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Question

Research an Economic Term. The student text describes both commodity money and fiat money. Another term that is used to describe a type of money is representative money. This term is defined differently by different people. Some use this term to only identify a claim on a commodity money (such as a document that represents or "stands in place of" actual gold). Others use this term to denote any money where the face value of the money (the $5 or$10 say, written on the face (front) of the money) represents a greater value than the value of the material. Go online and find examples of people using this term. Then, using your research to support your view, describe representative money in your own words

Solution

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Answered 2 years ago
Answered 2 years ago

For this project you will have to go online and research different ways in which people us the terms: "commodity money", "fiat money", and "representative money". You can look on sites like CNBC, Forbes or Marketwatch to find articles with common uses of these terms. Don't forget to then describe representative money as you understand it.

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