1. Latin America’s Economy Jeopardy

2. Vocabulary Currency Exchange Trade Economic Systems GDP 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5

3. Category 1 for 1 These are examples of economic trade barriers? Check Your Answer

4. Category 1 for 1 Answer: Tariffs, quotas and embargos Back to the Game Board

5. Category 1 for 2 These three countries signed the NAFTA? Check Your Answer

6. Category 1 for 2 Answer: Canada, Mexico and the US Back to the Game Board

7. Category 1 for 3 A person who starts a business is one of these. Check Your Answer

8. Category 1 for 3 Answer: entrepreneur Back to the Game Board

9. Category 1 for 4 Education and training are examples of this kind of capital. Check Your Answer

10. Category 1 for 4 Answer: Human Capital Back to the Game Board

11. Category 1 for 5 This is the difference between scarcity and surplus Check Your Answer

12. Category 1 for 5 Answer: Scarcity is lack of a resource and surplus is more than needed of a resource. Back to the Game Board

13. Category 2 for 1 This is the definition of Gross Domestic Product. Check Your Answer

14. Category 2 for 1 Answer: GDP is the total amount of final goods and services produced in one year within a country. Back to the Game Board

15. Category 2 for 2 This would happen to a country’s GDP if it did not invest in human capital. Check Your Answer

16. Category 2 for 2 Answer: The GDP and GDP per capita would be lowered. Back to the Game Board

17. Category 2 for 3 This would happen to a country’s GDP if it did not invest in capital goods. Check Your Answer

18. Category 2 for 3 Answer: The GDP and the GDP per capita would be lowered. Back to the Game Board

19. Category 2 for 4 Some examples of human capital and investments in human capital are __________. Check Your Answer

20. Category 2 for 4 Answer: people, education for the citizens, health care for the citizens and training of the workforce. Back to the Game Board

21. Category 2 for 5 Some examples of capital goods and investments in capital goods are __________. Check Your Answer

22. Category 2 for 5 Answer: investing in technology, factories, offices, new means of communicating and needed equipment. Back to the Game Board

23. Category 3 for 1 An example of a traditional economic system in Latin America is ____________ Check Your Answer

24. Category 3 for 1 Answer: A small people group in the Amazon River basin. Back to the Game Board

25. Category 3 for 2 An example of a command economy in Latin America is ___________. Check Your Answer

26. Category 3 for 2 Answer: Cuba Back to the Game Board

27. Category 3 for 3 Two examples of a mixed economy in Latin America are _________. Check Your Answer

28. Category 3 for 3 Answer: Mexico and Brazil Back to the Game Board

29. Category 3 for 4 Economic decisions in a command economy are made by the ____________. Check Your Answer

30. Category 3 for 4 Answer: government Back to the Game Board

31. Category 3 for 5 Check Your Answer The economic systems of Brazil, Mexico and Canada have this in common.

32. Category 3 for 5 Answer: They are all examples of mixed economies. Back to the Game Board

33. Category 4 for 1 This might be a reason that a country would have to import oil. Check Your Answer

34. Category 4 for 1 Answer: It lacks the natural resource of oil. Back to the Game Board

35. Category 4 for 2 A country that has many natural resources probably does little of this. Check Your Answer

36. Category 4 for 2 Answer: Import lots of goods Back to the Game Board

37. Category 4 for 3 This is how a country could limit how many items of a particular product can be imported . Check Your Answer

38. Category 4 for 3 Answer: Quotas or Tariffs Back to the Game Board

39. Category 4 for 4 A tariff is a tax on _____________. Check Your Answer

40. Category 4 for 4 Answer: imported goods Back to the Game Board

41. Category 4 for 5 In order to prohibit an item being imported, the government would have a(an) _________ on that item. Check Your Answer

42. Category 4 for 5 Answer: embargo Back to the Game Board

43. Category 5 for 1 This is all other currencies other than the domestic currency of a specific country. Check Your Answer

44. Category 5 for 1 Answer: Foreign Currency Back to the Game Board

45. Category 5 for 2 This is the price of one country’s currency in terms of another country’s currency. Check Your Answer

46. Category 5 for 2 Answer: Currency Rate Back to the Game Board

47. Category 5 for 3 This is the reason that trade is easier between the countries of the European Union than between countries of Latin America. Check Your Answer

48. Category 5 for 3 Answer: Most countries of the European Union have the same currency, the euro. Back to the Game Board

49. Category 5 for 4 You would have to know this in order to find out the value of a product in US dollars if you are in Canada. Check Your Answer

50. Category 5 for 4 Answer: The exchange rate for US dollars and Canadian dollars Back to the Game Board

51. Category 5 for 5 This is why US citizens cannot use their currency to buy goods or services in other countries. Check Your Answer

52. Category 5 for 5 Back to the Game Board Answer: The currency in the US has a different value from the currency of the other country.