Latin America Economics. GPS and E.Q. GPS: SS6E1a, b, and c: Compare economies, explain that most countries have mixed economies, and compare the economies.

Latin America

Economics

GPS and E.Q.

• GPS: SS6E1a, b, and c: Compare economies, explain that most countries have mixed economies, and compare the economies of Canada, Cuba, and Brazil

• E.Q. How do economies in Latin America and Canada compare?

Vocabulary• Scarcity• Quota• Free enterprise• Capitalism• Laissez-faire• Entrepreneur• Law of supply and

demand• GDP- Gross Domestic Product

• Import/export

• Specialization• Currency (reals, pesos, dollar)

• NAFTA (North American Free Trade Agreement)

• Trade barriers (tariffs, quotas, embargoes)

• Capital goods• Natural resources• Human capital

Review

• Answer questions 1-20 • Complete Study Island Assignments

Computer Work Day Review 1-20

1. The economic system of communist countries is most

closely related to which of the following?

________________________

2. Which term best describes an economic system in which the

people- not the government- own land, factories and businesses?

____________________

3. In which economic system are the production and distribution of

goods owned by private individuals or corporations?

_________________

4. In a ____________economic system people usually exchange

goods or services. _______________________

5. A market economy is very different from a command

economy. Which of the following is found in a market economy?

Competition guaranteed yearly pay raises

government control of industry government control of agriculture

6. Refusal to trade with another country because of political

reasons is call a/an

TariffEmbargo

QuotaCrusade

7. To place a limit on the amount of goods imported is called a/an

TariffEmbargo

QuotaCrusade

8. A tax placed on imported goods is called a/an

Tariff

EmbargoQuota

Crusade

9. Tariff, embargo, and quotas are examples of

Economic systems Free trade deals

Governments Trade barriers

10. For almost fifty years, the United States has refused to trade

with Cuba. Such a policy is best described as a/an

sanction embargo tariff

natural trade barrier

11. The North American Free Trade Agreement (NAFTA) was designed to promote free trade between three

countries. What are they?

______ _______ _______

12. Which of the following would be an investment in capital goods?

worker educationunion benefits

new managementnew machinery

13. An investment in training, education, insurance, and

vacations is an investment in

Capital GoodsExports and Imports

The stock marketHuman Capital

14. An investment in buildings, equipment, and property of a business is an investment in

Capital GoodsExports and Imports

The stock marketHuman Capital

15. Which is an example of investment in human capital?

Trucks factories

education highways

16. A trade agreement between the U.S, Mexico, and Canada and it

helped to eliminate tariffs and reduce trade barriers among these

countries. ____________________

17. Boss; person who risks their own money to start the business.

_____________

18. Workers, labor forces.

Human CapitalCapital Goods

Natural Resources

19. Materials from nature.

Human CapitalCapital Goods

Natural Resources

20. Factories, machinery, equipment

Human CapitalCapital Goods

Natural Resources

Study Island

Homework European Economics Classwork European Environment

Classwork Latin America & Caribbean Culture

Classwork Pre-Columbian & Colonization

EXTRA….QUIAGo to “QUIA” and review the lessons

on Latin America. “Aztec, Inca, etc.”- rags to riches

”Latin America Economics and Aztecs”- rags to riches

~Ancient Latin America