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What is the definition of Fiat money?
"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."
What explains why Fiat money has no value in itself?
fiat money has only a single use as a medium of exchange
What accurately explains why fiat money has no value in itself?
Fiat money has only a single use as a medium of exchange.
Is the type of money used in the US commodity money representative money or fiat money?
puppys
Ask us of the following most accurately explains why fiat money differs from commodity money?
Fiat money has value bc the gov. declares that it has value.
What most accurately explains why fiat money has no value in itself?
Fiat money has only a single use as a medium of exchange.
What most accurately explains why fiat money has value in itself?
Fiat money has only a single use as a medium of exchange.
What is Fiat money?
A fiat money is a money which is not backed by gold or some other commodity. Hence it's value can change over time (inflation). The US Dollar and EURO are current examples of fiat moneys.
Which form of money do most countries use today?
Fiat money
How is Fiat Money used in the US?
In the United States Fiat Money is generally used for capturing criminals. Its been called a 'White-Collar' crimes. Fiat Money is greatly frowned upon and is predicted to bring an economic collapse.
What are two big categories of money in which category does modern US dollar begin?
The two big categories of money are commodity money and fiat money. Commodity money is backed by a physical commodity, such as gold or silver, while fiat money has no intrinsic value and is not backed by a physical asset but is declared legal tender by government decree. The modern US dollar falls under the category of fiat money, as its value comes from the trust and confidence of the people who use it rather than a physical commodity.
Why does flat money have no value?
Fiat money has only a single use as a medium of exchange
