1. Cuba Kirstin Samuels Nick Clark Jasmine Valenta

2. Natural Resources Minerals Nickel o most important mineral/economic resource Cobalt o Cuba ranks as the fifth largest producer of refined cobalt in the world. Iron ore Silica Chromium Copper Salt

3. Natural Resources Cont. Plants Timber Tobacco Avocado Sugar cane Corn Bananas Others Petroleum

4. Capital Resources Human made goods, tools, machines and buildings used to create goods and services Mining o Minerals Tobacco Coffee Beans Oceans o fishers Construction

5. Capital and Natural Resources Coffee Sugar Cheese Butter Yogurt Ice Cream Wheat flour Pasta Cigarettes and other tobacco products Alcoholic beverages Cardboard products Chemicals Cement

6. Labor Force Labor Force: The actual number of people available for work. Population: 11,075,244 Labor Force: 5,018,000 45.3% of Cuban population is in Labor Force...USA is 48.9%

7. Absent Resources Cuba Exports tons of goods o up to 80% of the food it produces to the public Cube limits itself with imports o major trading partner is Venezuela o Spain and China also trade

8. Effect of Entrepreneurial resources More productive employment An increase in small enterprise would increase competition, lower prices, improve quality higher material well-being throughout Cuban society. the massive underground economy would shrink. Tax revenues from the sector would increase as it expanded. Foreign exchange earnings and savings would occur Innovation and improvement would be promoted. Urban and rural commercial revival would occur. The general quality of life would be improved. The culture of compliance and respect for public policy rather than regulation avoidance and illegality would in time take effect.

9. Businesses owned by Govt. Cuba owns almost every business activity in Cuba. When the Cuban government needs foreign imports they establish a joint venture with the overseas having a 51% ownership -Joint Venture: a commercial enterprise undertaken jointly by two or more parties that otherwise retain their distinct identities. ●Cuba owns every business because it is a dictatorship. If the dictator gives the power of owning a business to other people it goes against being a dictatorship

10. Businesses owned by private citizens ●Little to none businesses are owned by private citizens in Cuba ●They are different from government owned businesses because they are more flexibly ran ○Note: there is literally very few businesses owned by private citizens

11. Market Economy or Command Economy Command Economy The economy of Cuba is a centrally planned economy dominated by state-run enterprises Most of the productions are owned and run by the government Most of the labor force is employed by the state, In recent years self-employment has been encouraged by the Communist Party.