Gold Rush Flashcards
Gold Rush
a period from 1848 to 1856 when thousands of people came to California in order to search for gold.
Boom Town
a community that experiences sudden and rapid population and economic growth
Gold Standard
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
Inflation/Deflation
the increase/decrease in prices resulting in the fall/rise of the purchasing value of currency
What did the Gold Rush do?
it caused a nationwide economic boom. nationwide wholesale prices rose by about 30% between 1850 and 1855
Placer Mining
a method of extracting mineral ore by hand using simple tools like picks, shovels, and pans
Lode Mining
mining a deposit of mineral buried in rock
Price Gouging
Pricing products unreasonably high when the need is great or when consumers do not have other choices.
Squatters Rights
rights given to people occupying currently unoccupied space
Land Tenure
the way people own, occupy, and use land
