Latin America Economics

Which is NOT a question every country must answer when developing an economic plan?

• Why do people have to consume these goods/services?

• Who will consume the goods and services?

• How will the goods/services be produced?

• What goods and services will be produced?

Which is NOT a type of economic system?

• traditional

• command

• money distribution

• market

This system answers the 3 economic systems' questions based on traditional customs and beliefs of the past.

• command

• money distribution

• market

• traditional

Which gov't economic system reflects the values and traditions and how they've been passed down from generation to generation?

• market

• traditional

• command

• money allowance

What system do these characteristics fall under?

*strict governmental control

*Gov't regulates ALL of the economic decisions.

• money distribution

• market

• traditional

• command

This system is harsh to live under. Because of this, there are NO pure command countries in the world.

• democratic

• command

• traditional

• market

This system answers the three economic questions based

on SUPPLY and DEMAND.

• command

• market

• a bank cd

• traditional

In which system does the government have no control over the economy, and private citizens answer all the economic questions.

• command

• traditional

• weak economy

• market

Since there are really no countries with either a "pure command" or "pure market economy," it makes them........

• mixed

• non-existent

• overlap

• It takes them off the economic continuum.

Most countries in ______________have mixed economies, however some of them have a high level of gov't involvement that leans closer to command than market.

• Cuba

• Mexico

• Russia

• Latin America