1. Ways societies organize production and distribution of goods and services
Traditional Economies
Custom and tradition determines what is to be produced and things are owned by families or the entire village.
Distribution of goods and services are kept locally
Ex: Parts of Brazil
Communism
National ownership of all production and distribution of goods and services
Ex: Colombia
Socialism
The government owns some factors of production (usually the major industries)
Ex: Argentina
Capitalism
Production and distribution of goods and services is based on private ownership
Ex: Chile

2. (farming and ranching -what you raise and grow)
Agriculture
(farming and ranching -what you raise and grow)
Sugar - Argentina
Coffee - Colombia
Manufacturing
(What you make or build)
Brazil
Argentina
Service Industries
Ex: banking, tourism
Peru

3. Problems when we run out
Labor
Outsourcing
Pull factors (dependence on immigration)
Slavery
Needed when shortage of labor
Hard push for immigration when slavery abolished
Capital
Countries remain underdeveloped
Shortages of capital (money) caused bank runs in Argentina in early 2000s
HUGE ECONOMIC CRISIS