Latin America Economics TOC 1 Review

What type of economy is Cuba closest to?

• Command

• Market

• Traditional

What type of economy is Mexico and Brazil closer to?

• Command

• Market

• Traditional

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

• 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

system of exchange where one good or service is given in return for another; no monetary exchange.

• economic continuum
• subsistence
• specialization
• bartering

a 0-100 scale which ranks world economies from mostly command (1) to mostly market (100).

• quota
• free enterprise
• subsistence
• economic continuum

term used to describe the blending of a market and command economy.

• command economy
• market economy
• mixed economy
• traditional economy

the government controls what is produced, how it is produced, and who gets the products

• command economy
• market economy
• mixed economy
• traditional economy

a country's economic decisions are based on what its people want to buy and sell

• command economy
• market economy
• mixed economy
• traditional economy

people produce what they need to survive by farming or hunting and gathering

• command economy
• market economy
• mixed economy
• traditional economy