1. Mexico and The Factors of Production
Grade 6
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2. Contemporary cultures influence creative expressions
Image courtesy of Follini, F. (Photographer). (2003). Naya bihana, new dawn. [Web Photo]. Retrieved from
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3. Diego Rivera Mural.
Photo credit:
Marín, G. (Photographer). (2010). Mitos y fantasias de los aztecas foto . [Web Photo]. Retrieved from
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4. Key Understanding
Interaction between a country’s government, its economic system, and the factors of production often determines the level of economic development in a country. Let us explore Mexico’s level of economic development. First, we need to understand the factors of production.
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5. Mexico’s Government
Three branches of government: Executive, Legislative and Judicial
President is elected for only one term (serves a total of 6 years and may not serve again)
Two political party system
Unfortunately, corruption within the government decreases the number of outside investors.
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6. Mexico’s Economy
Mexico has increased (printed more) money supply creating inflation and a devalue of their money.
Lack of economic freedom (freedom to compete and protection of people)
Corruption keeps the economy from growing because foreign investors are fearful of the instability.
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7. Industries of Mexico
Manufacturing industries may take raw materials, buy materials from wholesalers, or buy materials from a retailer to make new products. – manufacturing in Mexico (Examples: clothing, toys, cars, houses, etc.
Service industries provide intangible goods directly to the public, not final products – maquiladoras in Mexico (they provide labor, but companies are not Mexican), tourism as one of biggest industries after oil production.
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8. What determines the level of economic development for a country?
Life Expectancy: the average number of years remaining in the life span of a person. (In Mexico– 76)
Gross Domestic Product: a measure of the economy; the total market value of goods and services produced within a country per year. (In Mexico– 1.1 trillion)
Gross Domestic Product per capita: this indicates the people’s standard of living; it is the country’s GDP divided by the number of people in the country. (In Mexico– $14,700)
Literacy: the ability to read and write (In Mexico
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9. Mexico
Image credit: (2009). Territorial evolution of mexico since 1821 to (2009). [Web Map]. Retrieved from
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10. Mexico’s Economic System: Free Enterprise/Free Market Economy
Defined: Inputs used in the production of goods and services
Factors of Production
Examples
Land
Entrepreneurs
(People willing to invest)
Capital: $$
Labor
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11. The Factors of Production
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12. Land Natural resources Characteristics A gift of nature
Limited in supply
Land is immovable
The supply of land involves no opportunity cost
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13. Capital Man-made resources used for further production
Examples: machines, raw materials, tools
Features:
Man made
It raises the productivity of other factors
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14. Is it LAND or CAPTIAL? Ice at Mount Everest Ice in a skiing field
Sea water
Sea water in a seafood restaurant
Sharks in the Atlantic Ocean
Sharks at the Ocean Park
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15. Labor
Any effort a person devotes to a task for which that person is paid.
manual laborers, lawyers, doctors, teachers, waiters
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16. Entrepreneurship
Ambitious leaders that combine the other factors of production to create goods and services.
Examples-Henry Ford, Bill Gates, Inventors, Store Owners, etc.
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17. Free Enterprise Economy
In a free enterprise economy, competition is allowed to flourish with a minimum of government interference.
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18. Four Characteristics of Free Enterprise
1. Economic Freedom
People have the freedom to choose their occupation and their employer.
2. Voluntary Exchange
The act of buyers and sellers freely and willingly engaging in market transactions.
3. Private Property
People have the right and privilege to control their possessions as they wish.
4. Profit Motive
People are free to risk their wealth in a business venture.
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19. What stories do murals tell?
Muralists Diego Rivera, Jose Clemente Orozco, and David Alfaro Siqueiros were important artists in 20th century.
The mural tradition continues today, as shown in the mural we saw painted on the fence.
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20. .
Image courtesy: Duarte, H. (Artist). (2005). Gulliver in wonderland mural. [Web Photo]. Retrieved from
Artist Hector Duarte, who lives in Chicago, has turned his home into a giant mural representing the struggles of a Mexican immigrant
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21. This is a ________________ that illustrates __________________________________.
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22. Corn
Corn was first domesticated in Mexico about 8,700 years ago, around 6700 BC
The story of corn is the story of Mexico.
Public art in Mexico has a long history, predating European exploration
Murals are one medium used to communicate with the people.
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