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Econ. - 12th grade

"Whatever Happened to Penny Candy" -Richard J. Maybury

QuestionAnswer
double-digit inflation Each yr. prices are rising at rate of 10 (double digit #) percent or more. seious & widespread - hadn't happened in U.S. since it became a Nat. widespread during days of Roman Empire: a. began with gov.
welfare program practice of giving things such as food, money, med. care, or housing to poor people
Subsidy practice of giving things such as land, money, or buildings to rich people
law of economics fact of life (something you have to live with bcse. you can't change it) prob. with Roman Empire gov.
tanstaafl (T)here (A)in't (N)o (S)uch (T)hing (A)s (A) (F)ree (L)unch nothing of val. is free. someone must pay for it, if not with money, then with time & hard work. law of econ. prob that Roman Empire ran into popular say. during Great Depression,& now again
taxing taking money, by force if necessary Rom. gov. taxed prob. with not wanting ppl. to get mad anymore = how to get money without raising taxes
counterfeiting making of phony money solution to how to get money without raising taxes usual way nowadays = print phony money on a print. press
denarius main coin in Roman Empire 940 fine silver (94% silver)
clipping [...a coin] = shaving edges off of a coin in order to get some of the precious metal from it.
mint
banknote today, paper money. originally an IOU from a bank
base metal non-precious metal like copper/nickle
black market pro, buy, or sell something against wishes of gov. Ex = Liquer was a black market during the "Prohibition Era"
business production and trade. organization which produces and/or trades
business cycle boom/bust cycle. prosperity followed by recession followed by prosperity followed, and so forth.
circulation use/tradeing of money
clad coin sandwhich coin. coin made of layers of different metals
coin warfer/disk of precious metal. true coins usually have 3 markings; weight, fineness, & name of mint
consumer price index CPI. Federal gov's attempt to measure changes in prices of items purchased by homes. Ex = prices of autos, corn flakes, TVs, haircuts, & lightbulbs. items not included in it are those purchased by govs or by businesses, like computers, airliners, roads...
debasing reducin val of coin by reducing amount of precious metal in ot
deficit shortfall between gov's income (taxes) vs its spending. shortfall is covered either through borrowing/printing money
deflation decrease in amount of money. usually causes depression & falling prices
demand for money desire to hold rather than trade it away. high demand for money = money is traded away relunctantly. low demand for money = money is traded away quick.
depression correction period following inflation. usually includes lots of business fails and unemployment
economics study of production & distribution of wealth
federal reserve note sllip of paper issued by U.S. gov, used as money, backed up by a tender law
fiat money legal tender money
fine, finenes purity of precious metal. Ex = if a coin is 900 fine gold, then it's 90% gold
gresham's law law of econ; says bad money drives good money out of circulation. ppl hoard good money & trade with legal overvalued money
hallmark print-mark of a coin. tells who made it. like a trademark
hard money non-inflated money, usually commodity such as gold/silver
inflation increase in amount of money. causes money to lose val, so prices rise
law of economics fact of life which deals with production & distribution of wealth. you can't change it, & it applies all over world
law of supply & demand says that when supply of something goes up, prices per unit of that thing go down. when supply goes down prices go up.
Created by: AndieSmiles
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