Representative money. objects that have value because the holder can exchange them for something else of value. Fiat money. money that has value because. Money that has no value except as the medium of exchange; there is no inherent or intrinsic value to the currency. Ex. US dollar is just paper. What is commodity.
Start studying Chapter Money and Banking. fiat money has no intrinsic value, but it is declared by a government to be the legal tender of a country. -it is just.
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves as.
a. You list prices for candy sold on your Web site, , in dollars . commodity money. takes the form of a commodity with intrinsic value (gold).
Currency. paper bills/coins used as money. Where does money get it's value? 1. commodity money 2. representative money 3. fiat money. Commodity Money.
2) Trades would require a double coincidence of wants. Commodity Money. Goods used as money that also have value independent of their use as money - like.