Uncle Eric
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?
This is what it is called when prices are 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?
What is to never inflate the money supply?
Law which 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?
When business people make bad investments because of inflation it's called this.
What is malinvestment?
Slip of paper, issued by US govt, that is used as money