Download Latin America Economic Factors Activity

The purpose of the activity is for students to match economic factors with their definition and
an example of the economic factor. The activity can be completed all at once or broken into
two parts (part one: match economic factor and definition; part two: match example to the
economic factor and definition)
Directions:

Place students in groups of 2-4

Give each group a set of economic factors matching slips

Groups should work to match each economic factor with its definition and its example
Capital
Embargo
Entrepreneurship
Gross Domestic
Product (GDP)
Human
Capital
Literacy
Natural
Resources
Quota
Specialization
Tariff
An official ban, usually on
trade with another country.
Sometimes the ban is on
specific goods.
The process of starting an
organization or business. The
economies of many countries
are supported by small
businesses.
The human knowledge,
creativity, and habits that
contribute to an economy.
The focusing of a business or a
country on one or a relatively small
number of products or services.
Because most areas can produce only
a limited number of goods or services,
they must then trade these goods and
services for others that they need.
A tax or duty that must be
paid on a specific import or
export. They are often used
by governments to limit
imports from other countries.
The property (buildings,
machinery, etc.) and
technology that represent the
chief investments of a person
or business.
A limit set on the production of a
product. They can be set by
governments or industry groups. The
purpose is usually to prevent the price
of a product from dropping too steeply
and therefore hurting the economy.
Land, water, forests, and
minerals found in nature.
These contribute to the wealth
of a country.
The ability to read and write.
The total monetary value of
goods and services produced
and distributed in a country
during the span of one year.
The literacy rate for the region of Latin America is
about 90%. The lower this rate, the less likely the
country is country is to have relatively higher Gross
Domestic Product. For example, people with an
education are likely to make more money than
those who do not have one.
Example: If Brazil decided that it wanted to keep
the costs of Brazilian made cars high, the
government could decide to limit the number of
cars that companies could produce. The lower
number of cars available would increase the
demand and price of the cars.
Many Latin American countries have lots of goods
found in nature that contribute to the money they
make and what they trade. For example, Brazil has
coffee and iron ore deposits. Cuba has sugar
cane, tobacco and fish.
Brazil invests 18.6% of its Gross Domestic Product
on equipment and technology that contribute to the
economy. Cuba invests 11.6% of its Gross
Domestic Product on equipment and technology
like that. Brazil shows a higher real growth rate.
Example: A country like Cuba, that exports sugar,
nickel, tobacco and fish, might place a tax on those
items from other countries.
Example: Brazil is the #1 producer of coffee in the
world, and also exports iron ore because of its iron
ore deposits. Brazil exports goods and products
that it can easily produce and trades for products
that are easier for other countries to produce.
Brazil ranks 7th the world in the amount of money,
goods and services produced in one year. Cuba
ranks 177th in the world. In general, this would
mean that Brazil’s economy is much larger than
Cuba’s.
In Latin America, about 90% of people can read.
The ability to read and write and contributes to how
people work and how much money they can make.
The U.S. banned trade with Cuba because of its
communist government.
The overall freedom to start, operate, and close a
business remains constrained by state
interference. As the government virtually controls
many aspects of economic activity, only limited
private entrepreneurship exists.
Embargo
An official ban, usually on trade with
another country. Sometimes the ban is
on specific goods.
The process of starting an organization
or business. The economies of many
Entrepreneurship
countries are supported by small
businesses.
The U.S. banned trade with Cuba because of its
communist government.
The overall freedom to start, operate, and close
a business remains constrained by state
interference. As the government virtually controls
many aspects of economic activity, only limited
private entrepreneurship exists.
Human Capital
The human knowledge, creativity, and
habits that contribute to an economy.
The literacy rate for the region of Latin America is
about 90%. The lower this rate, the less likely the
country is country is to have relatively higher Gross
Domestic Product. For example, people with an
education are likely to make more money than
those who do not have one.
Specialization
The focusing of a business or a country
on one or a relatively small number of
products or services. Because most
areas can produce only a limited number
of goods or services, they must then
trade these goods and services for
others that they need.
Example: Brazil is the #1 producer of coffee in the
world, and also exports iron ore because of its iron
ore deposits. Brazil exports goods and products
that it can easily produce and trades for products
that are easier for other countries to produce.
Tariff
A tax or duty that must be paid on a
specific import or export. They are often
used by governments to limit imports
from other countries.
Example: A country like Cuba, that exports sugar,
nickel, tobacco and fish, might place a tax on those
items from other countries.
Capital
The property (buildings, machinery, etc.)
and technology that represent the chief
investments of a person or business.
Brazil invests 18.6% of its Gross Domestic Product
on equipment and technology that contribute to the
economy. Cuba invests 11.6% of its Gross
Domestic Product on equipment and technology
like that. Brazil shows a higher real growth rate.
Quota
A limit set on the production of a
product. They can be set by
governments or industry groups. The
purpose is usually to prevent the price of
a product from dropping too steeply and
therefore hurting the economy.
Example: If Brazil decided that it wanted to keep
the costs of Brazilian made cars high, the
government could decide to limit the number of
cars that companies could produce. The lower
number of cars available would increase the
demand and price of the cars.
Natural
Resources
Land, water, forests, and minerals found
in nature. These contribute to the wealth
of a country.
Many Latin American countries have lots of goods
found in nature that contribute to the money they
make and what they trade. For example, Brazil has
coffee and iron ore deposits. Cuba has sugar
cane, tobacco and fish.
Literacy
The ability to read and write.
In Latin America, about 90% of people can read.
The ability to read and write and contributes to how
people work and how much money they can make.
The total monetary value of goods and
services produced and distributed in a
country during the span of one year.
Brazil ranks 7th the world in the amount of money,
goods and services produced in one year. Cuba
ranks 177th in the world. In general, this would
mean that Brazil’s economy is much larger than
Cuba’s.
Gross domestic
product (GDP)