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Penny Candy Vocab
A coin made of different metals.
The purity of a precious metal
A non-precious metal like copper or nickel
A disk of base metal which can be used as a substitute for a coin
Double Digit Inflation
Prices increases rising at 10 to 99 percent per year due to inflation
A government program for giving away money or goods, usually to poor people
A government program tax money away, usually to rich people or large companies
Law of Economics
An unchanging fact of life which deals with production and distribution of wealth.
Almost nothing is free, someone must pay for it
To make something that is fake or phonylly overvalued money.
Shaving the edges of a coin in order to get some of the precious metal from the coin
The notches on the edge of a coin
Reducing the value of a coin by reducing the amount of precious metal in it.
Bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
Law of supply and demand
When the supply of something goes up, the price per unit of that thing goes down
An increase in the amount of money which causes the money to lose value, so the prices rise
A one-ounce ingot of silver
The most easily traded thing in a society
A wafer or disk of precious metal
The mint-mark of a coin which tells who made the coin
Today, it is paper money. Originally, it was an IOU from a bank
Legal Tender Law
A law which provides for the punishment of anyone who refuses to accept the legal tender money
Legal tender money
When prices rise rapidly, every few hours.
The correction period following an inflation.
The beginning of a depression that never went all the way.
A decrease in the ammount of money.
The speed at which money changes hands.
Demand for Money
The desire to hold money rather than trade it.
Prosperity followed by recession followed by prosperity followed by recession, and so forth.