Token money is a type of money whose intrinsic worth is less than its nominal value eg its value as money is less than its value as metal while Fiat money is a type of money which intrinsic value is more than its nominal value.
"Fiat money, is money that is not backed by something with vaule. US money is backed by commodites like silver and gold. Fiat money is money declared by a government to be legal, eventhough it has no value."
Fiat money is the term used to describe money that has it's value determined by the law or government. This means that most currencies are fiat money as most currencies are government issued.
4 types of money... Commodity money, Receipt money, Fractional money, Fiat money
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. Digital 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. :)
Fiat money is the money with no intrinsic value and its value is guaranteed by the monetary authority. Thus, Fiat money is with legal tender. People is bound to accept it.
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.
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.
Money is any object excepted in exchange for goods and services. The object used in place of goods and services, to purchase goods and services.Fiat money is government authorized currency based on governmental placed value.
A Spider or Spyder is a convertible. A Coupe is a hardtop 2-door. A sedan is a 4-door hardtop.
Fiat money
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.
the fiat money is money declared by a government. the fundamental flaw in the fiat money system can be summed up as human nature. the main reason that the masses ignore the inevitable failure of fiat money system
Commodity money has value in itself while fiat money has value only because it is given value
"Fiat money, is money that is not backed by something with vaule. US money is backed by commodites like silver and gold. Fiat money is money declared by a government to be legal, eventhough it has no value."
True or false does fiat money have no inherent worth?