Latin American Economics 1

What is an economy?

• The way people spend money in a civilization.

• The way people make and spend money.

• The way people dance with their hands in the air and wave them like they just don't care.

• The way people become educated and skilled in a school.

Which question below is one of the three economic questions every country must answer?

• What should the King buy?

• What should the people do when tired?

• What should be made?

• What animal should represent our country?

Which question below is one of the three economic questions every country must answer?

• How will we produce what we decide to produce?

• How should we deliver our products?

• How should we apply an additional tax for delivery?

• How can we travel?

Which question below is one of the three economic questions every country must answer?

• Who are we delivering to?

• Who do we plan to use for distribution?

• Who is the producer?

• Who will consume what is produced?

What are the four types of economies?

• michelin, market, mixed, oligarchic

• democratic, autocratic, republican, and oligarchic

• mixed, command, autocratic, and market

• command, traditional, mixed, and market

Who makes economic decisions in a traditional economy?

• the people

• the tribe or group

• the dictator

• the buyers and sellers

Who makes economic decisions in a command economy?

• the people

• the government

• the tribe

• the buyers and sellers

Who makes economic decisions in a market economy?

• buyers and sellers

• the government

• the people

• the tribe or group

Who makes economic decisions in a mixed economy?

• the buyers and sellers

• the government

• the buyers and sellers, and the government

• the tribe, and the buyers

List the four factors that influence economic growth:

• working, buying, selling, and creating

• natural resources, capital good gains, human capital, and many jobs

• natural resources, human capital, capital good acquirement, and entrepreneurship

• natural resources, buying goods, selling goods, and human capital investment