how many types of money are there? name them.
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Answer:
There are 5 different types of money: Fiat, commodity, representative, fiduciary, and commercial bank money.
Answer:
By: AuthorMartina
Posted onLast updated: July 10, 2021
4 Comments
What is money? In economics, money is simply something generally accepted as a medium of exchange for goods and services (Merriam-Webster). 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. They also all have three functions in common; they serve as a medium of exchange, as a store of value, and as a unit of account.
This topic might be a bit “dry”, but I hope you find it very informative.
Not exactly what you were looking for? Here’s a list of the currencies of the world in use today.There are 5 different types of money: Fiat, commodity, representative, fiduciary, and commercial bank money.