Venezuela economy --READ AND HELP ME PLEASEEE! [:?

Question

explain which goods and services are produced in venezuela. how do ppl typically provide for the needs of themselves and family?

Answer 1

Economics

Venezuela’s money is called Bolivar money.  It has a picture of Simon Bolivar is

on the $100.  On other Bolivar money, there are pictures of birds, Angel Falls, Andres

Bello, and some important buildings in Caracas.  There money is way different than the

U.S. because it has different people on it and there coins are different.  The coins have

little value so most people don’t carry them around.  They trade with the U.S., Columbia,

Brazil, Canada, Japan, Germany, Italy, and France.  They have coffee, corn, rice,      

sorghum, bananas, and sugarcane.  The mineral products are iron and steel.  They

manufacture textiles, leather, paper, washing machines, television sets, and radios. The

population is 23.9 million people.  The nations tax authority reported that in 2001, about

50 banks and 1,000 businesses in the country avoided paying taxes and the country

lost about $800 million for the government.  They had a lot of money in the mid 1970s

into the 1980s when oil prices were high.  The money went to school’s, hospitals, roads,

and other public work projects.  Venezuela had the highest income per person in South

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America.  Times were good.  In 1993 oil prices crashed and Venezuela’s economy took

a bad turn.

Answer 2

Venezuela only produces oil and imports pretty much everything else. The main employer in Venezuela is the government because they control EVERYTHING.