What is a legal tender? What is fiat money?
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Answer:
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Fiat money has no intrinsic value, while legal tender is any currency declared legal by a government. Governments can issue fiat currency and make it legal tender by setting it as the standard for debt repayment.
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Fiat money or fiat currency is any money that the government declares as legal tender. Also, this type of money is not backed by a physical commodity such as gold or silver. In other words, fiat money has no intrinsic value. Market forces determine the value of fiat money.
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Explanation:
Answer:
Legal tender money is a legal status given to an instrument like currency note that it can be used as medium of payment.
Fiat Money is any money that the government declares as legal tender.