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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.
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What is the difference between fiat money and representative money?
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. :)
Is the type of money used in the US commodity money representative money or fiat money?
puppys
What does explains the difference between fiat money and commodity money?
Fiat money is currency that has value primarily because a government maintains it and people have faith in its value, rather than being backed by a physical commodity. In contrast, commodity money is based on the value of a physical good, such as gold or silver, which has intrinsic value. While fiat money relies on trust and legal status, commodity money derives its value from the material it is made of. This fundamental difference influences how each type of money is perceived and utilized in the economy.
Which of the following statements accurately describes the relationship between commodity money and flat money?
Commodity money has value in itself while flat money has value only because it is given value
What explains the difference between fiat money and commodity?
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.
Why is representative money more useful than commodity money?
What is the difference between commodity money and representative money
What are the three forms of 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).
What is the difference between fiat money and representative money?
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. :)
Is the type of money used in the US commodity money representative money or fiat money?
puppys
4 similarities between money & commodity?
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.
Difference between money and commodity?
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.
What does explains the difference between fiat money and commodity money?
Fiat money is currency that has value primarily because a government maintains it and people have faith in its value, rather than being backed by a physical commodity. In contrast, commodity money is based on the value of a physical good, such as gold or silver, which has intrinsic value. While fiat money relies on trust and legal status, commodity money derives its value from the material it is made of. This fundamental difference influences how each type of money is perceived and utilized in the economy.
Which of the following statements accurately describes the relationship between commodity money and flat money?
Commodity money has value in itself while flat money has value only because it is given value
What explains the difference between fiat money and commodity?
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.
Which statements accurately describes the relationship between commodity money and fiat money?
Commodity money has value in itself while fiat money has value only because it is given value
Was wheat used as commodity money by the American colonies?
where was salt used as commodity money
What is an example of commody money?
The term you are looking for is commodity money. Some examples of commodity money are gold and silver.
