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Return to Our Essential Question(s)…..

Return to Our Essential Question(s)…. What are the major physical features of Latin America and the Caribbean, and where are they located on a map? What are the major countries of Latin America and the Caribbean, and where are they located on a map? . What are the 4 Factors of Production?.

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Return to Our Essential Question(s)…..

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  1. Return to Our Essential Question(s)….. What are the major physical features of Latin America and the Caribbean, and where are they located on a map? What are the major countries of Latin America and the Caribbean, and where are they located on a map?

  2. What are the 4 Factors of Production? Natural Resources Human Resources Capital Resources Entrepreneurship

  3. What is “investment?” or What does it mean to “invest” in something? To sacrifice, or give up time, energy, and/or money in hopes of a positive result.

  4. R56GDP & Investment in Human & Capital Resources

  5. Today’s Standard….. SS6E3 The student will describe the factors that cause economic growth and examine their presence or absence in Latin America. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital goods (factories, machinery, and technology) and gross domestic product (GDP). c. Describe the role of natural resources in a country’s economy. d. Describe the role of entrepreneurship.

  6. Intro to Our Essential Question(s)….. What are the factors that promote economic growth in countries? How are these factors present or absent in the countries of Latin America and the Caribbean? (Cuba and Brazil) How does having or not having these factors of production affect the countries of Latin America and the Caribbean? (Cuba and Brazil) What is the role of entrepreneurship in Latin America?

  7. Human Capital & the GDP Gross Domestic Product (GDP) The total value of all goods & services produced in a country in one year. Human Capital Workers w/ skills necessary to produce effectively. Investmentwould include funding education, training, & health of the workers in a business or country. GDP & Yearly Growth (2009) Mexico- $1.56 Trillion (5%) Venezuela- $344.2 Billion (-2.8%) Brazil- $2.194 Trillion (7.5%) Cuba- $114.1 Billion (1.5%) U.S.A.- $14.73 Trillion (2.8%) If a country or business invests in it’s human capital>>>> GDP will most likely increase

  8. Capital Investments & the GDP Gross Domestic Product (GDP) The total value of all goods & services produced in a country in one year. Physical Capital The factories, machines, tools, & technology that workers & businesses need to produce. If a country or business invests in physical capital (buying new & more efficient tools & machinery), it will be able to produce more>>>> GDP will most likely increase

  9. The Role of Natural Resources in a country’s economy Natural Resources “Gifts of Nature” – Arable Land, Minerals, Water, Forests What role do they play in a nation’s economy? …A Huge One! If you have plenty, you can supply your people & have some left over to sell If you don’t have plenty, you rely on others & have to buy instead of sell

  10. The Role of the Entrepreneur in the economy Entrepreneur The person(s) with an idea for a product or service & the ability to bring the resources together to make it happen. What role do they play in the economy? An important one….. They start business’s that make goods or provide services>>> This provides jobs & increases the GDP

  11. R56 – GDP & Investment in Human & Capital Resources SS6E7 The student will describe factors that influence economic growth and examine their presence or absence in Latin America. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). c. Describe the role of natural resources in a country’s economy. d. Describe the role of entrepreneurship. __________________________________________________________________________________________________________ Key Vocabulary Gross Domestic Product (GDP) – the Total Value ($) of all goods & services produced in a country in one year Natural Resources – “Gifts of Nature” EXAMPLES: Trees, Water, Oil, Arable Land, Minerals, Livestock Human Capital (Resources) – People w/ the skills & knowledge necessary to produce EXAMPLES: Doctor, Mechanic, Teacher, Lawyer, Accountant Capital Resources – The tools, machinery, & technology needed to produce EXAMPLES: Drill, Hammer, Computer, Delivery Truck Entrepreneur – Person/People willing to take the risk of starting a business for profit in a market economy __________________________________________________________________________________________________________ a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). If a country invests money and time in educating and training its’ human capital, how will that affect its’ GDP? The workers will be able to produce more→ GDP will grow How would it affect a countries GDP if it didn’t invest much in educating and training its’ human capital? The workers will not be able to produce as much → GDP will NOT grow b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). If a country invests money and time in the creation of factories, machinery, and new technology, how will that affect its’ GDP? w/ better tools, workers will be able to produce more→ GDP will grow How would it affect a countries’ GDP if it didn’t invest much in the creation of factories, machinery, and new technology? w/o better tools, workers will not be able to produce as much→ GDP will NOT grow

  12. What is Gross Domestic Product (GDP)? The total value of all goods & services produced by a country in a year

  13. Investment in Resources Human Capital (Resources) Capital Resources Investing in your human resources by education & training may have a positive effect on production Investing in capital resources, like buying new machines & technology, may have a positive effect on production

  14. $1.56 Trillion (12) $13,800 (85) 4.8% of GDP (82) 21% of GDP (73) $344.2 Billion (35) $12,600 (92) 3.7% of GDP (122) 16.4% of GDP (122) $2.194 Trillion (8) $10,900 (105) 5.2% of GDP (61) 18.5% of GDP (105) $114.1 Billion (67) $9,900 (110) 13.6% of GDP (2) 10.5% of GDP (149) $11.18 Billion (145) $1,200 (177) 1.4% of GDP (177) 28.9% of GDP (21) $43.48 Billion (95) $12,700 (91) 3.8% of GDP (115) 26.8% of GDP (32) $15,000 (75) 4.9% of GDP (71) 22% of GDP (67) $621.7 Billion (24)

  15. Return to Our Essential Question(s)….. What are the factors that promote economic growth in countries? How are these factors present or absent in the countries of Latin America and the Caribbean? (Cuba and Brazil) How does having or not having these factors of production affect the countries of Latin America and the Caribbean? (Cuba and Brazil) What is the role of entrepreneurship in Latin America?

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