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Latin American Economics Vocabulary

Name __________________________________

Class Period ______
An organization or group who controls the price of a product on the world market
Goods brought in from other countries
These countries are working towards becoming more advanced
Used to measure a country's wealth
Slows down trade
State of being poor/needy
Gifts of nature
Limited supply of something; this causes prices to increase
Individuals make all decisions in this economy type
Based on trade and customs
Everything people need to produce new goods or services
Stops all trade with a country
No trade barriers allowed
Education & skills of workers
Government makes all decisions in this type of economy
These countries have modern cities, good roads, advanced technology, and strong economies
Another word for money
Business owner
Goods sent to other countries
These are a mix of market, command, and traditional types
Free trade agreement between Mexico, Canada, & U.S.
Once the world runs out, it's gone forever
Solar energy is an example of this type of resource
Limit on imports