Gold Rush Flashcards

1
Q

Gold Rush

A

a period from 1848 to 1856 when thousands of people came to California in order to search for gold.

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2
Q

Boom Town

A

a community that experiences sudden and rapid population and economic growth

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3
Q

Gold Standard

A

Monetary system where the currency is directly tied to gold, for instance through circulation of gold coins (specie) or through governmental exchange where gold can be purchased for a fixed amount of currency

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4
Q

Inflation/Deflation

A

the increase/decrease in prices resulting in the fall/rise of the purchasing value of currency

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5
Q

What did the Gold Rush do?

A

it caused a nationwide economic boom. nationwide wholesale prices rose by about 30% between 1850 and 1855

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6
Q

Placer Mining

A

a method of extracting mineral ore by hand using simple tools like picks, shovels, and pans

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7
Q

Lode Mining

A

mining a deposit of mineral buried in rock

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8
Q

Price Gouging

A

Pricing products unreasonably high when the need is great or when consumers do not have other choices.

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9
Q

Squatters Rights

A

rights given to people occupying currently unoccupied space

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10
Q

Land Tenure

A

the way people own, occupy, and use land

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