Latin America Economy Review

Which economy am I describing?

*barter

*based on customs/traditions

*little change over time

*subsistence farming

• Command Econmony

• Free Market Economy

• Traditional Economy

Which economy am I describing?

*decisions made by the government

*few entrepreneurs

*prices often set by the government

• Command Econmony

• Free Market Economy

• Traditional Economy

Which economy am I describing?

*supply and demand

*prices based on what consumers will pay

* Many entrepreneurs

• Command Econmony

• Free Market Economy

• Traditional Economy

Which trade barrier is being described?

• limiting how much is allowed INTO a country

• Quota

• Tariffs

• Embargoes

Which trade barrier is being described

• a tax on items in our country for sale

• Quota

• Tariffs

• Embargoes

Which trade barrier is being described

**a HALT or stop to ALL trade with a country

• Quota

• Tariffs

• Embargoes

Why do counties have to exchange currency?

• people have to so they can trade using USA's money

• all money has different values, so they much be exchanged to use the same type in order to trade

• it is required by law, so banks can make money

Which one describes SPECIALIZATION?

• Golden Corral has a buffet that serves every type of food.

• The Mall of Georgia has a food court that has nearly 20 different restaurants.

• Nori is a famous sushi restaurant that hires Sushi Chefs straight from Japan.

How do I raise a country's GDP?

• Invest in Capital Goods

• Invest in Human Capital like education

• Develop Natural resources

• By firing more people and replacing them with machines.

If a country has a high GDP and a high literacy rate, what can I assume?

• High Standard of Living

• Low Standard of Living

• High Migration Rate

• Low Migration Rate