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What kind of money has no value except as a medium of exchange?
The term "fiat money" means money backed by the credit of the issuer, and has no intrinsic value.
Which of the following most accuratelyexplains why fait money has no value in itself?
fiat money has only a single use as a medium of exchange
What is the most important requirement for money to be a medium of exchange?
The most important requirement for money to be medium of exchange is the value of money.
What gives fiat money its value as a medium of exchange?
Laws set by the government give Fiat money its value as a medium of exchange. Unlike traditional money or currency, it has no good which act as a medium to back it up.
When economists say that money is a store of value does it mean that money can be used to measure the value of other commodities?
Money has three functions, being a: 1) store of value; 2) unit of account; 3) medium of exchange. The first, a store of value, implies that money maintains and stores its value over time - unlike many other mediums of exchange, which can depreciate. Money is intended to be storeable, retrievable, and reuseable as a medium of exchange itself. Therefore, being a store of value does not mean that money can be used to measure the value of other commodities - that is its third function, medium of exchange.
What kind of money has no value except as a medium of exchange?
The term "fiat money" means money backed by the credit of the issuer, and has no intrinsic value.
Which of the following most accuratelyexplains why fait money has no value in itself?
fiat money has only a single use as a medium of exchange
Which of the following most accurately explain why commodity money has value?
Commodity money is a good that can be used as a medium of exchange or for some other purpose.
What is the most important requirement for money to be a medium of exchange?
The most important requirement for money to be medium of exchange is the value of money.
What gives fiat money its value as a medium of exchange?
Laws set by the government give Fiat money its value as a medium of exchange. Unlike traditional money or currency, it has no good which act as a medium to back it up.
Which of the following is not a characteristic of moneya. A medium of exchangeb. A store of valuec. A unit of accountd. A source of barterClear selectionYea?
Which of the following is not a characteristic of money? a. A medium of exchange b. A store of value c. A unit of account d. A source of barter Clear selection
Is money a medium of exchange for people to trade things of value?
Yes, money is a generally accepted medium of exchange, which facilitates the trade of things of value, measurable in monetary terms. Those are just two of the functions of money.
What statement best defines medium of exchange?
something that people agree has specific value
Why does flat money have no value?
Fiat money has only a single use as a medium of exchange
When economists say that money is a store of value does it mean that money can be used to measure the value of other commodities?
Money has three functions, being a: 1) store of value; 2) unit of account; 3) medium of exchange. The first, a store of value, implies that money maintains and stores its value over time - unlike many other mediums of exchange, which can depreciate. Money is intended to be storeable, retrievable, and reuseable as a medium of exchange itself. Therefore, being a store of value does not mean that money can be used to measure the value of other commodities - that is its third function, medium of exchange.
Why does commodity have value?
commodity money is a good that can be used as a medium of exchange or for some other purpose
Why does flat money have no value itself?
Fiat money has only a single use as a medium of exchange
