6th grade Latin America Economic Concepts – Flashcards
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high
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A high literacy rate can create a ______________ standard of living.
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Cuba
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Between the countries of Cuba, Brazil, and Mexico, which country has the least freedom to do business?
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Economic system where customs and traditions make decisions about production
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traditional ecomony
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System where government makes all economic decisions
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command economy
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System where consumers and producers determine what is going to be produced, bought and sold...based on supply and demand
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market economy
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A system where market factors (supply and demand) determine what is produced but the government has some minor involvement
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mixed economy
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1. What to produce? 2. How to produce it? 3. Who will it be available to?
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What are the 3 basic questions that every economic system must answer?
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An extra added fee(tax) on imports coming into a country
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tariff
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A limit set on a particular good being imported by a country
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quota
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Trade barrier where all trade with another country is stopped
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embargo
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1. natural resources 2. human capital 3. capital goods 4. entrepreneurship
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Define the 4 factors of production
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1. An assistant in a tailoring shop only replaces zippers 2. A person on an assembly line only puts tires on the car
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Provide an example of specialization
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Mixed, but closer to market
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Most democratic countries have which type of economic system?
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Command
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Most communist countries have which type of economic system?
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trade; Free Trade zone
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The main purpose of the North American Free Trade Agreement (NAFTA) is to improve __________ by establishing a _____________________________.
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exchange bank
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If a person wanted to purchase a product from another country, the person would use the _______________ to determine how much their money would be worth in that country's currency.
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increase; better investors, entrepreneurs, scientists, engineers, etc.
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Investment in human capital can ______ a country's GDP because educated and more highly skilled workers will be ________________________________.
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Land, factories, machines, tools, computers purchased for businesses are examples of capital resources.
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Provide an example of investing in capital goods (physical capital).
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starting new businesses that produce additional goods and services
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20. Entrepreneurs can increase a country's GDP by ____________________________.
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Command
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Type of economy in Cuba
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Mixed
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Type of economy in Brazil
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Mixed
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Type of economy in Mexico
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Citizens confidence in their country's economy fluctuate continually because of changing government policy, world events and the rise and fall of business.
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Why do all countries exchange rates change continually?
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The more of the factors of production that are found in a country, the more productive their economy.
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How does the presence of the factors of production effect a country's economy?
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fuels, sugar, tobacco
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Cuba.s top three exports
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coffee, soybeans, beef
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Brazil's top three exports
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silver, petroleum, natural gas
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Mexico's top three exports
