Economic Systems in Latin America Flashcards

Front

What type of economy does Cuba primarily have?

Back

Command economy

Front

Lily and Joseph are the rulers of a small island nation. Which of the following best describes a command economy for their island?

Back

An economy where the government makes all economic decisions

Front

In a mixed economy like Brazil's, what role does the government play?

Back

The government regulates and supports both private and public sectors

Front

How does a free market economy primarily function?

Back

Through supply and demand with minimal government intervention

Front

Characteristic of traditional economies in a vibrant Latin American village with Tessa, John, and Karina?

Back

Economic decisions based on customs and traditions

Front

What is one potential impact of government policies on Cuba's command economy?

Back

Limited consumer choice due to government control

Front

Emma and Jayden are discussing the economic systems of Cuba and Mexico over lunch. Which statement do they agree on?

Back

Cuba has a command economy, while Mexico has a free market economy

Front

What is a key feature of Brazil's mixed economy?

Back

A balance between private enterprise and government regulation

Front

What might be a downside of a command economy like Cuba's?

Back

Inefficiency due to lack of competition

Front

Common feature of a traditional economy in a village where Brady, Emma, and Alex are discussing community decision-making.

Back

Economic decisions based on historical practices