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Cuba is an example of a command economy. It is a national economy where the central government tells individuals and companies what to produce and sets prices for the products. In this economy, there is usually no competition between producers of goods and services. ... The Cuban government realizes that in order for their economy to prosper it must loosen some of its control. It is loosening some of its policies, but not to the extent where it looses its control of the economy and the people. ... Recently, Cuba’s economy has increased due to an increase in tourism and an increase in foreign investment. ... Everything in Cuba is produced by its own citizens, but is controlled by the government because it is a command economy. ... This is not a free market economy, so there is no private competition. ... When the Soviet Union collapsed, there was no one subsidizing the Cuban economy.
Approximate Word count = 704
Approximate Pages = 2.8
(250 words per page double spaced)
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