Latin America Economies

What type of economy is Cuba closest to?

• Command

• Market

• Traditional

What type of economy is Mexico and Brazil closer to?

• Command

• Market

• Traditional

Limited availability of resources/not enough of something.

• Goods
• Services
• Scarcity
• Available

Goods from a foreign country brought into a country for use or sale.

• Need
• Supply
• Demand
• Import

Goods and services sold by producers in one country to buyers in another country.

• Exports
• Imports
• Consumer
• Demand

Government rulers tell members of society how the fundamental questions will be answered.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

The workers who produce the goods and service (example-Miners, doctors and teachers)

• Human Capital

• Capital Goods

• Natural Resources

• Entrepreneurs

Resources created by people to help produce other things such as tools, machinery, and equipment. Money is one!

• Human Capital

• Capital Goods

• Natural Resources

• Entrepreneurs