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The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island. Long lines form and frustration grows as Cuba ...
Naco (fem. naca) is a pejorative word often used in Mexican Spanish that may be translated into English as "low-class", "uncultured", "vulgar" or "uncivilized ". [1] A naco (Spanish: ⓘ) is usually associated with lower socio-economic classes. Although, it is used across all socioeconomic classes, when associated with middle - upper income ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Cuba's economy demands about 125,000 barrels per day of fuels, including motor gasoline, diesel and fuel oil for electricity generation, according to the most recently available 2021 data from its ...
Food production, the supply of phamaceuticals and transportation are down by at least 50% since 2018, the top officials said, and continued to decline this year in large part due to chronic fuel ...
In 1972, Cuba joined the Council for Mutual Economic Assistance , [12] and by the end of the 1980s, 85% of Cuba's foreign trade was with members of COMECON. [11] From 1985 to 1989, 74.4% of all Cuban exports were sugar and related products. [13] The Cuban economy was highly dependent on sugar, which rendered the country's economy vulnerable to ...
After the collapse of the Soviet Union in 1991, Cuban exports declined from $5.5 billion to $1.7 billion pesos while imports fell from $7.8 billion to $2.5 billion pesos. Until this time, more than two-thirds of Cuba's sugar exports were to the Soviet Union and members of COMECON. The demand from Eastern European states fell to just 50,000 tons ...