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Latin America 2
6th Grade Social Studies: Unit 9 - Latin America Economics
| Question | Answer |
|---|---|
| Define: Mixed Economy | cross between a market and command economy where decisions are made by private citizens with little government regulation |
| Define: Command Economy | In this economic system, the government makes all the decisions & citizens have little control |
| What are the three main economic questions? | 1. What to produce? 2. How to produce? 3. For whom to produce? |
| Describe Cuba’s economy. | Command Economy (government controls nearly all businesses but some farmers are allowed to sell extra goods after meeting their quotas) |
| Describe Mexico’s economy. | Mixed Economy (closer to market than command) although the government owns & operates the energy companies |
| Describe Brazil’s economy. | Mixed economy but government has rules to govern businesses & it owns some industries such as steel production |
| Define: Voluntary Trade | Voluntary trade occurs when different countries choose to engage in the goods and services with one another. |
| Why do countries trade goods? | Countries trade goods because no country has resources, technology, or expertise necessary to produce every single thing its people need. |
| Define: Specialization | the process of concentrating on and becoming expert in a particular subject or skill |
| What does Mexico specialize in? | Automobile production (one of its biggest industries). Ford, Nissan, Honda, BMW, Mercedes-Benz, and more all have plants in Mexico. |
| What are Mexico’s major natural resources? | petroleum, silver, antimony, copper, gold, lead, zinc, natural gas, timber |
| What does Venezuela specialize in? | Oil products. Oil exports Produce 90% of the country’s trade revenue. |
| What does Brazil specialize in? | cattle, timber, sugar, soybeans, poultry, and citrus products. Brazil also has growing automobile, steel, manufacturing, and technology industries. |
| Which country has the strongest economy in South America? | Brazil |
| Define: Trade barriers | natural or man-made obstacles to voluntary trade. |
| Give examples of natural trade barriers | mountain ranges, deserts, rainforests, or lack of access to bodies of water. |
| Describe Bolivia’s natural trade barriers | Bolivia is a landlocked country so trade is difficult because it does not have ports to ship goods overseas. |
| Define: Political trade barriers | policies passed by a government to regulate trade. |
| Why do countries sometimes set up trade barriers? | to restrict trade because they want to sell and produce their own goods. They are usually meant to help domestic producers compete with foreign producers in the world marketplace. |
| Define: Tariff | taxes placed on goods imported from other countries. They cause the consumer to pay a higher price for an imported item, thus increasing the demand for a lower priced item produced domestically. |
| Define: Quota | limits on the quantity of goods that are imported from another country Quotas can cause shortages, which cause prices to rise |
| Define: Embargo | a complete ban on trading between countries |
| Why did the U.S. have imposed an embargo on Cuba? | to pressure Cubas communist government to respect human rights and allow more political and economic freedom. |
| Define: Exchange Rate | What the currency of a nations is worth in terms of another country’s currency |
| An exchange rate of 3 Brazilian Reals to the US dollar means what? | that 3 reals are worth the same as 1 dollar |
| Foreign exchange makes it easier to ________ | trade all around the world. |
| What is NAFTA? | the North American Free Trade Agreement |
| What countries are parties to NAFTA? | On January 1, 1994, the governments of Canada, Mexico, and the United States entered the North American Free Trade Agreement. |
| What did NAFTA do? | NAFTA lowered trade barriers between the three countries and became the world’s largest free-trade zone. It greatly increased trade and economic integration in North America. |
| What are NAFTA’s 5 key functions? | 1) Eliminating tariffs 2) Removing restrictions on investments 3) Removing customs barriers at border crossings 4) Establishing tough standards for environmental, health, and safety regulations 5) Improving working conditions |
| What agreement replaced NAFTA? | USMCA (On July 1, 2020, the governments of Canada, Mexico, and the United States came to an agreement that NAFTA needed to be updated). |
| What is USMCA’s 4 key functions? | 1) auto imports 2) tariffs on steel, aluminum, and some agriculture 3) digital technology trade 4) Increase working regulations (1) increased working regulations for women, (2) tariffs on dairy (3) tariffs on steel |
| Define: Cuban Missile Crisis | The Cuban Missile Crisis was a 13-day confrontation in October 1962 between the United States and the Soviet Union. |
| What brought the Cuban Missile Crisis to an end? | President Kennedy agreed not to invade Cuba and remove US missiles from Turkey, and in return Khrushchev agreed to remove their missiles from Cuba. |
| Define: Cartel | an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition |
| Why did the United States sometimes offer support to dictators in Latin America? | The US originally backed Castro because he promised to make Cuba a democracy, but he lied |
| Which two Latin American countries seem to have the largest drug trafficking problem? | Mexico and Columbia. |
| What measures does Cuba take to deter drug offenders? | Harsh penalties, particularly on suppliers. |
| What challenges do the poor in Latin America face on a daily basis? | the poor in Latin America faced significant challenges including weakness of social protection systems and lack of basic services such as health and education |
| What causes people in Latin America to migrate to the United States? | The United States persistent polynomial like irresponsible exclusion of Latin America, including the NAFTA combined with racism created a closed loop of migration and depression |
| What events has increased the immigration of people to other areas in Latin America instead of the United States? | stricter immigration regulations in the United States, economic growth in various Latin American countries |
Created by:
Engle Family
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