Latin America Economics Comphrension Check

Latin American Economies Comprehension Check

Go through the lesson and write down the correct answers.

Dropdown

The three economic questions are: ​

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to produce, ​

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to produce, and for ​

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to produce.

1. What are the three economic questions that every country must answer?

Answer: What to produce, How to produce, and for whom to produce

Fill in the Blanks

2. How does a command economic system answer the three economic questions?Government makes

economic decisions

2. How does a command economic system answer the three economic questions?

Answer: Government makes ALL economic decisions

Multiple Choice

3. How are the three economic questions answered in a traditional economic system?

• Based on culture and beliefs

• Based on Supply and Demand

• Based on money available

• Based on food

3. How are the three economic questions answered in a traditional economic system?

Answer: Economic decisions are made based on customs and beliefs of the past

Multiple Choice

4. In a free market economy, what do private citizens and businesses base their economic decisions on?

• Based on Culture and Traditions

• Based on Supply and Demand

• Based on Money Available

• Based on Food

4. In a free market economy, what do private citizens and businesses base their economic decisions on?

Answer: Supply and demand of the marketplace

Fill in the Blanks

5. What type of economic system do most democratic countries have?

5. What type of economic system do most democratic countries have?

Answer: Mixed

Multiple Choice

6. Describe Mexico’s economic system:

• Free Market

• Mixed

• Command

• Traditional

6. Describe Mexico’s economic system:

Answer: (mixed) lots of economic freedom to make decisions based on supply and demand, with some government regulation

Multiple Choice

7. How has Brazil been moving further away from a command economy and more towards a market economy in recent years?

• Increasing private ownership of businesses and factories

• Decreasing private ownership of businesses and factories

• Promoting regulations on businesses

• Increasing government ownership of businesses and factories

7. How has Brazil been moving further away from a command economy and more towards a market economy in recent years?

Answer: Brazil’s government has been deregulating industries and letting private companies have more and more control over setting prices and deciding what to produce

Multiple Choice

8. Describe Cuba’s economy:

• Free Market

• Mixed

• Command

• Traditional

8. Describe Cuba’s economy:

Answer: (command) government makes most of the economic decisions, owns most of the land and resources

Multiple Choice

9. Which country does not belong? MEXICO BRAZIL CUBA

• Mexico

• Brazil

• Cuba

9. Which country does not belong? Explain. MEXICO BRAZIL CUBA

Cuba, has a command economy while others are mixed (moving towards market)

Multiple Choice

10. In your opinion, what is the relationship between adding elements of a market system to a country’s economy and the country’s economic growth?

• Economies grow with less government involvement

• Economies grow with more government involvement

• Economies do not change based on the market system

10. In your opinion, what is the relationship between adding elements of a market system to a country’s economy and the country’s economic growth?

Answer: When countries lift some government control, they experience economic growth.

Open Ended

11. Based on what you’ve learned about each country’s economic system, in which country would your MOST like to live? Why?

Open Ended

12. Based on what you’ve learned about each country’s economic system, in which country would your LEAST like to live? Why?