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Unit 10
Latin American Economics TEST REVIEW
| Question | Answer |
|---|---|
| What is a mixed economy? | A mixed economy means there is a combination of privately-owned industries and government controlled industries |
| What kinds of jobs do many Mexicans have because of NAFTA? | manufacturing jobs |
| How is the liteacy rate connected to the standard of living in Latin America? | a higher literacy rate produces a higher standard of living and a lower literacy rate = a lower standard of living |
| A person that starts a new business/company is called _____________________ | an entrepreneur |
| What is a market economy? | supply and demand drives a market economy. Consumers decide what to purchase |
| Why are entrepreneurs important to an economy? | entrepreneurs invest in capital goods |
| Which kind of economy has the price of goods and services set by supply and demand - not by the government? | market economy |
| Why is specialization important? | each country can specialize or become really good at growing/making a certain item. This increases production. |
| What is the purpose of NAFTA? | The purpose is to eliminate the trade barriers between Canada, Mexico and the United States. |
| What is a tariff? | A tax on imports. |
| Why do countries exchange currencies? | It allows countries to trade with one another |
| What is a tariff? | A tax on imported goods. |
| What is a quota? | a limit on the amount of a product that can be imported. |
| What is Mexico's currency called? | the Mexican Peso |
| What is human capital? | training and education |
| What is it called when you buy something now and pay for it later? | credit |
| Which country does the U.S. NOT trade with? | Cuba |
| What is it called when there is a BAN on trade? | embargo |
| What country in Latin America has a command economy? | CUBA |
| What are the 4 factors of production? | natural resources, human capital, capital goods and entrepreneurship |
| Investing in mining equipment and petrochemical industries would be an example of which factor of production? | capital goods |
| What are 3 economic questions asked of every economy? | What to produce? How to produce? and For whom to produce? |
| What is an example of human capital? | education and training. example: a computer class. |
| What is an example of capital goods? | any tool needed to produce a good factory, machinery, stapler |
| What are an examples of natural resources? | sunshine, trees, diamonds, oil - any "gift" of nature |
| What is an example of entrepreneurship? | opening a business: Chick Fil A, a lemonade stand, a car wash |
| What is an embargo? | a ban on trade |
| What is a quota? | A limit on imported goods. |
| What is a trade barrier? | A hindrance to trade. |
| How does location affect Brazil and Cuba? | Brazil & Cuba are affected by their location and climate. The climate for both Brazil & Cuba is great for growing many agricultural products. An example is both countries grow coffee. Also, both countries are located on major bodies of water=trade |
| Why does Cuba have less trade with US than Brazil? | During the Cuban Revolution, Castro took over US owned properties and real estate. Castro had promised to establish democracy but did not. As a result, the US placed an embargo on Cuba banning all trade. Therefore, there is less trade b/n the 2. |
Created by:
ssha13
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