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12 terms

Penny Candy Part 2

Economics terms for Whatever Happened to Penny Candy?
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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