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Unit 9.2: LA Econ.
| Term | Definition |
|---|---|
| bartering | a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange |
| command economy | an economic model wherein government planners make all business and financial decisions |
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom |
| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost |
| production quota | the required amount of a specific good that must be produced in a given time frame |
| subsistence | producing only what is necessary for personal use/survival |
| traditional economy | an economic model governed by custom, habit, and history |
| wage | term for one's financial earnings |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command blending of all modern world economies |
| graft | financial gain through illegal means, typically through kickbacks and bribes |
| infrastructure | a nation's buildings, roads, bridges, power grids, etc. |
| privatize | to transfer a business, industry, or service for public (government) to private control |
| rations | a fixed amount of a product or service allowed during times of shortage |
| domestic | term which refers to the products of services originating in one's own country; it is the antonym of foreign |
| GDP per capita | the average annual income of a nation's citizens; Latin for "by each head" |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year's time. |
| subsidization | money granted by the government to assist a business or industry in lowering the cost of its product/service |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively - Mexico - petroleum extraction and refining. - Cuba - sugar refining. |
| embargo | a trade barrier which blocks all trade with another nation |
| quota | a trade barrier which places a limit on imported goods |
| tariff | a trade barrier which places a tax on imported goods |
| trade barrier | any activity which slows or outright blocks the free exchange of goods and services between nations |
| currency | a nation's money |
| exchange rate | the approximate value of one nation's currency in terms of another's |
| literacy rate | the percent of a nation's population over the age of 15 who are able to read and write |
| standard of living | the level of wealth and material comfort available to a people |
| human capital | the knowledge, skills, and relative health of a nation's labor force |
| capital goods | the factories, machinery, technology, etc. that are necessary to sustain a service or industry |
| natural resource | a material on or in the earth that has economic value |
| entrepreneur | those who risk their own money and resources to create a new business or service |
| private sector | the part of the economy owned and operated by private citizens |
| public sector | the part of the economy owned and operated by the national government |
| Brazil's Economic Continuum Score | 53 (slightly more market-leaning) |
| Cuba's Economic Continuum Score | 26 (decidedly command-leaning) |
| Mexico's Economic Continuum Score | 62 (moderately market-leaning) |
| Brazil's Currency | Real $1 US Dollar = 5.00 Reals |
| Mexico's Currency | Peso $1 US Dollar = 16.72 Pesos |
| Cuba's Currency | Cuban Peso $1 US Dollar = 24 CUP |
| Cuba's GDP | $93.79 billion |
| Mexico's GDP | $1.27 trillion |
| Brazil's GDP | $1.88 trillion |
| Cuba's GDP per Capita | $12,300 |
| Brazil's GDP per Capita | $14,600 |
| Mexico's GDP per Capita | $19,100 |
| Mexico's Investment in Human Capital Ranking | 65th |
| Cuba's Investment in Human Capital Ranking | 36th |
| Brazil's Investment in Human Capital Ranking | 83rd |
| Brazil's Investment in Capital Goods | Petroleum extraction & refining technologies |
| Cuba's Investment in Capital Goods | sugar processing facilities |
| Mexico's Investment in Capital Goods | Petroleum extraction & refining technologies |
| Brazil's Natural Resources | the lumber extracted from the Amazon Rainforest |
| Mexico's Natural Resources | rich mineral deposits, but petroleum is its chief natural resource |
| Cuba's Natural Resources | a wealth of minerals, including cobalt, nickel, iron ore, and copper |
Created by:
heather.chapman
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