Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
31 Cards in this Set
- Front
- Back
|
Base metal:
|
A non-precious metal like copper or nickel
|
|
|
Bourgeoisie:
|
ownership class of people in Marxism
|
|
|
Capitalism:
|
based on the belief in human dignity and human freedom: the belief that individuals have the character and knowledge necessary to bring about the best results for the most people.
|
|
|
Clad:
|
A sandwich coin. A coin made of different layers of metals.
|
|
|
Clipping:
|
means shaving the edges off.
|
|
|
Counterfeiting:
|
the making of phony money.
|
|
|
Debasing:
|
melting them and reminting with a little more base-metal mixed in each time.
|
|
|
Double-digit inflation:
|
means that every year prices are rising at the ten percent or more.
|
|
|
GDP:
|
gross domestic product is a measure of the value of all of the finished goods and services produced within a country.
|
|
|
Gresham’s Law:
|
bad money drives good money out of circulation (out of use). People want to save the good money and use the bad money to buy things to get rid of it.
|
|
|
Macroeconomics:
|
the study of national and international economies and how they interact. looks at the big picture of the economy as a whole. It emphasizes such elements as a country’s GDP, rate of inflation, unemployment rate, and level of productivity.
|
|
|
Microeconomics:
|
the study of specific components within a major economy and how consumer choices affect that economy. Ex. The stock market, retail sales Considers the smaller picture. It examines how individual households and companies make decisions and how buyers and sellers interact in the market.
|
|
|
Proletariat:
|
working class of people in Marxism
|
|
|
Reeding:
|
is notches cut into the edges of coins.
|
|
|
Socialism:
|
An economic and political system under which virtually everything and everyone is owned and controlled by government agencies. Marxism.based on the belief that people need to be managed and regulated by other people who are subject to the same selfish drives. Socialism believes that economic decisions are best made by a select few within the government for the benefit of all the people.
|
|
|
TANSTAAFL:
|
“There Ain’t No Such Thing As A Free Lunch.” It means that nothing of value is free.
|
|
|
Token:
|
A disk of base metal that can be used as a substitute for a coin.
|
|
|
What is a market?
|
This is created when people who have specialized in certain efforts offer their goods and services to other for a price (whether for money or in trade for what other people are willing to give),
|
|
|
What is a union?
|
When a group of workers organize themselves and negotiate with business owners for higher wages and benefits
|
|
|
Economics is a __________ science.
|
social
|
|
|
Economics studies _______ behavior.
|
human
|
|
|
What is the law of supply and demand?
|
Says that when the supply of something goes up, the price per unit goes down. When the supply goes down, the price goes up.
|
|
|
An example of supply and demand:
|
gasoline
|
|
|
Characteristics of good money:
|
Small, easy to move, widely desired, corrosion proof, scarce and hard to copy.
|
|
|
Things used as money throughout the centuries:
|
beads, shells, stones, furs, grain, gold, salt, and silver.
|
|
|
What happened to coins after 1965?
|
They had been debased so much that they no longer had real silver in them.
|
|
|
How does modern government counterfeit?
|
printing phony money that it doesn’t have the precious metals, ect to cover it with
|
|
|
Where does the government get itsmoney?
|
Taxes
|
|
|
Who wrote The Wealth of Nations?
|
Adam Smith
|
|
|
Figuring double-digit inflation:
|
If something cost 15.00 this year and the next year it costs at least 16.50 ( an increase of at least 10%)
|
|
|
Finish! |
The End! |
