2. Compare and contrast the economies of Chile and Venezuela.
I don't need a whole essay just a summary
http://writingcenter.unc.edu/handouts/comparing-and-contrasting/
http://www.cia.gov/library/publications/the-world-factbook/geos/ci.html
http://www.cia.gov/library/publications/the-world-factbook/geos/ve.html
To compare and contrast the economies of Chile and Venezuela, you can follow these steps:
1. Research the basic economic indicators: Start by gathering information on key economic indicators of both countries, such as GDP growth rate, inflation rate, unemployment rate, and central bank interest rates. These indicators will help you understand the overall performance and health of their economies.
2. Analyze GDP and growth rates: Compare the Gross Domestic Product (GDP) of Chile and Venezuela. Look at their growth rates over time to get an idea of their economic trajectories. Chile has experienced relatively stable economic growth with a focus on exports and diversification, while Venezuela has faced significant economic contraction due to various factors like hyperinflation and political instability.
3. Consider inflation and currency stability: Examine the inflation rates in both countries. Chile has maintained a relatively low inflation rate compared to Venezuela, where hyperinflation has been a severe issue, causing rapid depreciation of the currency.
4. Look at the role of natural resources: Chile is known for its rich deposits of copper and other minerals, and mining has been a significant contributor to its economy. On the other hand, Venezuela heavily relies on oil exports for revenue, making it vulnerable to fluctuations in oil prices.
5. Assess government policies: Chile has implemented market-friendly economic policies, attracting foreign investment and fostering economic stability. Meanwhile, Venezuela has experienced socialism-led policies, including nationalization and price controls, which have negatively impacted its economy.
In summary, Chile's economy has been more stable and focused on diversification, with healthy GDP growth rates, low inflation, and market-friendly policies. In contrast, Venezuela has endured severe economic challenges, including hyperinflation, high unemployment, currency devaluation, and political instability, primarily due to heavy reliance on oil exports and poor government policies.