Government type: federal republic
Advantages: Decisions are able to be made quickly, there is stability internally,
Disadvantages: There is a higher corruption rate, negligence in voting,
http://www.heritage.org/index/country/mexico , http://country-facts.findthedata.com/l/2/Mexico
Government
Economic system: Mixed Economy
Advantages: State provides essential services. Its consumer’s choice. Private sector encouraged for profits.
Disadvantages: Heavy taxes reduce work incentives to work hard to earn profits. Less efficient than the private sector. Excessive control over business activity can add costs and discourage enterprise.
http://www.heritage.org/index/country/mexico , http://country-facts.findthedata.com/l/2/Mexico
Economy
Economy
GDP: 1.261 trillion
HDI Ranking: 71
Level of economic development: NIC
Level of economic activities:
Primary: Agriculture Farming of fruit, rice, dairy products (etc.), fishing, and forestry. 3.5%
Secondary: Industry Construction, iron and steel industries, ship building, petroleum, textiles clothing. 33.8%
Tertiary and Quaternary: Services Retail, Banking and financing, tourism and ecotourism, food and beverages, tobacco, motor vehicles. 62.7%
Primarily: Tertiary http://www.heritage.org/index/country/mexico
Explanation: Mexico’s economy is made primarily of people in the tertiary and quaternary sectors meaning majority of Mexico’s economic work force are in services. Services include retail, banking and financing, tourism and much more. Due to the Majority of people in the tertiary sector, we can see that Mexico’s economy will only grow thus improving Mexico’s level of economic development so that they can reach that status of MDC. Currently, Mexico is an NIC but, as we see a move from people out of the primary and secondary sectors and into the tertiary sector we will see an increase in the economy. Mexico’s HDI ranking is 71st out of all the countries in the world thus we can see that Mexico has a pretty good standard of living comparatively and that combined with the GDP of 1.261 trillion only further supports the previous claims about Mexico progressing from an NIC to a MDC.