ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cash
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check
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debit card
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all the above
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Detailed explanation-1: -Money can be currency (bills and coins) issued by a government. A third type of money is fiat currency, which is fully backed by the economic power and good faith of the issuing government. The fourth type of money is money substitutes, which are anything that can be exchanged for money at any time.
Detailed explanation-2: -The 4 different types of money as classified by the economists are commercial money, fiduciary money, fiat money, commodity money. Money whose value comes from a commodity of which it is made is known as commodity money.
Detailed explanation-3: -To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Modern economies use fiat money-money that is neither a commodity nor represented or “backed” by a commodity.
Detailed explanation-4: -MONEY: Money is a medium of exchange in the sense we all agree to accept it in making transactions. It serves as a medium of exchange, a unit of accounting nd a store of value.