define fiat and fuduciary moneyand full bodied and credit money
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Fiat money : form of money which is backed by government control or RBI.
eg_currency
fiduciary money : refer to paper money which is backed by trust between two people.
eg_ cheques, demand draft
full-bodied money : refers to money whose face value is equal to commodity value.
eg_ old age coins
credit money : refer to money whose face value(money value) is greater than commodity value.
eg_paper notes
eg_currency
fiduciary money : refer to paper money which is backed by trust between two people.
eg_ cheques, demand draft
full-bodied money : refers to money whose face value is equal to commodity value.
eg_ old age coins
credit money : refer to money whose face value(money value) is greater than commodity value.
eg_paper notes
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