Money? Money.
This is a sandwich coin. A coin made of layers of different metals.
What is a Clad coin?
Governments began clipping coins for this reason.
What is to create more money instead of raising taxes?
Inflation is rising prices.
What is false? (inflation CAUSES rising prices)
A highly respected mint in the Middle Ages in a place called Joachimthal in Bohemia is where we derived this term.
What is "dollar?" (p. 33)
The wage/price spiral is the result of this.
What is inflation?
This is a non-precious metal like copper or nickel.
What is a base metal?
Price increases rising at 10-99% / year due to inflation is called this.
What is Double-digit inflation?
The notches on the edge of a ring is called "ridging."
What is false? (it is called "reeding")
A "Dollar" is technically defined as this.
What is a one-ounce ingot of silver?
The beginning of a depression that never went all the way is called this.
What is a recession?
In the United States of America, this was the year our "change" turned from coins to tokens.
What was 1965?
TANSTAAFL is an acronym for this.
What is "There Ain't No Such Thing As A Free Lunch?"
An example of the law of supply and demand is when the cost of toilet paper went up during "The Pandemic of 2020."
What is true?
Name 2 odd (to us) things mentioned in Chapter 4 of Penny Candy that have been used as money throughout the centuries OTHER THAN gold/silver/precious metals.
What is (any two) shells, beads, stones, furs, grain, cattle/goats/sheep and salt?
When governments try to set wage/price controls for too long, this dark force will become stronger.
What is a black market? (p. 47)
Purity of the precious metal Silver is qualified by this term.
What is "fine?"
A fact of life which deals with production and distribution of wealth that cannot be changed and applies all over the world is called this.
What is the Law of Economics?
Large increases in the supply of money are always followed by increases in wages and prices.
What is true?
This (law) gives Federal Reserve Notes their value.
What is the legal tender law?
The business cycle is the up and down activity of the government to inflate, stop inflating, inflate, stop inflating, etc. This cycle is caused by this.
What is the amount of money being shifted up and down by the government?
This was the year that all gold backing was removed from the U.S. dollar.
What is 1971?
This law of economics says bad money drives good money out of circulation.
What is Gresham's Law?
Fiat Money is money that is still backed by precious metal, usually gold.
What is false? (Fiat money is legal tender money)
Good money must have these 6 key qualities.
What is: small, easy to move, widely desired, corrosion-proof, scarce and hard to copy?
In Germany in 1914, a pound of butter cost 1.4 marks in 1914 and in 1922, rose to cost 6 trillion marks. The cost of 1 egg < 1 mark in 1914 to 80 billion marks 9 years later.
This is an example of this.
What is runaway inflation?