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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)