Whatever Happened to Penny Candy?: Definitions
Terms in this set (28)
A sandwich coin. A coin made of layers of different metals.
Purity of a precious metal. For instance, if a coin is 900 fine gold, then it is 90% gold.
A non-precious metal like copper or nickel.
A disk of base metal which can be used as a substitute for a coin.
Price 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 for giving tax money away, usually to rich people or large companies
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.
There ain't no such thing as a free lunch
Illegal uses of intellectual property, patents, trademarks, and copyrights.
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.
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 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.
an increase in the general level of prices
A one-ounce ingot of silver
The most easily traded thing in a society. Economists call it the most liquid commodity
A wafer or disk of precious metal. True coins usually have three markings; weight, fineness, and name of mint.
The mint-mark of a coin. Tells who made the coin. Like a trademark
Today, paper money. Originally, an IOU from a bank, usually for gold or silver.
Legal tender law
A law which provides for the punishment of anyone who refuses to accept the legal tender money.
Legal tender money
A hyperinflation. Prices rising rapidly, every few hours.
The correction period following an inflation. Usually includes a lot of business failures and unemployment
The beginning of a depression that never went all the way
A decrease in the amount of money. Usually causes depression and falling prices