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Comparing Latin American
Economies
Mexico, Brazil, & Cuba
Unit 10 Notes
Foreign Exchange Rates
The price of 1 country’s currency compared
to another…
– 1 US dollar = 11 Mexican pesos
– 1 US dollar = 1.8 Brazilian reals
– 1 US dollar = .92 Cuban pesos
United Mexican States
3 Economic Questions…
What to Produce?
– Businesses decide and government
approves/denies it
How to produce it?
– Businesses decide & government regulates
procedures
For whom to produce?
– Businesses decide based on supply & demand
(price)
Which economic system does Mexico
have?…
Mexico’s Economic System
Mexico has a Mixed economic system, that
is closer to market than command.
Mexico’s Natural Resources
What’s available?
– petroleum, silver, copper, gold, lead, zinc,
natural gas, timber
Mexico’s Land Use
What percentage of the land is arable
(capable of being farmed)?
– 12.66%
Mexico’s Industries
What’s being produced in the factories?
– food and beverages, tobacco, chemicals, iron and
steel, petroleum, mining, textiles, clothing, motor
vehicles, consumer durables,
– Tourism is also a major industry in Mexico.
Mexico’s Literacy Rate
What percentage of people over the age
of 15 can read and write?
– 91%
How long are students required to stay
in school?
– 13 years
Mexico’s Unemployment Rate
What percentage of people do not have
jobs?
– 4.1% (however, only 61.1% of people
working age have a job)
What percentage of people live in
poverty?
– 18.5%
Mexico’s GDP
$1.578 trillion (2008)
GDP Per Capita--What is the value of
goods and services produced per
person?
– $14,400 (2008)
Federative Republic of Brazil
3 Economic Questions…
What to Produce?
– Businesses decide and government
approves/denies it
How to produce it?
– Businesses decide & government regulates
procedures
For whom to produce?
– Businesses decide based on supply & demand
(price)
Which economic system does Brazil have?…
Brazil’s Economic System
Brazil has a Mixed economic system
Brazil’s Natural Resources
What’s available?
– bauxite, gold, iron ore, manganese, nickel,
phosphates, platinum, tin, uranium,
petroleum, hydropower, timber
Brazil’s Land Use
What percentage of the land is arable
(capable of being farmed)?
– 6.9%
Brazil’s Industries
What’s being produced in the factories?
– textiles, shoes, chemicals, cement, lumber,
iron ore, tin, steel, aircraft, motor vehicles
and parts, other machinery and equipment
Brazil’s Literacy Rate
What percentage of people over the age
of 15 can read and write?
– 88.6%
How long are students required to stay
in school?
– 14 years
Brazil’s Unemployment Rate
What percentage of people do not have
jobs?
– 8%
What percentage of people live in
poverty?
– 22%
Brazil’s GDP
$2.03 trillion (2008)
GDP Per Capita--What is the value of
goods and services produced per
person?
– $10,300 (2007)
Republic of Cuba
3 Economic Questions…
What to Produce?
– Government makes all economic decisions
How to produce it?
– Government decides how to make goods/services
For whom to produce?
– Whoever the government decides to give them to
Which economic system does Cuba have?…
Cuba’s Economic System
Cuba has a Command economic
system
Cuba’s Natural Resources
What’s available?
– cobalt, nickel, iron ore, chromium, copper,
salt, timber, silica, petroleum, arable land
Cuba’s Land Use
What percentage of the land is arable
(capable of being farmed)?
– 27.63%
Cuba’s Industries
What’s being produced in the factories?
– sugar, petroleum, tobacco, construction,
nickel, steel, cement, agricultural
machinery, pharmaceuticals
Cuba’s Literacy Rate
What percentage of people over the age
of 15 can read and write?
– 99.8%
How long are students required to stay
in school?
– 16 years
Cuba’s Unemployment Rate
What percentage of people do not have
jobs?
– 1.8%
Cuba’s GDP
$144.6 billion (2008)
GDP Per Capita--What is the value of
goods and services produced per
person?
– $12,700 (2008)