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Unit 10

Latin American Economics TEST REVIEW

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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