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D - SS - Unit 6

Economy of Latin America

QuestionAnswer
What are the three questions that every country must answer when developing its economic plan? What goods/services will be produced?, How goods/services will be produced?and Who will consume the goods/services?
What determines the kind of economic system a country will have? the way the country answers the 3 questions when developing its economic plan
What are the 3 types of economies? traditional, command & market
In which type of economy, are all economic decisions based on customs, traditions, & beliefs of the past? traditional economy
In which type of economy, are all economic decisions made by the Government? command economy
In which type of economy, are economic decisions made based on the changes in prices that occur as buyers & sellers interact in the market place? market economy
What is bartering? trading without using money
What are some examples of a traditional economy? villages in Africa & South America, the Inuit in Canada & Aborigines in Australia
In a traditional economy, how is the exchange of goods is done? through bartering
In a command economy, who owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everything. the government
What are some countries that are close to being a PURE command economy? Cuba, former Soviet Union, North Korea, former East Germany
What type of government do most countries with a command economy have? communist government
Who answers all economic questions in a market economy? private citizens
In a truly free market economy, what type of involvement does the government have? No involvement
What are some countries that are close to being a PURE market economy? US, UK, Australia
Since there are no countries that are purely command or purely market, what does that make them? mixed economies
What are the 4 factors of production that influence economic growth within a country? natural resources available, investment in human capital, investment in capital goods & entrepreneurship
What does the presence or absence of the 4 factors of production determine for a country? the country’s Gross Domestic Product (GDP) for the year
What is the gross domestic product? the total value of all the goods and services produced in that country in one year
What does GDP measure? how rich or poor a country is
What can raising the GDP of a country improve? the country’s standard of living
What are a countries "gifts of nature"? its natural resources
What does specialization in an economy do for a country? it creates a way to build a profitable economy and to earn money to buy items that cannot be made locally
Created by: lprinke