Latin America Economics Vocab

An economic system where the government determines how goods are made, sold, and bought.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

people who buy goods and services in an economy

• Currency

• Capital

• Consumer

• Producer

Money that is used as a means of exchange

• Capital

• Currency

• Consumer

• Command Economy

A trade barrier in which nations refuse to trade with other nations....

• Embargo

• Currency

• Capital

• Consumer

A person or people who take risks to bring resources and know-how together to produce goods and services for a profit...

• Consumer

• Entrepreneur

• Tariff

• Embargo

An economic system based on private ownership where individual buyers and sellers answer the basic economic questions.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

A description of economies that have some combination of a pure command economy and a pure market economy

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

People who create the goods and services that are sold in an economy...

• Consumer

• Tariff

• Producer

• Embargo

A trade barrier in which a government charges a tax (fee) to import certain products...

• Embargo

• Quota

• Tariff

• Blockade

A trade barrier where limits are placed on how much of a product can be imported into a country

• Embargo

• Quota

• Tariff

• Blockade