What is the 3 basic question that each economy needs to answer?

What to produce? How to produce? For whom to produce?

What to produce? Who to produce? For whom to produce?

How many to produce? Where to produce? What to produce?

What to eat? What to do? Where to sleep?

What is the three trade barriers?

Tariffs, fake products, ship broken

What does NAFTA stand for?

North America Free Trade Agreement

North America Fake Trade Agreement

Not America Free Trip Agreement

What is the definition of Capital Goods?

Things people need to perform their job

Things that is really expensive

Things people do not need to perform their job

What is the definition of Natural Resources?

Resources that is come from nature

Resources people needs to have to live

Resources that people do not need

What is the definition of Standard of Living?

It is how well the citizens live in the country

It is how bad the citizens live in the country

It is how much the citizens earn in the country

It is how lazy the citizens live in the country

What is the definition of Specialization?

Specialize in what they do best

What is the definition of GDP?

The value of the products produced in a country in one year

The number of died people in a country in one year

The value people spent in a country in one year

The value of the products produced in a country in one day

Latin America Economic Quizalize - Jasper Gao

Latin America Economics Quizalize

Latin America Economics Quizalize Game

The Columbian Exchange was the widespread exchange of animals, plants, culture, disease, people, and ideas that began between European countries and their colonies in North and South America. The Spanish came to the Americas in search of gold and other riches. The Europeans wanted to convert the Native Americans to Christianity/Roman Catholicism. Spain had the greatest impact on the culture of Latin America. Sugarcane was a crop that was grown in the Caribbean that required a lot of land and labor. Native populations died out largely due to diseases that they had no natural immunity to before the arrival of Europeans. When the Native populations died out, African slaves were brought over to work. Two cultural elements in Latin America that resulted from the Columbian Exchange were language - Spanish, and religion - Roman Catholicism/Christianity. Environmental Issues Deforestation is the clearing of forests for human demands such as farmland, timber, and mining. The Amazon Rainforest in Brazil is one area experiencing major deforestation. Hurricanes can damage the economies in the Caribbean and Central America by keeping tourists away. Economy The three economic indicators used to determine the Human Development Index (HDI) are: life expectancy, literacy rate, and GDP per capita. Higher literacy rates, GDP per capita, and life expectancy are associated with more developed countries, while lower literacy rates, GDP per capita, and life expectancy are associated with less developed countries. The three sectors of the economy are primary/agriculture (e.g. rancher), secondary/manufacturing (e.g. table factory), and tertiary/services (e.g. teacher). A single product economy is when a country depends on just one product for almost all of its jobs, like the Caribbean Islands depend on tourism. Three disadvantages of a single product economy are: having to import other goods/resources, facing competition from other countries for the same product, and if the product fails, the economy is ruined which could restrict access to goods/resources. A free enterprise/market economy is when individual people and businesses make all economic decisions. A command/communist economy is when the government makes all basic economic decisions. Cuba has a communist economy where the government controls all aspects of the economy.

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