Intro to Economics
This is known as a sandwich coin
What is a clad coin
This was a law forbidding farmers to sell grain to certain buyers.
A football term meaning to be hit from one direction while looking in another direction
What is blind sided
Legal tender money
A non-precious metal like copper or nickle
What is base metal
Until the 1960's these slips of paper were still this; an IOU
This is the term known for predicting
What is forecast
An increase in the amount of money
What is inflation
A magazine that cost you $1 last year would cost you $1.10 or more this year is known as this
Double Digit Inflation
Kublai Khan passed this law that punished people who wouldn't take the paper money
What is legal tender law
The changes that occur on Wall Street and Main Street when the government injects new money into the economy
What is the injection effect
The speed at which money changes hands
What is velocity
The study of the production and distribution of wealth
What is economics
This name was given to the Soviet Union plus the nations it controlled; 1/6 of all land on Earth.
What is the Soviet Bloc
In this stage of inflation, the whole population is in a panic to get rid of them money as soon as they get their hands on it.
This is the beginning of a depression that never went all they way
What is a recession
Bad money that drives good money out of circulation; like people hoarding money.
What is Gresham's Law
These people in the 80's said soaring gold and silver prices were unjustified by prevailing economic conditions
What is the Gloom and Doomers
This is a sudden strong surge of buying or selling. Also a panic.
What is a run
This is the way government gets money.
What are taxes