Economic Vocab- Latin America

a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange

• barter
• subsidies
• currency exchange
• voluntary trade

refusal to purchase a good/service from a specific company or country

• boycott
• subsidies
• currency exchange
• embargo

a nation’s money

• currency
• currency exchange
• subsidies
• tariff

converting one nation’s money into an equivalent value/quantity of another’s

• currency exchange
• domestic
• standard of living
• subsidies

term which refers to the products of services originating in one’s own country; it is the antonym of foreign

• domestic
• subsidies
• currency exchange
• infrastructure

a trade barrier which blocks all trade with another nation

• embargo
• tariff
• currency exchange
• quota

those who risk their own money and resources to create a new business or service

• entrepreneur
• production quota
• subsidies
• domestic

a nation’s buildings, roads, bridges, power grids, etc.

• infrastructure
• subsidies
• production quota
• domestic

the required amount of a specific good that must be produced in a given timeframe

• production quota
• quota
• subsidies
• infrastructure

a trade barrier which places a limit on imported goods

• quota
• standard of living
• currency exchange
• tariff