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In this section you will:

Objectives. In this section you will:. Find out what Latin America’s most important natural resources are. Learn why depending on a one-resource economy has been a problem for Latin American nations. Key Terms.

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In this section you will:

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  1. Objectives In this section you will: • Find out what Latin America’s most important natural resources are. • Learn why depending on a one-resource economy has been a problem for Latin American nations.

  2. Key Terms • natural resources (NACH ur ul REE sawrs uz)n. things found in nature that people can use to meet their needs • hydroelectricity (hy droh ee lek TRIS ih tee)n. electric power produced by rushing water • one-resource economy (wun REE sawrs ih KAHN uh mee) n. an economy that is based largely on one resource or crop • diversify (duh VUR suh fy) v. to add variety

  3. Latin America: Political

  4. Natural resources are important to a country’s economy because they can be sold to other countries or used to make products that can be sold. Latin America’s natural resources are as varied as its physical features and its climate.

  5. Mexico’s Natural Resources

  6. Central America’s Natural Resources

  7. Hydroelectric Plants in Latin America

  8. The Caribbean’s Natural Resources

  9. South America’s Natural Resources

  10. South America’s Natural Resources (Continued)

  11. Latin America: Natural Resources

  12. While some Latin American countries have many resources, others have few. Some countries do not have the money they need to develop all of their resources. One-resource economies have been developed in some countries.

  13. One-resource economies can be a problem because: • global prices for a resource or crop can decline as a result of overproduction or increased production by other countries. • hurricanes, droughts, and plant diseases can wipe out a nation’s crops. • El Niño can damage a nation’s fishing industry.

  14. If global prices for a resource or crop decline, or if a country loses its resource or crop to bad weather, less money flows into a nation’s economy. If a country does not have any other resources or crops to sell, it is left with few other sources of income, and its citizens suffer financially.

  15. Past global price drops or losses of a resource that hurt a nation’s economy include: • tin in Bolivia • copper in Chile • coffee in Guatemala • oil in Mexico • the fishing industry in Peru

  16. Latin American countries learned the risks of one-resource economies and began to diversify in the 1960s and1970s. Today, many countries are diversifying by building factories to make products, growing more than one crop, promoting tourism, or investing in industry.

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