Deep Impact Latin American Economics

focusing on a narrow range of products/services that can be produced most efficiently

the level of wealth and material comfort available to a people

North American Free Trade Agreement

the approximate value of one nation’s currency in terms of another’s

term used to describe the market/command/traditional blending of all modern world economies

economic model which the laws of supply and demand (not government) determine what is produced

On an assembly line, what is the function of a conveyor belt?

the part of the economy owned and operated by private citizens

the average annual income of a nation’s citizens;

trade in which both partners freely agree to and benefit from the exchange of goods/services

A drawback of the assembly line is that the work is monotonous The best synonym for monotonous?

a nation’s buildings, roads, bridges, power grids, etc.

converting one nation’s money into an equivalent value/quantity of another’s

What advantage do robot workers have over humans?

estimated total value of all the final goods and services produced in a nation in a year’s time

What does "standardization" mean?

an economic model wherein government planners make all business and financial decisions

What is mass production?

What can you infer about the cars that Henry Ford produced?

the factories, machinery, technology, etc. that are necessary to sustain a service or industry

the percent of a nation’s population over the age of 15 who are able to read and write

the knowledge, skills, and relative health of a nation’s labor force

a nation’s money

the part of the economy owned and operated by the national government

What tasks would you find robots doing on an assembly line?