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Economics/PC

Whatever Happened to Penney Candy

QuestionAnswer
inflation An increase in the amount of money
Deflation A decrease in the amount of money
Inflation causes the wage/price spiral
Law of Economics A fact of life which no once can change
Law of supply and demand Increase in supply/decrease in demand/increase prices or decrease in supply/increase in demand/decrease prices
Gresham's Law Bad money drives good money out of circulation. People will hold on to the good money and spend the bad.
Wage/price controls never work during severe inflation
depression a correction period following an inflation
recession an incomplete depression
money the most easily traded thing people have
What is reeding? A defense against the clipping of coins.
What does TANSTAAFL stand for? Explain. "There Ain't No Such Thing As A Free Lunch", Nothing of value is free. It has to be paid for by someone.
What did the Roman farmers do when wage/price controls were started? The Romans stopped bringing their food to market.
Why have wage/price controls never stopped inflation? Wage price controls have no effect on the supply of money.
Legal Tender Money as defined by government.
What is the difference between recession and depression? A recession is an incomplete depression.
Business Cycle A continuous cycle of inflation, recession, inflation, recession.
Deflation Deflation is the decrease in the amount of money and causes a decrease in prices.
Inflation Inflation is an increase in the amount of money and causes an increase in prices.
Black market activities Buying, selling, producing anything illegal 1. Guns 2. Drugs 3. Slaves (Underground RR) 4. Tax evasion 5. Liquor (1920'S)
Money Demand A peron's desire to hold a type of currency rather than spend it.
Velocity The speed at which money changes hand. It is an indicator of money demand.
Bezant Valuable for 1000 years; made of gold which cannot be created on a printing press.
Economics The study of the production and distribution of wealth.
Created by: Maudie7911
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