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| Today, paper money. Originally, an IOU from a bank, usually for gold or silver. |
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| A non-precious metal like copper or nickle. |
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| Producing,buying, or selling something against the wishes of the government. |
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| Production and trade. Also, an organization which produces and/or trades. |
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| The boom/bust cycle. Prosperity followed by recession followed by prosperity, and so forth. |
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| The use or trading of money. |
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| A sandwich coin. A coin made of layers of different metals |
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| Shaving the edges of a coin in order to get some of the precious metal from the coin. |
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| A wafer or disk of precious metal. True coins usually have three markings; weight, fineness, and name of mint. |
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Term
| CONSUMER PRICE INDEX(CPI) |
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Definition
| The CPI is the governments attempt to measure changes in the prices of items purchased by households.Items purchased by government of businesses are not included. |
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| Reducing the value of a coin by reducing the amount of precious metal in it. |
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| The shortfall between the governments income versus its spending, covered by borrowing or printing money. |
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| A decrease in the amount of money. Usually causes depression and falling prices. |
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| The desire to hold money rather than trade it away. |
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| A roman coin originally made of 94 percent silver |
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| The correction period following an inflation. Usually includes as lot of business failures and unemployment. |
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| Price increases rising at 10 to 99 percent per year due to inflation. |
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| The study of the production and distribution of wealth. |
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| A person who studies the production and distribution of wealth. |
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| Total of all federal deficits. |
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| A slip of paper issued by the U.S. government, used as money, backed by a legal tender law |
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| Purity of a precious metal. |
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| A law of economics; says bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money. |
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| The mint-mark of a coin. Tells who made the coin. Like a trademark. |
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| Non-inflated money, usually a commodity money such as gold or silver. |
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| An increase in the amount of money. Causes the money to lose value, so prices rise |
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| A fact of life which deals with Production and distribution of wealth. You cannot change it, and it applies around the world. |
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| Says that when the supply of something goes up, the price per unit of that thing goes down, and vice versa. |
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| A law which provides for the punishment of anyone who refuses to accept the legal tender money. |
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| A legal medium of payment |
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| Production facilities of the wrong type or in the wrong location. Also, stocks, bonds, or other financial assets that have unwarranted demand and exorbitantly high prices. |
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| A factory which makes coins of other money. |
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| The most easily traded thing in a society. Economists call it the most easily traded commodity. |
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| The amount of money in a country or economy. In recent years economists have begun to try to measure the total world money supply as well as the money supplies of individual countries. |
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| A valuable metal like gold, silver, or platinum. |
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| What a person in trade for what he has. |
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| Government construction projects. |
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| The beginning of a depression that never went all the way. |
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| The notches on the edge of a coin. |
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| The overthrowing of a government, usually by force. |
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| A hyperinflation. Prices rising rapidly, every few hours. |
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| An economic and political system under which virtually everything and everyone is owned and controlled by government agencies. Marxism. |
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| Inflated money. Usually legal tender. |
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| A combination of too much unemployment and too much inflation, both occurring at the same time. |
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| A government program for giving tax money away, usually to rich people or big companies. Welfare. |
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| "There Ain't No Such Thing As A Free Lunch" A popular expression during the great depression. Means that almost nothing is free, someone must pay for it. Tanstaafl is a law of economics. |
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| 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 |
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| A disk of base metal which can be used as a substitute for a coin. |
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| The speed at which money changes hands. |
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| The money a person gets for his work |
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| The goods and services people produce or convert to their use. |
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| A government program for giving away money or goods, usually to poor people. A subsidy. |
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| The painful process of getting unhooked. |
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| A strange exception to what would be expected. |
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| A football term meaning to be hit from one direction while looking in the other direction. |
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| An IOU. Bond usually means a long term IOU-several years or decades, not months. |
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| Violent overthrow of the government by a small group of individuals. |
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| Someone who rules with absolute, arbitrary power and control. |
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| The shortfall that results when the government's spending exceeds its income. Each year's deficit is added to the total federal debt, or the "national" debt. |
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| The central bank of the U.S. Controls the supply of money and attempts to control interest rates. |
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| Something easily done or undone at the whim of authorities. Whimsical. |
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| Law not logically derived from ethical principals. Law made up by lawmakers according to the rule: whatever appears to be necessary. |
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| In the first stage, prices do not rise as fast as the money supply because people do not understand what is happening. Some delay their spending in hopes that the prices will fall back. In effect, they take some of the money out of circulation as the government is pumping it in. |
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| To hold in place. In economics, "freeze" is usually used in reference to prices or supplies of goods. A government can forbid traders to change their prices of forbid them to sell or transport their goods. |
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| A law forbidding farmers to sell grain to certain buyers. |
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| The government's estimate of the production of finished goods and services. |
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| Money changing hands quickly. |
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| An inflation in which prices are rising at at triple-digit rates per year. |
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| Not easily sold or traded. |
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| The changes that occur when the government injects new money into the economy. |
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| The price of renting money. When the supply of money is less then the demand, the interest rates rise. |
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| The French paper money that replaced the assignat. |
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| Today usually means fiat money. Money created by legal tender laws. |
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| The privilege of using force on persons who have not harmed anyone. The legal privilege of backing one's decisions with violence or threats of violence. Not the same thing as influence which implies that a person has the option to walk away. |
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| A sudden strong surge of buying or selling. Also, a panic, usually either by depositors to remove their money from a bank, or by holders of a currency or investment to quickly trade their currency or investment away. A "run on the dollar" would mean holders of dollars were in a panic to trade their dollars for something they value or trust more. |
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Definition
| In the second stage, many people have begun to understand what is happening and are spending their money quickly. Prices rise faster than the money supply because each unit of money is changing hands fast, making mose transactions possible. Wanting to get rid of it fast, many are willing to accept less for it. |
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| The Soviet Bloc was the Soviet Empire- the Soviet Union plus all the nations it controlled. This was a huge area, about one-sixth of all the lands on earth. |
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| The Soviet Union was a long-time enemy of the U.S. government. |
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| In the third stage the whole population is in a panic to get rid of the money as soon as they get their hands on it, and the money declines to it's real value, which is the value of scrap paper. |
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