Penny Candy Part 2

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Economics terms for Whatever Happened to Penny Candy?

Banknote

today, paper money; originally an IOU from the bank, usually for gold or silver

Coin

a wafer or disk of precious metal; true coins usually have three markings; weight, fineness, and name of mint

Economics

the study of the production and distribution of wealth

Exchange

trade

Federal Reserve Note

a slip of paper issued by the U.S. government, used as money, backed by a legal tender law

Fiat Money

legal tender money

Hallmark

the mint-mark of a coin; tells who made the coin; like a trademark

Inflation

an increase in the amount of money; causes the money to lose value, so prices rise

Law of Supply and Demand

says that when the supply of something goes up, the price per unit of that thing goes down; when the supply goes down the price goes up

Legal Tender Law

a law which provides for the punishment of anyone who refuses to accept the legal tender money

Legal Tender Money

a legal medium of payment

Money

the most easily traded thing in a society

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