ECONOMICS TERMINOLOGY
The speed at which money changes hands.
Velocity
A government IOU sometimes used for savings or investment. This usually means a long–term IOU several years or decades, not months
Bond
A government made up of these countries: Russia, Estonia, Latvia, Lithuania, Belarus, Ukraine, Moldova, Georgia, Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, and Kirgizstan
Soviet Union
Commonly used to mean an increase in prices. An increase in the amount of money that causes an increase in prices by reducing the value of each unit of money
Inflation
The method by which governments get money to pay for the things it wants and needs.
Taxing
Reducing the value of a coin by reducing the amount of precious metal in it.
Debasing
The amount of money in a country or economy.
Money Supply
A type of currency that includes a legal tender statement declaring its value but not backed by anything of monetary value
Federal Reserve Note
Law that states that bad money drives good money out of circulation.
Gresham’s Law
Created by a legal tender law, not backed by gold or silver
Fiat Money
The government’s estimate of the production of finished goods and services
Gross National Product (GNP)
The production, sale, or trade of goods or services against the wishes of the government
Black Market
The U.S. Government’s estimate of the overall price level of goods purchased by consumers
Consumer Price Index
A law forbidding farmers to sell grain to certain buyers
Grain Embargo
Can be used as real money; gold or silver
Precious Metal