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What are the 9 types of money?
Modern Forms of Money:
- Currency: The currency is a country’s unit of exchange issued by their government or central bank whose value is the basis for trade.
- Deposit Money or Bank Money:
- Legal Tender Money (Force Tender):
- Near Money:
- Electronic Money:
- Fiat Money:
What are the 8 features of money?
The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.
What are different types of money?
5 Types Of Money
- Fiat Money. Examples: Banknotes (paper money) and coins.
- Commodity Money. Examples: Precious metals (i.e. gold), salt, beads, alcohol.
- Representative Money. Examples: Certificates, paper money, token coins.
- Fiduciary Money. Examples: Checks, bank drafts.
- Commercial Bank Money.
How many types of money are there in the world?
There are 180 currencies recognized as legal tender in United Nations (UN) member states, UN observer states, partially recognized or unrecognized states, and their dependencies.
What are the recent forms of money class 8?
The latest type of Money is plastic money in the form of Credit cards and Debit cards. They aim for cashless transactions. E-Money: Electronic Money is money that exists in banking computer systems and is available for transactions through the electronic system.
What are the different types of money?
That means that anything can technically be considered money, but the most accepted kind today comes in the form of paper, coins (metallic money), and credits (backed by banks). There are 5 different types of money: Fiat, commodity, representative, fiduciary, and commercial bank money.
What is the main form of money used in economies today?
All in all, the main form of money used in economies today is fiat money; it has no value except that of which is ordered by the government. What matters is that all types of money functions as a medium of exchange, as a store of value, and as a unit of account.
Which money archetypes are the most trustworthy?
The Innocent is easily overwhelmed by financial information and relies heavily on the advice and opinions of others. Innocents are perhaps the most trusting of all the money archetypes because they do not see people or situations for what they are.
What is money and what is money?
Virtually anything can be considered money, as long as it performs what we call the three major functions of money (i.e., medium of exchange, store of value, unit of account). With this in mind, it is not surprising that there were different types of money throughout history.