The Types Of Money Used Today Economics Essay
The types of money used today include; Cash, Paper currency, Bank or investment company drafts, Money requests, Stocks, Bonds, Treasury expenses, Bank cards, ATM cards, Options, Gift idea certificates, Cheques, Travelers Cheques and so many more. Money is changed into two categories, item and fiat money.
2. 2. 1Commodity money
What constitutes a commodity? A commodity is normally accepted, without further clarification, as anything that can be bought or sold. This..
The history and use of the fiat monetary system
The term fiat money is employed to define as hardly any money declared by way of a government to be legal tender without commodity backing. Legal tender simply means that there is a law requiring everyone to simply accept the currency in commerce. Besides, fiat money was state-issued money which is neither fixed in value in terms of any objective standard, nor legally convertible to anything else that was demanded by another person. In other word, fiat money is money without intrinsic..