The economies of South America share several similarities, such as a reliance on agriculture and natural resources as key drivers of growth. Many countries, including Brazil and Argentina, are significant producers of commodities like soybeans, coffee, and cattle. However, there are notable differences among their economies as well. For instance, while Brazil has a diversified economy with strong industrial and service sectors, Venezuela's economy is heavily dependent on oil exports, making it vulnerable to fluctuations in global oil prices. Additionally, Chile's economy is characterized by its focus on mining, particularly copper, which distinguishes it from the more agriculture-based economies of countries like Paraguay.
How are the economies of South America similar? How are they different?
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Explain how the economies are similar
Discuss the differences between the different countries’ economies. Discuss 2-3 differences.
Use the information below to compose a short answer consisting of three to four sentences in paragraph form. Be sure to use complete sentences with proper punctuation. Include Social Studies vocabulary terms.
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