Eco 1301 exam IV review

Eco 1301 exam IV review - EXAM 4 ECONOMICS & BUS....

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Unformatted text preview: EXAM 4 ECONOMICS & BUS. HISTORY Lecture Notes Minimum Wage- Dclass- Fallen or lowered in class, rank, or social position Industrial proletariat- Sherman Anti-trust act- as the first United States federal government action to limit monopolies. Clayton act- Exempted Unions from the Sherman Act **Export driven economies Heterogeneous money supply- different kinds. ( in the colonial times, there was a heterogeneous money supply) This created inefficiencies in trade. Commodity money- wampum, tobacco, skins Full-bodied money, metallic money. Coins and bars. Spanish metallic money was a very prominent reflecting English mercantilisms tendancy to drain treasure out of its colonies. Land banks- paper money was issued on land mortgages. There was overissue. Merchant credit- Merchants acted as financial institutions. Recall merchant credit Bank of the US-(1791-1811)- the nations first central bank. The governments FISCAL AGENT. Fiscal agent- Private citizens could bank thereunlike the Fed today. Second bank of the US-(1816-1836) was bigger and more powerful than the first bank. Had 8 branches in major cities. McCullough vs. Maryland- the supreme court in this trial based its decision confirming the constitutionality of a central bank on the principle that this was an extension of Congress right to coin money and regulate its value. Nicholas Biddle- was the powerful president of Second Bank of the US. The Biddle-Jackson feudJackson vetoed the recharter of the Second Bank. Bimetallic money standard- meant that Gold & Silver were BOTH legal tender Legal tender- is payment that, by law, cannot be refused in settlement of a debt denominated in the same currency. Arbitrage- taking advantage of price differentials &.. Playing the market; ex. Silver Coins Defacto nonmetallic system- Greenbacks- paper money used to finance the civil war. Greshams Law- Bad money drives out good money. If 15 ounces of silver gets you 1 ounce of gold in the US, and 16 ounces of silver gets you one ounce of gold in another country, then gold will leave the US and silver will come in **State bank notes- Crime of 1873- The crime was that the US stopped coining silver dollars. But there were not strong objections because the market price was greater than the mint price. Was attributed to a law developed by Gresham **Market vs. Mint price of silver- **Silver states- Bland-Allison Act & Sherman Silver Purchase Act- both of these acts provided for the purchase and coinage of silver at a price favorable to the silver interests.interests....
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This note was uploaded on 08/11/2008 for the course ECO 1301 taught by Professor Gilbreath during the Fall '06 term at Baylor.

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Eco 1301 exam IV review - EXAM 4 ECONOMICS & BUS....

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