Latin America Economy Vocab

Front

Narrow focus on efficient, cost-effective production of specific products/services.

Back

Specialization

Front

Wealth and comfort level of a people

Back

Standard of Living

Front

Creation, maintenance, competition, and expansion of businesses outside government control.

Back

Free Enterprise

Front

% of population over 15 who can read/write.

Back

Literacy Rate

Front

Converting one nation's money into equal value of another's.

Back

Currency Exchange

Front

Free trade agreement: Canada, Mexico, US

Back

USMCA

Front

Trade barrier limiting imports.

Back

Quota

Front

Material on/in Earth with economic value.

Back

Natural Resources

Front

Economic system with limited government and driven by consumer needs.

Back

Mixed Economy

Front

Total value of goods/services produced in a country in a year.

Back

Gross Domestic Product