Economics Understandings Latin America Wrap-Up Economics Understandings To play the game, go to the next slide and click on an point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.

Types of Economies National Economies Trade Barriers International Trade Capital Investments Vocabulary 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager board

What type of economy uses customs and habits of the past to make economic decisions?

Traditional Economy board score

In what type of economy do individuals or corporations make economic decisions?

Market Economy board score

What type of economy relies on planning groups to make basic economic decisions?

Command Economy board score

What type of economy does Cuba have?

Command Economy board score

What type of economy does Mexico have?

Market Economy board score

In Cuba, who decides how goods and services will be produced?

The government board score

In Brazil, who decides the prices for goods and services?

Buyers and sellers based on supply and demand board score

In which Latin American country do individuals or corporations have the most difficulty starting private businesses?

Cuba board score

What type of businesses are owned by the government in Brazil?

Larger industries, e.g., steel board score

Why is there a problem protecting property rights in Brazil?

The country has a poor court system. board score

What type of trade barrier results in taxes on imports?

Tariff board score

What type of trade barrier results in limits placed on the number of imports that can enter a country?

Quota board score

What type of trade barrier involves a government order to stop trade with another country?

Embargo board score

What term refers to the voluntary exchange of goods and services?

Trade board score

Why did the United States put an embargo on Cuba?

To force the country to give up communism board score

What is the purpose of NAFTA?

To create a large free trade zone board score

What is the term for money that people use in a given country?

Currency board score

What is the currency of Mexico?

Peso board score

What is the currency of Brazil?

Real board score

Why do people exchange currency?

with foreign countries To buy and sell goods and services with foreign countries board score

What are two examples of human capital?

Education, skills, training board score

Why is it important for a country to invest in human capital?

Countries experience more economic growth when workers are well trained. board score

What are two examples of physical capital?

Factories, machines, technologies, buildings, property board score

What is the GDP (Gross Domestic Product)?

the goods and services produced in a country The total value of all the goods and services produced in a country in one year. board score

What happens when a company invests in technology?

It can produce more at a lower cost. board score

What term describes the difference between income and expenses?

Profit board score

What term is used to describe a production method in which each worker specializes in making one part of a product?

Division of labor board score

What is the name of a person who risks money and resources to start a business?

Entrepreneur board score

What term is used to describe costs that are related to a business?

Expenses board score

What term is used to describe a condition in which the supply of a product is limited?

Scarcity board score

Make your wager on the scoreboard Final Wrap-Up Make your wager on the scoreboard Final Question score

What are the three basic economic questions?

What goods and services will be produced? How will goods and services be produced? Who will consume the goods and services? board score