What is the fundamental difference between commodity money and fiat currency? commodity money has no intrinsic value, fiat is gold based commodity and fiat money are synonymous terms so long as they consistute the medium of exchange commodity money has intrinsic value, fiat does not commodity money requires governance institutions, fiat does not
What is the fundamental difference between commodity money and fiat currency? commodity money has no intrinsic value, fiat is gold based commodity and fiat money are synonymous terms so long as they consistute the medium of exchange commodity money has intrinsic value, fiat does not commodity money requires governance institutions, fiat does not
Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter18: Money And The Federal Reserve System
Section: Chapter Questions
Problem 2SQP
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Question
What is the fundamental difference between commodity money and fiat currency?
commodity money has no intrinsic value, fiat is gold based |
||
commodity and fiat money are synonymous terms so long as they consistute the medium of exchange |
||
commodity money has intrinsic value, fiat does not |
||
commodity money requires governance institutions, fiat does not |
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