Economy of Latin America
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| 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?
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| What determines the kind of economic system a country will have? | the way the country answers the 3 questions when developing its economic plan
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| What are the 3 types of economies? | traditional, command & market
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| In which type of economy, are all economic decisions based on customs, traditions, & beliefs of the past? | traditional economy
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| In which type of economy, are all economic decisions made by the Government? | command economy
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| 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
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| What is bartering? | trading without using money
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| What are some examples of a traditional economy? | villages in Africa & South America, the Inuit in Canada & Aborigines in Australia
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| In a traditional economy, how is the exchange of goods is done? | through bartering
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| 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
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| What are some countries that are close to being a PURE command economy? | Cuba, former Soviet Union, North Korea, former East Germany
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| What type of government do most countries with a command economy have? | communist government
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| Who answers all economic questions in a market economy? | private citizens
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| In a truly free market economy, what type of involvement does the government have? | No involvement
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| What are some countries that are close to being a PURE market economy? | US, UK, Australia
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| Since there are no countries that are purely command or purely market, what does that make them? | mixed economies
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| 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
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| 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
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| What is the gross domestic product? | the total value of all the goods and services produced in that country in one year
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| What does GDP measure? | how rich or poor a country is
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| What can raising the GDP of a country improve? | the country’s standard of living
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| What are a countries "gifts of nature"? | its natural resources
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| 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
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lprinke
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