Comparing Latin American Economies Mexico, Brazil, & Cuba Unit 10 Notes

Foreign Exchange Rates The price of 1 country’s currency compared to another… 1 US dollar = 11 Mexican pesos 1 US dollar = 1.8 Brazilian reals 1 US dollar = .92 Cuban pesos

United Mexican States

3 Economic Questions… What to Produce? How to produce it? Businesses decide and government approves/denies it How to produce it? Businesses decide & government regulates procedures For whom to produce? Businesses decide based on supply & demand (price) Which economic system does Mexico have?…

Mexico’s Economic System Mexico has a Mixed economic system, that is closer to market than command.

Mexico’s Natural Resources What’s available? petroleum, silver, copper, gold, lead, zinc, natural gas, timber

Mexico’s Land Use What percentage of the land is arable (capable of being farmed)? 12.66%

Mexico’s Industries What’s being produced in the factories? food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, Tourism is also a major industry in Mexico.

Mexico’s Literacy Rate What percentage of people over the age of 15 can read and write? 91% How long are students required to stay in school? 13 years

Mexico’s Unemployment Rate What percentage of people do not have jobs? 4.1% (however, only 61.1% of people working age have a job) What percentage of people live in poverty? 18.5%

Mexico’s GDP $1.578 trillion (2008) GDP Per Capita--What is the value of goods and services produced per person? $14,400 (2008)

Federative Republic of Brazil

3 Economic Questions… What to Produce? How to produce it? Businesses decide and government approves/denies it How to produce it? Businesses decide & government regulates procedures For whom to produce? Businesses decide based on supply & demand (price) Which economic system does Brazil have?…

Brazil’s Economic System Brazil has a Mixed economic system

Brazil’s Natural Resources What’s available? bauxite, gold, iron ore, manganese, nickel, phosphates, platinum, tin, uranium, petroleum, hydropower, timber

Brazil’s Land Use What percentage of the land is arable (capable of being farmed)? 6.9%

Brazil’s Industries What’s being produced in the factories? textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment

Brazil’s Literacy Rate What percentage of people over the age of 15 can read and write? 88.6% How long are students required to stay in school? 14 years

Brazil’s Unemployment Rate What percentage of people do not have jobs? 8% What percentage of people live in poverty? 22%

Brazil’s GDP $2.03 trillion (2008) GDP Per Capita--What is the value of goods and services produced per person? $10,300 (2007)

Republic of Cuba

3 Economic Questions… What to Produce? How to produce it? Government makes all economic decisions How to produce it? Government decides how to make goods/services For whom to produce? Whoever the government decides to give them to Which economic system does Cuba have?…

Cuba’s Economic System Russia has a Command economic system

Cuba’s Natural Resources What’s available? cobalt, nickel, iron ore, chromium, copper, salt, timber, silica, petroleum, arable land

Cuba’s Land Use What percentage of the land is arable (capable of being farmed)? 27.63%

Cuba’s Industries What’s being produced in the factories? sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals

Cuba’s Literacy Rate What percentage of people over the age of 15 can read and write? 99.8% How long are students required to stay in school? 16 years

Cuba’s Unemployment Rate What percentage of people do not have jobs? 1.8%

Cuba’s GDP $144.6 billion (2008) GDP Per Capita--What is the value of goods and services produced per person? $12,700 (2008)