What is the correct definition of Fiat Money?
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Money that is legal by government is called Fiat money. Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material from which the money is made.
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Hey dear mate !!.
Here's is ur answer ^____^.
✔Fiat money is a good , the value of which is less than the value it represent as money .
✔The good example of Fiat money is curreny becoz their value is slips of the priented papaer is less than their value as a money.
Or ..
✔Fiat money:- .
These are those types of money which have no intrinsic values .
Example:- coin , currency , checks , deposits.
Dear:( hope its helps ☺
Here's is ur answer ^____^.
✔Fiat money is a good , the value of which is less than the value it represent as money .
✔The good example of Fiat money is curreny becoz their value is slips of the priented papaer is less than their value as a money.
Or ..
✔Fiat money:- .
These are those types of money which have no intrinsic values .
Example:- coin , currency , checks , deposits.
Dear:( hope its helps ☺
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