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Econ vocabulary
Vocabulary from "Whatever happened to penny candy?"
87
Economics
9th Grade
11/17/2011

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Term
BANKNOTE
Definition
Today, paper money. Originally, an IOU from a bank, usually for gold or silver.
Term
BASE METAL
Definition
A non-precious metal like copper or nickle.
Term
BLACK MARKET
Definition
Producing,buying, or selling something against the wishes of the government.
Term
BUSINESS
Definition
Production and trade. Also, an organization which produces and/or trades.
Term
BUSINESS CYCLE
Definition
The boom/bust cycle. Prosperity followed by recession followed by prosperity, and so forth.
Term
CIRCULATION
Definition
The use or trading of money.
Term
CLAD COINS
Definition
A sandwich coin. A coin made of layers of different metals
Term
CLIPPING COINS
Definition
Shaving the edges of a coin in order to get some of the precious metal from the coin.
Term
COIN
Definition
A wafer or disk of precious metal. True coins usually have three markings; weight, fineness, and name of mint.
Term
CONSUMER PRICE INDEX(CPI)
Definition
The CPI is the governments attempt to measure changes in the prices of items purchased by households.Items purchased by government of businesses are not included.
Term
COUNTERFEIT
Definition
Fake, phony.
Term
CURRENCY
Definition
Money.
Term
DEBASING
Definition
Reducing the value of a coin by reducing the amount of precious metal in it.
Term
DEFICIT
Definition
The shortfall between the governments income versus its spending, covered by borrowing or printing money.
Term
DEFLATION
Definition
A decrease in the amount of money. Usually causes depression and falling prices.
Term
DEMAND FOR MONEY
Definition
The desire to hold money rather than trade it away.
Term
DENARIUS
Definition
A roman coin originally made of 94 percent silver
Term
DEPRESSION
Definition
The correction period following an inflation. Usually includes as lot of business failures and unemployment.
Term
DOUBLE-DIGIT INFLATION
Definition
Price increases rising at 10 to 99 percent per year due to inflation.
Term
ECONOMICS
Definition
The study of the production and distribution of wealth.
Term
ECONOMIST
Definition
A person who studies the production and distribution of wealth.
Term
EXCHANGE
Definition
Trade.
Term
FEDERAL DEBT
Definition
Total of all federal deficits.
Term
FEDERAL RESERVE NOTE
Definition
A slip of paper issued by the U.S. government, used as money, backed by a legal tender law
Term
FIAT MONEY
Definition
Legal tender money.
Term
FINE, FINENESS
Definition
Purity of a precious metal.
Term
GRESHAM'S LAW
Definition
A law of economics; says bad money drives good money out of circulation. People hoard good money and trade with legally overvalued money.
Term
HALLMARK
Definition
The mint-mark of a coin. Tells who made the coin. Like a trademark.
Term
HARD MONEY
Definition
Non-inflated money, usually a commodity money such as gold or silver.
Term
INFLATION
Definition
An increase in the amount of money. Causes the money to lose value, so prices rise
Term
LAW OF ECONOMICS
Definition
A fact of life which deals with Production and distribution of wealth. You cannot change it, and it applies around the world.
Term
LAW OF SUPPLY AND DEMAND
Definition
Says that when the supply of something goes up, the price per unit of that thing goes down, and vice versa.
Term
LEGAL TENDER LAW
Definition
A law which provides for the punishment of anyone who refuses to accept the legal tender money.
Term
LEGAL TENDER MONEY
Definition
A legal medium of payment
Term
MALINVESTMENT
Definition
Production facilities of the wrong type or in the wrong location. Also, stocks, bonds, or other financial assets that have unwarranted demand and exorbitantly high prices.
Term
MINT
Definition
A factory which makes coins of other money.
Term
MONEY
Definition
The most easily traded thing in a society. Economists call it the most easily traded commodity.
Term
MONEY SUPPLY
Definition
The amount of money in a country or economy. In recent years economists have begun to try to measure the total world money supply as well as the money supplies of individual countries.
Term
NATIONAL DEBT
Definition
Federal debt
Term
PRECIOUS METAL
Definition
A valuable metal like gold, silver, or platinum.
Term
PRICE
Definition
What a person in trade for what he has.
Term
PUBLIC WORKS
Definition
Government construction projects.
Term
RECESSION
Definition
The beginning of a depression that never went all the way.
Term
REEDING
Definition
The notches on the edge of a coin.
Term
REVOLUTION
Definition
The overthrowing of a government, usually by force.
Term
RUNAWAY INFLATION
Definition
A hyperinflation. Prices rising rapidly, every few hours.
Term
SOCIALISM
Definition
An economic and political system under which virtually everything and everyone is owned and controlled by government agencies. Marxism.
