Latin America Economy Vocab

Focusing on a narrow range of products/services that can be produced most efficiently and cont-effectively.

• Specialization

• Standard of Living

• Free Enterprise

• Literacy Rate

The level of wealth and material comfort available to a people

• Free Enterprise

• Standard of Living

• Literacy Rate

• Currency Exchange

The creation, maintenance, competition, and expansion of businesses outside the control or influence of the government.

• Literacy Rate

• Currency Exchange

• Free Enterprise

• USMCA

The percent of a nation's population over the age of 15 who are able to read and write.

• Currency Exchange

• USMCA

• Quota

• Literacy Rate

Converting one nation's money into equal value of another's.

• Currency Exchange

• USMCA

• Quota

• Natural Resources

A free trade agreement between Canada, Mexico, and the United States

• Quota

• USMCA

• Natural Resources

• Mixed Economy

A trade barrier which places a limit on imported goods.

• Natural Resources

• Mixed Economy

• Quota

• Embargo

A material on or in the Earth that has economic value.

• Mixed Economy

• Gross Domestic Product

• Embargo

• Natural Resources

An economic system with limited government involvement and driven by consumer's buying needs.

• Mixed Economy

• Gross Domestic Product

• Embargo

• Command Economy

The total value of goods and services produced in a country in a year.

• Embargo

• Gross Domestic Product

• Command Economy

• Human Capital