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Which concept does Adam Smith use to describe the amount of money commonly paid for any commodity?
Market price
Which is most accurately explains why commodity money has value?
A commodity is a good that is worth money, there is no such thing as "commodity money". So if you have a good that was purchased from a vendor that is by definition a commodity, its value is whatever you paid for it, my suggestion is a mark up and that is its profit.
What is Commodity-backed money?
Commodity-backed money is just what it sounds like: it's a currency where every unit of money--dollars, say--is backed by a stated amount of a commodity held in reserve by the government.
What is the difference between representative money and commodity money?
A) Commodity money consists of objects used as money that contains their own value, but representative money is a specific group of the commodity objects. B) Commodity money consists of objects that have value in and of themselves, but representative money makes use of objects because the holder can exchange them for something else of value. C) Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts. D) Representative money consists of objects that have value in and of themselves, but commodity money makes use of objects because the holder can exchange them for something else of value The answer is B.
Which of the most accurately explains why commodity money has value?
Commodity money is a good that can be used as a medium of exchange or for some other purpose. Apex
Which concept does Adam Smith use to describe the amount of money commonly paid for any commodity?
Market price
What concepts does Adam smith use to describe the amount of money commonly paid for any commodity?
Market price
What are the three forms of money?
The three forms of money are commodity money (like gold and silver), fiat money (issued by a government and not backed by a physical commodity), and representative money (backed by a physical commodity, but can be exchanged for that commodity).
Was wheat used as commodity money by the American colonies?
where was salt used as commodity money
What is an example of commody money?
The term you are looking for is commodity money. Some examples of commodity money are gold and silver.
Which is most accurately explains why commodity money has value?
A commodity is a good that is worth money, there is no such thing as "commodity money". So if you have a good that was purchased from a vendor that is by definition a commodity, its value is whatever you paid for it, my suggestion is a mark up and that is its profit.
Why does commodity money have value?
commodity money is a good that can be used as a medium of exchange or for some other purpose
4 similarities between money & commodity?
What is the difference between money and commodity? Commodity money is a sort of money that is considered as a present good. Whereas, fiat money is a future obligation as it is simply a promise to pay in the future. Payment is never made when it comes to fiat money, instead it is only discharged. But commodity money, on the other hand, completes the transaction.
Why is representative money more useful than commodity money?
What is the difference between commodity money and representative money
What is Commodity backed money?
Commodity-backed money is just what it sounds like: it's a currency where every unit of money--dollars, say--is backed by a stated amount of a commodity held in reserve by the government.
What is Commodity-backed money?
Commodity-backed money is just what it sounds like: it's a currency where every unit of money--dollars, say--is backed by a stated amount of a commodity held in reserve by the government.
What are the different types of money?
4 types of money... Commodity money, Receipt money, Fractional money, Fiat money
