Latin America Economics
What type of economic system do we have in Mexico?
Mix Market
Brazil
What is a Tariff?
A tax on imported goods
Which Factor of growth matches the following definition?
Gifts of nature - resources that come from on top of the earth or inside the earth used to produce goods and services.
Natural Resources
What type of economic system do we have in Cuba?
Command Economy
What can the GDP tell us about a country?
How much goods and services were produce in that country in one year.
specialization
What factor of economic growth best matches the following statement:
"A company recently invested in more commercial grade vinyl machines to make more personalized t-shirts to increase its company's profits."
Which economic system has the traditions and customs decide what to produce, how to produce and for whom to produce?
traditional economy
What does the term exchange rate is used to?
determine the price of one country's currency in terms of another country's currency.
If the USA puts a limit on the amount of cars that Japan can import into the USA, they have placed a ___________ on Japan's car imports.
Quota
Due to a rising population in the country of Brazil, Brazil needs to create and build more homes, roads and buildings for those citizens. Which factor of economic growth should the Brazilian government invest in to help create and build more homes, roads and buildings for their rising population?
Human Capital
What type of economic systems do we have in place in both the countries of Brazil and Mexico?
Mixed Market
What would be a major incentive for entrepreneurs to start a new business?
To make a profit "money"
If a country has placed a ban on trade with another, this is an example of what trade barrier?
Embargo
They create more business, which creates more jobs which lessens unemployment.
What does an economic Continuum tell us?
How much government control there is in a country's economy.
Who brings together all four factors or economic growth to raise the overall GDP of a county?
Entrepreneurs
The prohibiting of trade between countries can best be described as which trade barrier?
Embargo
How does human capital impact economic growth?
The more you invest in human capital the healthier, more educated and skilled your workers will become, which will help them produce more goods and services.