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23 terms

Penny Candy Part 1

Economics terms for Whatever Happened to Penny Candy?
STUDY
PLAY
Base Metal
a non-precious metal like copper or nickle
Business
production and trade; also, an organization which produces and/or trades
Circulation
the use or trading of money
Clad Coin
a sandwich coin; a coin made of layers of different metals
Clipping Coins
shaving the edges of a coin in order to get some of the precious metal from the coin
Counterfeit
fake, phony
Currency
money
Debasing
reducing the value of a coin by reducing the amount of precious metal in it
Denarius
a Roman coin originally made of 94 percent silver
Double-Digit Inflation
price increases rising at 10-99 percent per year due to inflation
Fine, Fineness
purity of a precious metal; if a coin is 900 fine gold, then its 90% gold
Gresham's Law
a law of economics; says bad money drives good money out of circulation; people hoard good money and trade with legally overvalued money
Law of Economics
a fact of life which deals with production and distribution of wealth; you cannot change it, and it applies all over the world
Mint
a factory which makes coins or other money
Precious Metal
a valuable metal like silver, gold, or platinum
Price
what a person wants in trade for what he has
Reeding
the notches on the edge of a coin
Subsidy
a government program for giving tax money away, usually to rich people or large companies; welfare
TANSTAAFL
"There's Ain't No Such Thing As A Free Lunch"; a popular expression during the Great Depression meaning that almost nothing is free; a law of economics
Tax
the way governments get money; to tax means to take money away from someone, by force if necessary, even if he thinks what he is getting in return has little or no value
Token
a disk of base metal which can be used as a substitute for a coin
Wealth
the goods and services people produce or convert to their use
Welfare
a government program for giving away money or goods, usually to poor people; a subsidy