Question

 What is the correct definition of Fiat Money?

Answer 1

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.

Answer 2

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 ☺