1. Latin America Economics

2. GPS and E.Q. GPS: SS6E1a, b, and c: Compare economies, explain that most countries have mixed economies, and compare the economies of Canada, Cuba, and Brazil E.Q. How do economies in Latin America and Canada compare?

3. Vocabulary Scarcity Quota Free enterprise Capitalism Laissez-faire Entrepreneur Law of supply and demand GDP- Gross Domestic Product Import/export Specialization Currency (reals, pesos, dollar) NAFTA (North American Free Trade Agreement) Trade barriers (tariffs, quotas, embargoes) Capital goods Natural resources Human capital

4. Review Answer questions 1-20 Complete Study Island Assignments

5. Computer Work Day Review 1-20

6. 1. The economic system of communist countries is most closely related to which of the following? ________________________

7. 2. Which term best describes an economic system in which the people- not the government- own land, factories and businesses? ____________________

8. 3. In which economic system are the production and distribution of goods owned by private individuals or corporations? _________________

9. 4. In a ____________economic system people usually exchange goods or services. _______________________

10. 5. A market economy is very different from a command economy. Which of the following is found in a market economy? Competition guaranteed yearly pay raises government control of industry government control of agriculture

11. 6. Refusal to trade with another country because of political reasons is call a/an Tariff Embargo Quota Crusade

12. 7. To place a limit on the amount of goods imported is called a/an Tariff Embargo Quota Crusade

13. 8. A tax placed on imported goods is called a/an Tariff Embargo Quota Crusade

14. 9. Tariff, embargo, and quotas are examples of Economic systems Free trade deals Governments Trade barriers

15. 10. For almost fifty years, the United States has refused to trade with Cuba. Such a policy is best described as a/an sanction embargo tariff natural trade barrier

16. 11. The North American Free Trade Agreement (NAFTA) was designed to promote free trade between three countries. What are they? ______ _______ _______

17. 12. Which of the following would be an investment in capital goods? worker education union benefits new management new machinery

18. 13. An investment in training, education, insurance, and vacations is an investment in Capital Goods Exports and Imports The stock market Human Capital

19. 14. An investment in buildings, equipment, and property of a business is an investment in Capital Goods Exports and Imports The stock market Human Capital

20. 15. Which is an example of investment in human capital? Trucks factories education highways

21. 16. A trade agreement between the U.S, Mexico, and Canada and it helped to eliminate tariffs and reduce trade barriers among these countries. ____________________

22. 17. Boss; person who risks their own money to start the business. _____________

23. 18. Workers, labor forces. Human Capital Capital Goods Natural Resources

24. 19. Materials from nature. Human Capital Capital Goods Natural Resources

25. 20. Factories, machinery, equipment Human Capital Capital Goods Natural Resources

26. Study Island Homework European Economics Classwork European Environment Classwork Latin America & Caribbean Culture Classwork Pre-Columbian & ColonizationEuropean EconomicsEuropean EnvironmentLatin America & Caribbean CulturePre-Columbian & Colonization

27. EXTRA….QUIA Go to “QUIA” and review the lessons on Latin America. “Aztec, Inca, etc.”- rags to riches ”Latin America Economics and Aztecs”- rags to riches ~Ancient Latin America