Commodity money refers to objects that have value and can be used as money. Examples would be gold, silver, jewelry, or any metal that has value. Anything that has value to one person can be used as commodity money. If someone is in need of coffee beans and you have them but they don't, they may be willing to barter goods in exchange for coffee beans. In this case, coffee beans would be used as commodity money.
4 types of money... Commodity money, Receipt money, Fractional money, Fiat money
Commodity money is a good that can be used as a medium of exchange or for some other purpose.
flexible and have additional purposes
Because usually it is not backed up by any commodity such as gold or silver. While it is possible to have digital currency that is fully backed up by a commodity, most aren't.
gold
The term you are looking for is commodity money. Some examples of commodity money are gold and silver.
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
gold, silver, copper, foods, alcohol, cigarettes, and drugs can all be used as commodity money.
Commodity money refers to objects that have value and can be used as money. Examples would be gold, silver, jewelry, or any metal that has value. Anything that has value to one person can be used as commodity money. If someone is in need of coffee beans and you have them but they don't, they may be willing to barter goods in exchange for coffee beans. In this case, coffee beans would be used as commodity money.
where was salt used as commodity money
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.
commodity money is a good that can be used as a medium of exchange or for some other purpose
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.
What is the difference between commodity money and representative money
Commodity-backed money is just what it sounds like: it's a currency where every unit of money--dollars, say--is backed by a stated amount of a commodity held in reserve by the government.
Commodity-backed money is just what it sounds like: it's a currency where every unit of money--dollars, say--is backed by a stated amount of a commodity held in reserve by the government.