Latin America Economics Vocabulary Quiz

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Can you name the Latin America Economics Vocabulary Terms?

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DefinitionVocabulary Term
The rare mixture of the qualities needed to create and run new businesses
The total value of the goods and services that a country produces each year
An economy that allows business owners to complete in the market with little government interference
Social roles and culture determine how goods and services are produced, what prices and individual incomes are, and which consumers are allowed to buy certain goods
A limit on the amount of a product that may be imported during a given period of time
The government decides how many of which goods are produced and sets the prices
A fee imposed by a government on imported or exported goods
An economic system with a combination of tradition, command, and market economies
The knowledge and skills that allowed workers to produce goods and services and earn an income
A type of trade barrier in which a government places restrictions on the import or export of certain goods. Often backed by military force
Treaty between the US, Canada, and Mexico that reduced trade barriers between the three countries
Resources such a factories, machinery, and tools that people use to make other goods

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