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Salt is considered an example of commodity money because it has intrinsic value and can be used for its original purpose, such as seasoning and preserving food. Historically, it was widely used in trade and could be directly exchanged for goods and services. In contrast, representative money is a type of currency that represents a claim on a commodity, such as gold or silver, rather than having intrinsic value itself.
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In economics gold and salt are examples of which form of money?
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
What is the difference between a commodity form of money and token money?
A commodity form of money is when the value of the money is determined by the intrinsic worth of what makes it. For example, if the money is salt (as was used by the Roman empire) then the value of the money is the same as the value of the same weight of salt in another form. A token form of money is when a form of money (for example a coin) is created that has little or no intrinsic value, but has value because a company or person has agreed to exchange the token for a good or service of value. One example is bus tokens - small coins that can be presented on buses in exchange for transportation.
What is an example of a product which has a perfectly elastic demand?
One example is money. When one charges any value more than the face value of a piece of currency, the revenue drops to zero, because the value of the money given up by the consumer is larger than the value obtained. This means that no one would by your product, thus bringing revenue to zero. --> money is the example for highly elastic demand, isn't it?
Why was demand for salt as high as gold at one time?
Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.
What can you get from mining?
you can get salt diamonds money, coal, soil for mining
Was wheat used as commodity money by the American colonies?
where was salt used as commodity money
In economics gold and salt are examples of which form of money?
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
What is the difference between a commodity form of money and token money?
A commodity form of money is when the value of the money is determined by the intrinsic worth of what makes it. For example, if the money is salt (as was used by the Roman empire) then the value of the money is the same as the value of the same weight of salt in another form. A token form of money is when a form of money (for example a coin) is created that has little or no intrinsic value, but has value because a company or person has agreed to exchange the token for a good or service of value. One example is bus tokens - small coins that can be presented on buses in exchange for transportation.
Gold and salt are examples of which form of money?
Gold and salt are examples of commodity money. Commodity money has intrinsic value, meaning that the items themselves hold worth based on their material properties or usefulness. Historically, these items were widely accepted as a medium of exchange before the establishment of fiat currencies.
Why was salt an expensive commodity in rome?
It was hard to get.
Is there a commodity today that countries have fought wars over?
salt
What commodity is collected from the Cyprus lakes when they dry up in summer?
Salt
What is salt of the earth or salt earth?
"salt of the earth" means a valuable person. You'd never know it from modern society, but salt used to be a very valuable commodity.
What commodity from the north di traders bring across the Sahara to the sahel?
Salt
Which was a valued export from Songhai?
Salt was a highly valued export from the Songhai Empire. The empire controlled salt mines in the Sahara, allowing them to trade this commodity with other regions in exchange for goods such as gold, textiles, and slaves. Salt was a crucial commodity for preserving food and was greatly sought after in both local and long-distance trade.
What was a precious commodity used as a preservative during the middle ages?
The answer is probably "spices." "Salt" is another possibility.
What is the representative particle of potassium?
A representative particle is thought of as the smallest unit into which a substance may be divided without changing its composition. Some examples might be helpful. For a given chemical element, it's an atom. An atom of carbon is the smallest unit of carbon one can find.For covalently bonded compounds & diatomic molecules, the representative particle is a molecule. For example, an atom of hydrogen and an atom chlorine covalently bond to make a molecule of hydrochloric acid (HCl), and that's the smallest unit of this compound that there is. Because a molecule is a group of 2 or more atoms covalently bonded together, the smallest particles of ionic compounds are the respective ions. For example the smallest particle of the ionic compound sodium chloride (NaCl, or table salt) is a sodium ion (Na+) and a chlorine ion (Cl-).There is a "scaled up" application in physics and engineering, and it might apply to something like a grain of wheat being the representative particle of that grain crop. A kernel of corn might be the representative particle for that grain crop. A grain of salt might be the representative particle for granular salt as a market commodity. These are important because of considerations regarding density and "close packing" and "voids" in bulk quantities of each commodity. There are more examples of the application of the term if one looks.A given size granule of an aggregate might be the representative particle for analysis in something like moisture penetration in sand, small pebbles, or chunks of rock.On the other end of the scale, there are representative particles for certain applications in the physics lab where something like the characteristics of a particle beam may be under consideration. A certain particle of given mass and energy might be the representative particle for, say, the study of particle beam divergence.Most applications for the student will be in chemistry, and that's where the atom, molecule or, possibly, the ion, will be shown to be the representative particles of an element, a compound, or an electrolytic solution respectively.
