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