Term
SOFT MONEY
Definition
Inflated money. Usually legal tender.
Term
STAGFLATION
Definition
A combination of too much unemployment and too much inflation, both occurring at the same time.
Term
SUBSIDY
Definition
A government program for giving tax money away, usually to rich people or big companies. Welfare.
Term
TANSTAAFL
Definition
"There Ain't No Such Thing As A Free Lunch" A popular expression during the great depression. Means that almost nothing is free, someone must pay for it. Tanstaafl is a law of economics.
Term
TAX
Definition
The way governments get money. To tax means to take money away from someone, by force if necessary, even if he thinks what he is getting in return has little or no value
Term
TOKEN
Definition
A disk of base metal which can be used as a substitute for a coin.
Term
VELOCITY
Definition
The speed at which money changes hands.
Term
WAGE
Definition
The money a person gets for his work
Term
WEALTH
Definition
The goods and services people produce or convert to their use.
Term
WELFARE
Definition
A government program for giving away money or goods, usually to poor people. A subsidy.
Term
WITHDRAWALS
Definition
The painful process of getting unhooked.
Term
ANOMALY
Definition
A strange exception to what would be expected.
Term
ASSIGNAT
Definition
French paper money.
Term
BLIND-SIDED
Definition
A football term meaning to be hit from one direction while looking in the other direction.
Term
BOND
Definition
An IOU. Bond usually means a long term IOU-several years or decades, not months.
Term
COUP D' ETAT
Definition
Violent overthrow of the government by a small group of individuals.
Term
DICTATOR
Definition
Someone who rules with absolute, arbitrary power and control.
Term
FEDERAL DEFICIT
Definition
The shortfall that results when the government's spending exceeds its income. Each year's deficit is added to the total federal debt, or the "national" debt.
Term
FEDERAL RESERVE
Definition
The central bank of the U.S. Controls the supply of money and attempts to control interest rates.
Term
FIAT
Definition
Something easily done or undone at the whim of authorities. Whimsical.
Term
FIAT LAW
Definition
Law not logically derived from ethical principals. Law made up by lawmakers according to the rule: whatever appears to be necessary.
Term
FIRST STAGE INFLATION
Definition
In the first stage, prices do not rise as fast as the money supply because people do not understand what is happening. Some delay their spending in hopes that the prices will fall back. In effect, they take some of the money out of circulation as the government is pumping it in.
Term
FORECAST
Definition
Predict.
Term
FREEZE
Definition
To hold in place. In economics, "freeze" is usually used in reference to prices or supplies of goods. A government can forbid traders to change their prices of forbid them to sell or transport their goods.
Term
GRAIN EMBARGO
Definition
A law forbidding farmers to sell grain to certain buyers.
Term
GROSS NATIONAL PRODUCT
Definition
The government's estimate of the production of finished goods and services.
Term
HOT MONEY
Definition
Money changing hands quickly.
Term
HYPERINFLATION
Definition
An inflation in which prices are rising at at triple-digit rates per year.
Term
ILLIQUID
Definition
Not easily sold or traded.
Term
INJECTION EFFECT
Definition
The changes that occur when the government injects new money into the economy.
Term
INTEREST
Definition
The price of renting money. When the supply of money is less then the demand, the interest rates rise.
Term
LIQUID
Definition
Easily sold or traded.
Term
MANDAT
Definition
The French paper money that replaced the assignat.
Term
PAPER MONEY
Definition
Today usually means fiat money. Money created by legal tender laws.
Term
POLITICAL POWER
Definition
The privilege of using force on persons who have not harmed anyone. The legal privilege of backing one's decisions with violence or threats of violence. Not the same thing as influence which implies that a person has the option to walk away.
Term
RUN
Definition
A sudden strong surge of buying or selling. Also, a panic, usually either by depositors to remove their money from a bank, or by holders of a currency or investment to quickly trade their currency or investment away. A "run on the dollar" would mean holders of dollars were in a panic to trade their dollars for something they value or trust more.
Term
SECOND STAGE INFLATION
Definition
In the second stage, many people have begun to understand what is happening and are spending their money quickly. Prices rise faster than the money supply because each unit of money is changing hands fast, making mose transactions possible. Wanting to get rid of it fast, many are willing to accept less for it.
Term
SOVIET BLOC
Definition
The Soviet Bloc was the Soviet Empire- the Soviet Union plus all the nations it controlled. This was a huge area, about one-sixth of all the lands on earth.
Term
SOVIET UNION
Definition
The Soviet Union was a long-time enemy of the U.S. government.
Term
THIRD STAGE INFLATION
Definition
In the third stage the whole population is in a panic to get rid of the money as soon as they get their hands on it, and the money declines to it's real value, which is the value of scrap paper.
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