Latin American Economics

What are the three economic questions that every country must answer?

• What to produce, When to produce, and for whom to produce

• What to produce, How to produce, and for whom to produce

• Where to produce, When to produce, and for whom to produce

• What to produce, How to produce, and where to produce

How does a command economic system answer the three economic questions?

• Private citizens and businesses make ALL economic decisions

• Economic decisions are made based on supply and demand of the marketplace

• Government makes ALL economic decisions

• Economic decisions are made based on customs and beliefs of the past

In a free market economy, what do private citizens and businesses base their economic decisions on?

• Supply and demand of the marketplace

• Government regulations

• Government makes ALL economic decisions

• Customs and beliefs of the past

What type of economic system do most democratic countries have?

• Free market

• Mixed

• Command

• Traditional

Which country does not belong? Explain. MEXICO BRAZIL CUBA

• Cuba, has a command economy while others are mixed (moving towards market)

• Mexico, has a command economy while others are mixed (moving towards market)

• Brazil, has a command economy while others are mixed (moving towards market)

• All countries have a mixed economy