Penny Candy
This was a U.S. paper currency, issued from 1878 to 1964, that represented a claim to a specific amount of silver held by the Treasury, allowing bearers to exchange the note for silver coins or bullion.
What is a silver certificate?
This is the most easily traded item.
What is money?
Kublai Khan passed this to ensure money wasn't worthless.
What is a legal tender law?
These people inflate because they fear revolutions.
What are dictators?
They often try to push wages up faster than the government inflates.
What are unions?
This is a sustained increase in the general price level of goods and services in an economy over a period of time.
What is inflation?
Paper, stones, cattle, beads, salt, fish, and seashells have been used for this
What is money?
This is a type of currency not backed by a physical commodity like gold or silver.
What is fiat money?
This type of government has elections and the politicians make promises!
What are democracies?
When government forbids people to raise wages or prices, it is called this.
What are wage/price controls?
Inflation is measured by the average price increase of a basket of goods and services, and the most common measure in the United States is this
What is the Consumer Price Index?
This solved the problem of having to carry gold/silver.
What are coins?
You got this in 1790 France when you refused to accept money for goods/services.
What is the guillotine?
These people fear impeachment or not getting reelected.
Who are politicians?
If wage/price controls last long enough, this develops.
What is a black market?
TANSTAAFL
What is There Ain't No Such Thing As A Free Lunch?
This mint in Bohemia is important to the US dollar.
What is Joachimathaler?
This is an extremely rapid and uncontrollable rise in prices, typically defined as inflation exceeding 50% per month, which drastically reduces the value of a currency and can devastate an economy, often caused by governments printing excessive money to cover spending or demand far outstripping supply.
What is hyperinflation?
This can stop the spread of inflation.
What is the spread of ethics?
This spiral is a RESULT, not a cause, of inflation.
What is a wage/price spiral?
This law of economics that says bad money drives good money out of circulation
What is Gresham's Law?
Another name for money warehouse is this.
What is a bank?
This is the real meaning of "I want! I want!"
What is "Tax me! Tax me!"?
He famously said, "Read my lips. No new taxes."
Who was former president George H.W. Bush?
Large increases in the supply of money are always followed by increases to these two items.
What are wages and prices?