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SS - World Economics
Economics Vocab, Latin American Economies & NAFTA
| Term | Definition |
|---|---|
| Market Economy (Citizen Control - lots of choices/opportunities) | Private citizens own all the businesses and there is little government involvement |
| Command Economy (Government Control-citizens have no choices) | Government owns the resources and businesses and decides what will be produced |
| Traditional Economy (Indian Tribes) | An economy where people use the same work methods and tools generation after generation |
| Mixed Economy (USA) | Mix of economies where businesses are owned by both citizens and government |
| Geographic Trade Barrier | Big geographic feature that prevents easy trade such as a mountain, ocean, large desert |
| Embargo | Law a country has to stop trade with another country |
| Quota | Restriction on amount of goods imported or exported to another country |
| Tariff | Government tax on imported or exported goods |
| Entrepreneur | Person who takes risks to start business such as Steve Jobs of Apple, Sam Walton of Walmart |
| Capital Resource | Tools, machines and factories used to produce goods and services |
| Human Resource | Person or employee that produces a good or service |
| Public Business | Business owned by government such as public schools, public libraries, fire & police station |
| Private Business | Business owned by citizens such as Kroger, Target, McDonalds, Justice |
| International Trade | The sale or TRADE of goods or services across country borders |
| Voluntary Trade | Agreed upon TRADE that benefits all people and countries |
| Currency | Something people EXCHANGE for a good or service such as money, cash, coins, credit |
| Gross Domestic Product (GDP) | Total money value of everything produced in a country in a year |
| GDP Per Capita | Total money value of everything produced in a country in a year DIVIDED by the number of people in a country |
| Brazil (Latin American MIXED Economy) | 1. Citizens own businesses 2. Government owns Industries 3. Citizen/Corporation decide WHAT to produce 4. Government control large industry PRICES 5. Citizen/Corp decide HOW goods etc produced 6. Supply & Demand determines prices of goods 7. Poor courts can't protect property rights 8. Could take months to start own business |
| Cuba ( Latin American COMMAND Economy) | 1. Government owns most businesses 2. Citizens own farms and SOME small business 3. Government decides WHAT & HOW to produce 4. Government decides prices for goods 5. SOME personal property rights 6. VERY LITTLE private business is allowed |
| N.A.F.T.A | North American Free Trade Agreement - 1994 agreement between US, Mexico and Canada that eliminated tariffs (taxes) on goods traded between the 3 countries |
| POSITIVE Effects of N.A.F.T.A | N.A.F.T.A. Effects 1. No tariffs (taxes) 2. Increased trade between the 3 countries 3. Raises standard of living - more jobs disbursed BETWEEN all 3 countries |
| NEGATIVE Effects of N.A.F.T.A | N.A.F.T.A. Effects 1. Loss of US jobs that go to Canada & Mexico 2. Companies go to Mexico for lower labor cost |
Created by:
terrimlittle
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