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Latin America More Economics!. Vocabulary (p.3) Specialization Trade NAFTA Reals Pesos Exchange rate.

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Presentation on theme: "Latin America More Economics!. Vocabulary (p.3) Specialization Trade NAFTA Reals Pesos Exchange rate."— Presentation transcript:

1 Latin America More Economics!

2 Vocabulary (p.3) Specialization Trade NAFTA Reals Pesos Exchange rate

3 Specialization Division of Labor: work is divided into different parts. Each worker is allowed to become an expert in his or her part of the work. – Improves process and speed – more product in less time for less cost Most countries do not produce all of what they consume. – They specialize in certain goods. – They trade those goods for goods they need from other countries.

4 Barriers to Trade Tariff: tax on imports Quota: limit on number of imports Embargo: govt order stopping trade with another country

5 NAFTA North American Free Trade Agreement U.S., Canada, Mexico signed agreement called NAFTA – Took away all tariffs on trade among selves (free-trade zone) – increases standard of living for selves by increasing trade – Rules Protect artists from having work illegally copied trade fairly follow similar laws – Problems: companies move factories to Mexico (cheaper labor) 1.loss of U.S. jobs & increase in factory 2.pollution in Mexico

6 CRCT Test Prep pp


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