Admin Table of Contents
- 1 What are objects called that have value in and of themselves as well as value as a means of exchange?
- 2 What objects have been used as commodity money?
- 3 What are the three types of value for money?
- 4 What is anything that is used to determine value during the exchange of goods and services?
- 5 What are examples of commodity?
- 6 Which of the following is an example of a store of value?
- 7 What is an item that has value?
What are objects called that have value in and of themselves as well as value as a means of exchange?
commodity money. objects that have a value in themselves as well as their value as a means of exchange.
What objects have been used as commodity money?
Commodity money
- Commodity money is money whose value comes from a commodity of which it is made.
- Examples of commodities that have been used as media of exchange include gold, silver, copper, salt, peppercorns, tea, decorated belts, shells, alcohol, cigarettes, silk, candy, nails, cocoa beans, cowries and barley.
What is it called when an object has value because the holder can exchange them for something else of value?
Representative money makes use of objects that have value solely because the holder can exchange them for something else of value.
What are the three types of value for money?
Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money. Commodity money derives its value from the commodity of which it is made, while fiat money has value only by the order of the government.
What is anything that is used to determine value during the exchange of goods and services?
Econ Chapter 10 Terms
| A | B |
|---|---|
| medium of exchange | anything that is used to determine value during the exchange of goods and services |
| barter | the direct exchange of one set of goods and services for another |
| unit of account | a means for comparing the values of goods and services |
What is money that has value because the government says it does?
That led all national currencies to be valued against the U.S. dollar. Instead of using gold as the power behind the money, the government is the strength and the reason fiat money has value. The money has value because the government says it does.
What are examples of commodity?
A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Traditional examples of commodities include grains, gold, beef, oil, and natural gas.
Which of the following is an example of a store of value?
The most common store of value in modern times has been money, currency, or a commodity like a precious metal or financial capital. The point of any store of value is risk management due to a stable demand for the underlying asset.
What are the two forms of money value?
There are two types of money: commodity money, which is an item used as money, but which also has value from its use as something other than money; and fiat money, which has no intrinsic value, but is declared by a government to be the legal tender of a country.
What is an item that has value?
An item that has value because it can be exchanged for something else that has value. Money in the form of coins. Money that is not backed up by gold or silver or other items of worth but has worth because the government requires it to be a medium of exchange. An asset that can be easily turned into cash when needed.