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Learning Target: I CAN explain the different economic systems of found in Canada, Cuba, and Brazil. I CAN give examples of how voluntary trade benefits buyers and sellers in Latin America and the Caribbean and Canada. I CAN describe factors that influence economic growth and examine their presence or absence in Latin America.

Georgia Cyber Academy’s mission is to provide an exemplary individualized and engaging educational experience for all students.

Today’s Topic: Latin America’s Economy

Classes begin at: 1st Block 8:35am 2nd Block 10:05am

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#  SS6E1 The student will analyze different economic systems.

#  SS6E2 The student will give examples of how voluntary trade benefits buyers and sellers in Latin America and the Caribbean and Canada.

#  SS6E3 The student will describe factors that influence economic growth and examine their presence or absence in Latin America.

Where do our

Learning Targets

come from??

Use your text book or Internet to define the following terms: $ COMMAND ECONOMY $ TRADITIONAL ECONOMY $ MARKET ECONOMY $ Mixed Economy

# Describes how a country makes money. o  What kinds of jobs do people have? o  Do citizens have control of how they make and save

money? o  What kinds of goods and services does the country

produce and sell? o  Who are the countries trade partners? o  What hinders trade? What helps trade?

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$ COMMAND ECONOMY $ TRADITIONAL ECONOMY $  (Free) MARKET ECONOMY $ Mixed Economy

(1) What to produce (2) How to produce (3) For whom to produce So how does each Economic System answer these questions??

The government controls and makes decisions about what goods and services are produced and how resources are used

Individuals decide what to produce and how to produce it, choices are based on custom or habit (families remain in the same line of work over generations)

Individuals are in control (people have the right to own and buy property, individuals decided how resources are used

Economic System What to Produce How to Produce For Whom to Produce

Command

Traditional

Market and Mixed

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Economic System What to Produce How to Produce For Whom to Produce

Command Dictator or central planning committee decides

Government Government

Traditional Based on the Past – Customs, Cultures, & Religion

Based on the Past – Customs, Cultures, & Religion

Based on the Past – Customs, Cultures, & Religion

Market and Mixed Businesses base decisions based on Supply and Demand

Businesses Consumers

3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world. Which is NOT asked?

A. What to produce, B. How to produce, C. For whom to produce D. When to produce E. I am not sure??

Which term best describes an economic system in which the people— not the government— own land, factories, and businesses?

A. communism B. market C. command D. traditional E. I am not sure??

In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this exchange process?

A. charging goods on a credit card B. bartering with a seller C. paying for services by check D. using currency to pay E. I am not sure??

A market economy is very different from a command economy. Which of the following is found in a market economy?

A. competition B. guaranteed yearly pay raises C. government control of industry D. government control of agriculture E. I am not sure??

#  Since no country has a pure command or pure market economic system, most economies combine aspects of both of these pure economic systems albeit to different degrees.

#  Real economies fall somewhere between the two extremes.

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Which of the following explanations would reflect a country with a mixed economy (i.e., between a pure market and pure command)?

A. Prices and wages are solely regulated by a country’s government. B. A combination of privately-owned industry and government control. C. A country’s distribution of resources is based on inheritance. D. Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government. E. I am not sure??

#  The economic system of communist countries is most closely related to which of the following?

A. command B. market C. traditional D. supply and demand E. I am not sure??

I CAN explain the different economic systems found in Canada, Cuba, and Brazil.

!

I CAN explain the different economic systems found in Canada, Cuba, and Brazil. !

# Trade Barriers # NAFTA # Investment in Human

Capital # Investment in Capital # Natural Resources

I CAN explain the different economic systems found in Canada, Cuba, and Brazil. !

Tariff – a Tax on Imported Goods (makes them more expensive & makes it less likely consumers will buy

Quota- A Limit on the amount of goods that can be imported from another country.

Embargo- A total Ban on trade with a country – Usually motivated by politics to hurt another country economically.

An obstacle, or something that makes trade difficult. Trade Barriers can be human-made, or natural

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How do trade barriers (tariffs, quotas, and embargos)

hinder voluntary trade from occurring between countries?

Type your

answer in

the chat box/

# NAFTA (a.k.a.) # The United States, Canada,

and Mexico participate in free trade o Goods flow freely

between these countries, most trade restrictions and barriers have been removed.

I CAN give examples of how voluntary trade benefits buyers and sellers in Latin America and the Caribbean and Canada.

!

# This means education and training for people

# The more education/training the better the economy

# Correlation between literacy rate of a country and the economy

# Example: Literacy Rate for region of Latin America is 90%. In Haiti, the Literacy Rate is 51% and has a much lower Gross Domestic Product (GDP) - – health of a country

Literacy rates are measured in different ways, but they generally indicate a population's level of education. Compare the different rates among the countries. What do you notice about them? Analyze the difference between the literacy rates in 1985 to 2007.

# Investing in Capital means putting money into factories, machinery, and technology

# The more investment in Capital, the higher the Gross Domestic Product (GDP) – health of a country

# Natural resources: materials or substances that occur in nature and can be used for economic gain.

# Example: Trees for lumber industry in Brazil, Land for grazing cattle, minerals

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Natural Resources

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Please log into the Study Island & complete the following blue ribbon:

Latin American & Canadian Economics

Once you have earned the blue ribbon give me a GREEN check.

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