Economics Understandings
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Types ofEconomies
National Economies
InternationalTrade
CapitalInvestments
Vocabulary
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TradeBarriers
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What type of economy uses customs and
habits of the past to make economic
decisions?
Traditional Economy
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In what type of economy do
individuals or corporations make
economic decisions?
Market Economy
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What type of economy relies on planning
groups to make basic economic decisions?
Command Economy
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What type of economy does Cuba have?
Command Economy
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What type of economy does Mexico have?
Market Economy
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In Cuba, who decides how goods and services will be
produced?
The government
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In Brazil, who decides the prices for goods and
services?
Buyers and sellers based on
supply and demand
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In which Latin American country do
individuals or corporations have the most difficulty starting
private businesses?
What type of businesses are owned by the
government in Brazil?
Larger industries, e.g., steel
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Why is there a problem protecting property rights in
Brazil?
The country has a poor court system.
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What type of trade barrier results in taxes on imports?
Tariff
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What type of trade barrier results in limits placed on the number of imports that can
enter a country?
Quota
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What type of trade barrier involves a
government order to stop trade with another country?
Embargo
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What term refers to the voluntary
exchange of goods and services?
Trade
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Why did the United States put an embargo on Cuba?
To force the country to give up communism
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What is the purpose of NAFTA?
To create a large free trade zone
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What is the term for money that people
use in a given country?
Currency
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What is the currency of Mexico?
What is the currency of Brazil?
Why do people exchange currency?
To buy and sell goods and services
with foreign countries
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What are two examples of human
capital?
Education, skills, training
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Why is it important for a country to invest in human
capital?
Countries experience more economic growth when workers are well
trained.
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What are two examples of
physical capital?
Factories, machines,
technologies, buildings, property scor
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What is the GDP (Gross Domestic
Product)?
The total value of all the goods and services produced in a country
in one year.
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What happens when a company invests
in technology?
It can produce more at a lower cost.
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What term describes the difference
between income and expenses?
Profit
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What term is used to describe a production method in which each worker specializes in making one part of a
product?
Division of labor
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What is the name of a person who risks
money and resources to start a business?
Entrepreneur
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What term is used to describe costs that are related to a business?
Expenses
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What term is used to describe a
condition in which the supply of a
product is limited?
Scarcity
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Make your wager on the scoreboard
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Final Question
What are the three basic economic
questions?
• What goods and services will be produced?
• How will goods and services be produced?
• Who will consume the goods and services?
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