Question

What is money and type of money in datail​

Answer 1

Answer:

A current medium of exchange of the form of the coins and banknotes collectively.

There are the four Tyoes of money

1. Fiat money

2. Fiduciary money

3. Commercial bank money

4. Commodity money

1. Fiat money :- Any longer that has declared by the govt. to be legal at tender

2. Fiduciary money :- It depends for it's value on confifence that it is an accepted medium to exchange.

3. Commodity money :- The money whose value comes from commodity of which it is made.

4. Commercial bank money :- Mander providing loans and earning interests form those loans. Customers who deposit money into these accounts effectively lend money to the bank and are paired interests.

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