Deep Impact Latin American Economics

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

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

the level of wealth and material comfort available to a people

a nation’s money

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

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

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

What is mass production?

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

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

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

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

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

What advantage do robot workers have over humans?

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

What does "standardization" mean?

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

North American Free Trade Agreement

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

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

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

the average annual income of a nation’s citizens;

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

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

the part of the economy owned and operated by private citizens