What
Small cuts in the sides of a coin
What is reeding?
When the supply of something goes up, the price per unit goes down.
What is supply and demand?
Increase in the amount of money
The most easily traded item
What is money?
TANSTAAFL
What is There Ain't No Such Thing As A Free Lunch?
The correct name of the coins we use today
What is a token?
Another name for a business cycle
What is the Boom/Bust Cycle?
Price increases rising at 10-99 percent per year due to inflation
What is double-digit inflation?
Democracies inflate because of.....
What are elections?
Dictators inflate because they fear...
Name for making phony money
What is counterfeiting?
A factory which makes coins or other money
What is a mint?
Another name for Legal Tender Money
What is Fiat money?
The speed at which money changes hands
What is velocity?
Prices rising rapidly, every few hours
What is Runaway Inflation or hyperinflation?
Shaving off the edges of a coin
What is clipping?
Melting and re-minting money with a little more base-metal each time
What is debasing?
Tells you how good a coin is
What is the Hallmark?
Provides for punishment of anyone who refuses to accept legal tender money
What is Legal Tender Law?
Government program for giving tax money away, not to the poor
What is a subsidy?
Name of a coin that is "sandwiched together"
What is a clad coin?
The Law that states that bad money drives good money out of circulation
What is Greshem's Law?
Give an example from history of Boom/Bust cycle
What is Roaring 20's/Great Depression?
Uncle Eric says that inflation causes business people to make mistakes. What does he mean?
What is they hire people, thinking they have plenty of money. The inflation stops, and they must lay off workers?
Slip of paper, issued by US govt, that is used as money