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Latin America Economics

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

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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

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Page 1: 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

Page 2: 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

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?

Page 3: 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

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

Page 4: 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

Review

• Answer questions 1-20 • Complete Study Island Assignments

Page 5: 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

Computer Work Day Review 1-20

Page 6: 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

1. The economic system of communist countries is most

closely related to which of the following?

________________________

Page 7: 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

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

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

____________________

Page 8: 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

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

goods owned by private individuals or corporations?

_________________

Page 9: 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

4. In a ____________economic system people usually exchange

goods or services. _______________________

Page 10: 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

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

Page 11: 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

6. Refusal to trade with another country because of political

reasons is call a/an

TariffEmbargo

QuotaCrusade

Page 12: 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

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

TariffEmbargo

QuotaCrusade

Page 13: 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

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

Tariff

EmbargoQuota

Crusade

Page 14: 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

9. Tariff, embargo, and quotas are examples of

Economic systems Free trade deals

Governments Trade barriers

Page 15: 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

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

Page 16: 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

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

countries. What are they?

______ _______ _______

Page 17: 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

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

worker educationunion benefits

new managementnew machinery

Page 18: 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

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

vacations is an investment in

Capital GoodsExports and Imports

The stock marketHuman Capital

Page 19: 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

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

Capital GoodsExports and Imports

The stock marketHuman Capital

Page 20: 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

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

Trucks factories

education highways

Page 21: 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

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

helped to eliminate tariffs and reduce trade barriers among these

countries. ____________________

Page 22: 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

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

_____________

Page 23: 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

18. Workers, labor forces.

Human CapitalCapital Goods

Natural Resources

Page 24: 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

19. Materials from nature.

Human CapitalCapital Goods

Natural Resources

Page 25: 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

20. Factories, machinery, equipment

Human CapitalCapital Goods

Natural Resources

Page 27: 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

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