1. Economics Understandings
Latin America
Wrap-Up
Economics Understandings
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2. Types of
Economies
National
Economies
Trade
Barriers
International
Trade
Capital
Investments
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3. Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager
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4. What type of economy uses customs and habits of the past to make economic decisions?

5. Traditional Economy
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6. In what type of economy do individuals or corporations make economic decisions?

7. Market Economy
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8. What type of economy relies on planning groups to make basic economic decisions?

9. Command Economy
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10. What type of economy does Cuba have?

11. Command Economy
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12. What type of economy does Mexico have?

13. Market Economy
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14. In Cuba, who decides how goods and services will be produced?

15. The government
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16. In Brazil, who decides the prices for goods and services?

17. Buyers and sellers based on supply and demand
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18. In which Latin American country do individuals or corporations have the most difficulty starting private businesses?

19. Cuba
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20. What type of businesses are owned by the government in Brazil?

21. Larger industries, e.g., steel
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22. Why is there a problem protecting property rights in Brazil?

23. The country has a poor court system.
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24. What type of trade barrier results in taxes on imports?

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

27. Quota
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28. What type of trade barrier involves a government order to stop trade with another country?

29. Embargo
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30. What term refers to the voluntary exchange of goods and services?

31. Trade
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32. Why did the United States put an embargo on Cuba?

33. To force the country to give up communism
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34. What is the purpose of NAFTA?

35. To create a large free trade zone
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36. What is the term for money that people use in a given country?

37. Currency
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38. What is the currency of Mexico?

39. Peso
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40. What is the currency of Brazil?

41. Real
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42. Why do people exchange currency?

43. with foreign countries
To buy and sell
goods and services
with foreign countries
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44. What are two examples of human capital?

45. Education, skills, training
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46. Why is it important for a country to invest in human capital?

47. Countries experience more economic growth when workers are well trained.
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48. What are two examples of physical capital?

49. Factories, machines, technologies, buildings, property
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50. What is the GDP (Gross Domestic Product)?

51. the goods and services produced in a country
The total value of all
the goods and services produced in a country
in one year.
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52. What happens when a company invests in technology?

53. It can produce more at a lower cost.
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54. What term describes the difference between income and expenses?

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

57. Division of labor
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58. What is the name of a person who risks money and resources to start a business?

59. Entrepreneur
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60. What term is used to describe costs that are related to a business?

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

63. Scarcity
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64. Make your wager on the scoreboard
Final
Wrap-Up
Make your wager on the scoreboard
Final Question
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65. What are the three basic economic questions?

66. What goods and services will be produced?
How will goods and services be produced?
Who will consume the goods and services?
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