A) Commodity money consists of objects used as money that contains their own value, but representative money is a specific group of the commodity objects.
B) Commodity money consists of objects that have value in and of themselves, but representative money makes use of objects because the holder can exchange them for something else of value.
C) Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts.
D) Representative money consists of objects that have value in and of themselves, but commodity money makes use of objects because the holder can exchange them for something else of value
The answer is B.
the difference between representative money and fiat money is that?A)representative money can be converted into silveror gold;fiat money cannot.B)representative money is worth more per dollar than fiat money; which is actually worthless.C)fiat money is counted in coins; representative money is counted in paper.D)fiat money is mre traditional than representative money,which is a newer concept. :)
puppys
Commodity money has value in itself while flat money has value only because it is given value
Commodity money can be used for some other purpose while Fiat money can only be used as a medium of exchange.Commodity (sometimes referred to as "Hard") money is currency which is fully backed by a specie (usually a precious metal i.e. Gold, Silver, or Platinum). Fiat money is backed only by a promise of the issuing government to honor the value of the bill or coin.
A commodity is a good that is worth money, there is no such thing as "commodity money". So if you have a good that was purchased from a vendor that is by definition a commodity, its value is whatever you paid for it, my suggestion is a mark up and that is its profit.
What is the difference between commodity money and representative money
The three forms of money are commodity money (like gold and silver), fiat money (issued by a government and not backed by a physical commodity), and representative money (backed by a physical commodity, but can be exchanged for that commodity).
the difference between representative money and fiat money is that?A)representative money can be converted into silveror gold;fiat money cannot.B)representative money is worth more per dollar than fiat money; which is actually worthless.C)fiat money is counted in coins; representative money is counted in paper.D)fiat money is mre traditional than representative money,which is a newer concept. :)
puppys
What is the difference between money and commodity? Commodity money is a sort of money that is considered as a present good. Whereas, fiat money is a future obligation as it is simply a promise to pay in the future. Payment is never made when it comes to fiat money, instead it is only discharged. But commodity money, on the other hand, completes the transaction.
Money:-A value that serves as a generally accepted medium of exchange. Money have indirect utility. Money cannot be pinpointed or specified.Commodity:-A reasonable homogeneous good or material that can bought and sold freely. The commodity have direct utility. The commodity can be pinpointed or specified.
Money:-A value that serves as a generally accepted medium of exchange. Money have indirect utility. Money cannot be pinpointed or specified.Commodity:-A reasonable homogeneous good or material that can bought and sold freely. The commodity have direct utility. The commodity can be pinpointed or specified.
Commodity money has value in itself while flat money has value only because it is given value
Commodity money can be used for some other purpose while Fiat money can only be used as a medium of exchange.Commodity (sometimes referred to as "Hard") money is currency which is fully backed by a specie (usually a precious metal i.e. Gold, Silver, or Platinum). Fiat money is backed only by a promise of the issuing government to honor the value of the bill or coin.
Well, darling, money is the cold hard cash we use to buy stuff, while a commodity is a raw material or primary agricultural product that can be bought and sold. In simpler terms, money is what you use to pay for your avocado toast, while a commodity is the avocado itself. So, remember, one buys your brunch, the other is the brunch itself.
Commodity money has value in itself while fiat money has value only because it is given value
where was salt used as commodity money