The gold standard refers to a monetary system where a country's currency is directly linked to and can be exchanged for a fixed amount of gold. It means that the value of money is determined by its gold equivalent.
Related terms
Inflation: Inflation refers to the general increase in prices over time, causing the purchasing power of money to decrease.
Exchange Rate: Exchange rate is the value of one country's currency compared to another country's currency.
Depression: Depression, also known as an economic recession or downturn, is a severe and prolonged decline in economic activity characterized by high unemployment rates and low production levels.