turn a positive GDP, which Cuba does not, they need to increase their exports or increase their internal production of agriculture to feed their own people.
Cubas unemployment rate is officially listed at 3.6% although it is suspected to be approximately twice that number. That being said if you go by the official numbers Cuba is ranked 29th in the world which is very positive. The problem is that the weak state run economy does not provide enough well paid government sponsored jobs so many Cubans are supplementing their income by getting into the privatized tourism industry.
Cuba's exports currently total 5.6 Billion dollars while it's imports are totaled at 14.7 Billion. This is primarily because 72% of the nation works in the service sector.
Identify the GDP - per capita for the country. GDP in 2010 was $10,200 in U.S. dollars.