Latin America Economy Review

Front

Which economy am I describing?
*barter
*based on customs/traditions
*little change over time
*subsistence farming

Back

Traditional Economy

Front

Which economy am I describing?
*decisions made by the government
*few entrepreneurs
*prices often set by the government

Back

Command Economy

Front

Which economy am I describing?
*supply and demand
*prices based on what consumers will pay
* Many entrepreneurs

Back

Free Market Economy

Front

Which trade barrier is being described? limiting how much is allowed INTO a country

Back

Quota

Front

Which trade barrier is being described: a tax on items in our country for sale?

Back

Tariffs

Front

Which trade barrier is being described: **a HALT or stop to ALL trade with a country**

Back

Embargoes

Front

Why do counties have to exchange currency?

Back

All money has different values, so they must be exchanged to use the same type in order to trade.

Front

Which one describes SPECIALIZATION? Options: Golden Corral has a buffet that serves every type of food. The Mall of Georgia has a food court that has nearly 20 different restaurants. Nori is a famous sushi restaurant that hires Sushi Chefs straight from Japan.

Back

Nori is a famous sushi restaurant that hires Sushi Chefs straight from Japan.

Front

If a country has a high GDP and a high literacy rate, what can I assume?

Back

High Standard of Living