| A | B |
|---|
| centralized command economy | OWNED by the GOVERNMENT: government planning groups make the basic economic decisions. They determine such things as good and services to produce, the prices, and wage rates. Individuals and corporations generally do not own businesses or farms themselves. |
| Christopher Columbus | This man made his first famous voyage to the New World in 1492. He was working for the king and queen of Spain trying to find a quick and safe passage to China. He did not reach China, but discovered continents unknown to the Europeans at the time. |
| Diverse | showing a great deal of variety; very different. |
| ethnic group | A group of people characterized by their ethnicity. For example African American, Caucasian, or Hispanic. |
| Great Britain | The mother country of the British Colonies that were located in North America. The British Colonies fought for independence from this country. |
| Heran Cortes | Spanish conquistador (conqueror) who is famous for conquering the Aztec Empire in 1519-1521. The Spanish stayed in Mexico for the next 300 years. |
| Latin America | The countries of the Western Hemisphere south of the United States, especially those speaking Spanish, Portuguese, or French. |
| market economy | Businesses and farms are usually owned by individuals or private cooperation. Decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. A person is free to earn as much money as they want to buy the goods and services they need or WANT. |
| mixed economy | Can have some command and market economies together. |
| NAFTA - North America Trade Agreement | 1994 the government of United States, Canada, & Mexico singed an agreement called ------ This agreement took away all tariffs on goods traded among the three countries. The benefit would be that by taking away tariffs, trade among the countries would increase. Which in turn would increase the standard of living for all three countries. |
| other names for MARKET ECONOMY | free enterprise, capitalism, or laissez-faire |
| poverty | the state of being extremely poor. |
| Standard of living | the economic level achieved by a person,family, or country |
| quota | When a government tells a business what to produce and how much to produce in a given time. |
| Tenochtitlan (Teh - NOTCH-tit- lahn) | Aztec capital city ruled by Montezuma II. Overtaken by Cortes and destroyed all things Aztec and was replaced by Mexico City . |
| traditional economy | Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
| Western Hemisphere | the hemisphere that includes North America and South America |
| What is a benefit of a command economy? | Prices are controlled and people know exactly how much everything will cost. |
| What is a benefit of a market economy? | businesses are free to find new ways to make better products and lower prices. |
| What was the most powerful civilization in central and souther Mexico at the time of European exploration? | Aztec Civilization and it ended in 1521 when it was conquered by the Spanish. |
