Latin America Economies

In a ___________ economy, all economic decisions are based on customs, traditions, & beliefs of the past.

• traditional

• command

• market

• mixed

In a ___________ economy, All economic decisions are made by the Government.

• traditional

• command

• market

• mixed

In a ___________ economy, economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place.

• traditional

• command

• market

• mixed

________________ is the total value of all the goods and services produced in that country in one year.

• Gross Domestic Product

• capital

• natural resources

• capital goods

Which of these is not an investment in capital goods?

• education

• machines

• factories

• technologies

Education, training, skills, and healthcare of the workers in a business or country are all investments in _________.

• natural resources

• human capital

• capital goods

• entrpreneurship

Things found naturally in a country that can be used to make other products are called ______________.

• capital goods

• human capital

• natural resources

• entrepreneurship

People who provide the money to start and operate a business are called ______________.

• capital goods investors

• entrepreneurs

• human capital investors

• natural resource specializers

_________________ is when countries make certain goods specifically to trade with other countries for things they cannot make.

• Entrepreneurship

• Specialization

• Investment in human capital

• Investment in natural resources

____________ has the strongest economy is South America.

• Brazil

• Venezuela

• Chile

• Cuba