Latin American Economies/Government

In a ___________ economy, all economic decisions are based on customs, traditions, & beliefs of the past.

• traditional

• command

• mixed

In a ___________ economy, all economic decisions are made by the Government.

• market

• command

• mixed

In a ___________ economy, economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place.

• command

• market

• mixed

_________________ is when countries make certain goods specifically to trade with other countries for things they cannot make.

• Entrepreneurship

• Investment in natural resources

• Specialization

____________ has the strongest economy is South America.

• Brazil

• Chile

• Cuba

Brazil has a ______________ economic system.

• command

• market

• mixed

Cuba leans more to the side of the economic continuum for a ______________ economic system

• command

• mixed

• market

_____________ are natural or man-made obstacles to voluntary trade

• trade barriers

• natural resources

• quotas

• tarrifss

The United States refused to trade with Cuba from the 1950s until 2015. This is an example of an _____________.

• quota

• embargo

• tariff

Before the Panama Canal, ships could not get from one side of South America to the other without sailing around South America. This is an example of a _____________.

• trade barrier

• quota

• embargo