Oil-Production and Consumption in Mexico
1. Record:
Oil Production: 2,959.87 thosand barrels per day (Ranked 8 in the World)
Oil Consumption: 2,132.72 thousand barrels per day (Ranked 11 in the World)
2. Summarize: Write a short paragraph explaining the information you discovered and conclusions you can draw. How does this information help you develop a sense of place for the country -- living conditions, social development, use of land or other resources, etc.?
While Mexico is one of the largest oil-producing countries in the world, it definitely appears to consume much less oil than it produces. This may be an indicator that Mexico may not really be able to afford to use a lot of the oil it produces. For example, the majority of Mexico's citizens may not have access, be it due to their inability to afford to use them or a scarcity of the things in Mexico in general, to a lot of things that would increase the demand for oil, like cars or planes, which would therefore decrease the consumption of oil in Mexico. It also indicates that Mexico must then export it's oil to other countries to make a profit.
3. Contemplate:
What questions does the information raise in your mind. Write down two questions you have based on what you have discovered.
1. What are the most common types of vehicles or methods of transportation used in Mexico?
2. Where does the majority of Mexico's produced oil go?
Oil Production: 2,959.87 thosand barrels per day (Ranked 8 in the World)
Oil Consumption: 2,132.72 thousand barrels per day (Ranked 11 in the World)
2. Summarize: Write a short paragraph explaining the information you discovered and conclusions you can draw. How does this information help you develop a sense of place for the country -- living conditions, social development, use of land or other resources, etc.?
While Mexico is one of the largest oil-producing countries in the world, it definitely appears to consume much less oil than it produces. This may be an indicator that Mexico may not really be able to afford to use a lot of the oil it produces. For example, the majority of Mexico's citizens may not have access, be it due to their inability to afford to use them or a scarcity of the things in Mexico in general, to a lot of things that would increase the demand for oil, like cars or planes, which would therefore decrease the consumption of oil in Mexico. It also indicates that Mexico must then export it's oil to other countries to make a profit.
3. Contemplate:
What questions does the information raise in your mind. Write down two questions you have based on what you have discovered.
1. What are the most common types of vehicles or methods of transportation used in Mexico?
2. Where does the majority of Mexico's produced oil go?
Effects of Globalization in Mexico
First of all, globalization has become quite a significant phenomenon in Mexico, and it's economy will prove it. The majority of Mexico's income comes from its exportation of things like oil, emeralds, and motorized machinery and car parts. In fact, 1/3 of all of Mexico's GDP, or Gross Domestic Product, comes directly from the profit it makes off of the goods it exports.
While this element of globalization has obviously benifited Mexico greatly, Mexico has also suffered some of the negative effects of globalization as well. For example, the rate of migration of Mexican citizens to the United States has been rapidly increasing these past few decades, and now there is a scarcity of Mexican laborers and workers, who had instead chosen to emigrate to the United States to find work there. This has forced Mexican employers to increase the average wages by 8% in order to entice more Mexican workers to remain in Mexico and work there.
However, while this a potentially harmful or negative effect caused by globalization and the increase in Mexican emigration, there is also a benefit - the return flow of remittances, or the money that emigrated Mexican workers send back to Mexico to help their families and support their own economy. In fact, in 2003 remittances from the Mexican migrants in the US equaled 2% of Mexico's total GDP for the year. That's a pretty significant boost to the Mexican economy and a pretty amazing benefit provided to Mexico through globalization.
SOURCE:
Hub pages. (n.d.). Retrieved from http://mr-gadget.hubpages.com/hub/Globalization-has-affected-Mexico
Economic System of Mexico
According to the CIA FactBook, Mexico has a free market economy. The majority of its income comes from its people’s work in seaports, railroads, telecommunications, electricity generation, the distribution of oil, and airports. The distribution of wealth in Mexico is highly unequal, and there is a very large percentage of impoverished or poor people and a very small percentage of rich people. The amount of goods Mexico exports to the United States has increased significantly, from 7% to 12%, since the implementation of the North American Free Trade Agreement in 1994.
Mexico's distribution of wealth is highly unequal, indicating that there is a very large amount of poor people with a very insignificant amount of rich people and a relatively small middle class, compared to the United States, which has relatively small poor and upper classes and a relatively large middle class. This probably indicates that the average person's home and life in Mexico differs greatly from the average person's life here in the United States, and is probably much less extravagant than we in the US are accustomed to seeing.
Mexico also does a lot of exporting, and it exports about $377,400,000,000 worth of goods every year. The majority of these goods, about 72%, go to the United States, which indicates that Mexico is pretty financially dependent on the US. If the US suddenly suffers from a breakdown in the economy, Mexico will inevitably suffer as a result, since they would lose a major partner in their economic trade system.
GDP (per capita) = $15,300
SOURCE:CIA. (2013). The world factbook. In Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/mx.html
Mexico's distribution of wealth is highly unequal, indicating that there is a very large amount of poor people with a very insignificant amount of rich people and a relatively small middle class, compared to the United States, which has relatively small poor and upper classes and a relatively large middle class. This probably indicates that the average person's home and life in Mexico differs greatly from the average person's life here in the United States, and is probably much less extravagant than we in the US are accustomed to seeing.
Mexico also does a lot of exporting, and it exports about $377,400,000,000 worth of goods every year. The majority of these goods, about 72%, go to the United States, which indicates that Mexico is pretty financially dependent on the US. If the US suddenly suffers from a breakdown in the economy, Mexico will inevitably suffer as a result, since they would lose a major partner in their economic trade system.
GDP (per capita) = $15,300
SOURCE:CIA. (2013). The world factbook. In Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/mx.html