Comparing Latin American Economies

Brazil, & Cuba

Unit 10 Notes

Foreign Exchange Rates

The price of 1 country’s currency compared to another…– 1 US dollar = 11 Mexican pesos– 1 US dollar = 1.8 Brazilian reals– 1 US dollar = .92 Cuban pesos

3 Economic Questions…What to Produce?– Businesses decide and government approves/denies it

How to produce it?– Businesses decide & government regulates procedures

For whom to produce?– Businesses decide based on supply & demand (price)

Which economic system does Mexico have?…

Federative Republic of Brazil

3 Economic Questions…What to Produce?– Businesses decide and government approves/denies

it

How to produce it?– Businesses decide & government regulates

procedures

For whom to produce?– Businesses decide based on supply & demand (price)

Which economic system does Brazil have?…

Brazil’s Economic System

Brazil has a Mixed economic system

Brazil’s Natural Resources

What’s available?– bauxite, gold, iron ore, manganese, nickel,

phosphates, platinum, tin, uranium, petroleum, hydropower, timber

Brazil’s Land Use

What percentage of the land is arable (capable of being farmed)?– 6.9%

Brazil’s Industries

What’s being produced in the factories?– textiles, shoes, chemicals, cement, lumber,

iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment

Brazil’s Literacy Rate

What percentage of people over the age of 15 can read and write?– 88.6%

How long are students required to stay in school?– 14 years

Brazil’s Unemployment Rate

What percentage of people do not have jobs?– 8%

What percentage of people live in poverty?– 22%

Brazil’s GDP

$2.03 trillion (2008)

GDP Per Capita--What is the value of goods and services produced per person?– $10,300 (2007)

Republic of Cuba

3 Economic Questions…What to Produce?– Government makes all economic decisions

How to produce it?– Government decides how to make goods/services

For whom to produce?– Whoever the government decides to give them to

Which economic system does Cuba have?…

Cuba’s Economic System

Cuba has a Command economic system

Cuba’s Natural Resources

What’s available?– cobalt, nickel, iron ore, chromium, copper,

salt, timber, silica, petroleum, arable land

Cuba’s Land Use

What percentage of the land is arable (capable of being farmed)?– 27.63%

Cuba’s Industries

What’s being produced in the factories?– sugar, petroleum, tobacco, construction,

nickel, steel, cement, agricultural machinery, pharmaceuticals

Cuba’s Literacy Rate

What percentage of people over the age of 15 can read and write?– 99.8%

How long are students required to stay in school?– 16 years

Cuba’s Unemployment Rate

What percentage of people do not have jobs?– 1.8%

Cuba’s GDP

$144.6 billion (2008)

GDP Per Capita--What is the value of goods and services produced per person?– $12,700 (2008)