Products made in Mexico include food, electronics, shoes, apparel, furniture, chemical products, automotive equipment and accessories, tools, toys and sporting goods. As of July 2006, Mexico was the number one partner with the United States in the electronics business. About 25 percent of imported U.S. automotive parts were from Mexico. The country’s manufacturing industry accounted for more textiles and apparel supplied to the United States than any other nation.Know More
Known as the United Mexican States, Mexico is a federal republic in North America. It is bordered on the north by the United States and by the Pacific Ocean on the south and west. Guatemala, Belize, and the Caribbean Sea are on the southeast, and the Gulf of Mexico is on the east.
Mexico has a population of 119,713,203 as of 2014, making it the most populous Spanish-speaking country in the world and the second-most populous nation in Latin America after Portuguese-speaking Brazil. The Mexican population makes up about 1.7 percent of the world’s population, and it ranks 11th in population rankings, behind Japan but ahead of Philippines.
Mexico is made up of 31 individual and sovereign states, each of which has its own constitution and government. It has one of the world’s largest economies. It is the 10th largest producer of oil in the world, the world's leading silver producer and is regarded as both the middle power and regional power.Learn more about Economics
A traditional economy is an economic system where customs, traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture, hunting and gathering, fishing or any combination of the above. Also called a subsistence economy, it may involve use of barter trade instead of currency.Full Answer >
The primary advantage of imposing quotas on imported goods is protecting new industries from foreign competitors. The main disadvantage of erecting quotas on imports is its limitation on innovation and progress.Full Answer >
Monetary policy, established by the federal government, affects unemployment by setting inflation rates and influencing demand for and production of goods and services. Additionally, having stable prices and high demand for products encourages firms to hire workers, which reduces rates of unemployment. In the United States, the Federal Reserve holds responsibility for instituting a national monetary policy. Sometimes, such as during economic downturns, the Federal Reserve asserts its control by implementing long-term and short-term measures to stimulate economic production.Full Answer >
Consumer sovereignty is the economic theory that consumers can best determine what goods and services should be produced in a society. Firms, such as businesses and companies, produce whatever the consumer prefers. Economist William Harold Hutt coined this term in his 1936 book "Economists and the Public."Full Answer >